O crédito rural desempenhou um relevante papel no desenvolvimento da agricultura brasileira. Apesar disso, a evolução histórica do montante de recursos oficiais destinados aos agricultores mostrou forte decréscimo a partir do final dos anos 70. Uma das causas desta redução foi a presença de subsídio nesta modalidade de financiamento, de forma insustentável diante das restrições da economia brasileira. A literatura apresenta este volume elevado de subsídio como tendo sido buscado intencionalmente pela política em vigor na época. O presente trabalho busca verificar se houve uma política explícita de subsídio via taxa de juros preferenciais ou se, ex-post, ele ocorreu em excesso. A principal indicativa do estudo é a de que o subsídio seria resultado da aceleração não prevista do processo inflacionário no Brasil durante a segunda metade do século passado. A análise deste problema permitirá estudos sobre a política de crédito rural sob uma perspectiva diferente daquela predominante na literatura. Nesta nova perspectiva, os subsídios em excesso seriam, ao menos em parte, resultado da imprevisibilidade e instabilidade do cenário macroeconômico e não um fim claramente buscado pela política de crédito rural no Brasil. Os resultados verificados neste estudo ressaltam esta indicativa de política de crédito subsidiada em decorrência do processo inflacionário não previsto pelas expectativas inflacionárias. As expectativas inflacionárias mostraram-se inferiores em grande parte do período analisado, o que ocasiona uma taxa de juros real inferior a esperada. Pode-se concluir que o programa de crédito rural foi excessivamente subsidiado em virtude do descontrole inflacionário do país. / Rural credit played a relevant role in the development of Brazilian agriculture. However, the historical evolution of the amount of official resources aimed at farmers showed a sharp decrease since the late 1970s. One of the reasons for this reduction was the subside in this type of credit, which became unsustainable before the restrictions of the Brazilian economy. Literature shows that this high subside volume was intentionally provoked by the policy enforced at the time. This work has the objective of verifying whether there was an explicit subside policy via referential interest rates, or it was overpaid ex post. The main indicative of the study is that the overpaid subside is the result of the unpredicted acceleration of the inflationary process in Brazil during the second half of the last century. The analysis of this problem will make it possible for other studies about the rural credit policy to be carried out from a different perspective than the one predominating in literature. In this new perspective, subsides would be at least partly the result of unpredictability and instability of the macroeconomic scenario and not a solution clearly determined by the rural credit policy in Brazil. The results found in this study led to this indicative of subsidized credit policy due to the inflationary process not foreseen by inflation forecasts. Inflation forecasts were lower in most of the analyzed period, provoking a lower interest rate than the one expected. We conclude that the rural credit program was overpaid subsidized due to the uncontrolled inflation in the country.

Considerado pela literatura moderna como um dos principais problemas da atualidade e que tende a se agravar no futuro caso não sejam revistas políticas e ações governamentais e da sociedade civil, a escassez alimentar vem ganhando espaço nas discussões da sociedade como um todo. De acordo com as projeções da ONU, para alimentar a população estimada para 2050 (algo em torno de 9,6 bilhões de pessoas) será necessário um crescimento da produção alimentar em 60%. Entretanto, para atingir tal meta há de se avaliar as restrições, como expansão de áreas destinadas à produção de alimentos, falta de espaço físico, solo com baixa fertilidade e fontes escassas de água, investimentos e qualidade dos produtos. Outrossim, é muito importante ter uma visão abrangente do sistema alimentar, levando em consideração todos os agentes que podem contribuir para a solução do problema. Nesse cenário, avalia-se a contribuição de organizações como as cooperativas de crédito, que com seu forte cunho social, tem como objetivo organizar a sociedade para fortalecer-se e assim superar, juntos, os desafios apresentados pelo processo de globalização em que estamos inseridos. Nos últimos anos, pesquisadores e estudiosos têm retratado a evolução e importância do cooperativismo de crédito enquanto impulsionado do desenvolvimento local, embasado pelo princípio do “interesse pela comunidade”, que visa promover avanços sociais e econômicos significativos para seus beneficiários e, por conseguinte, atingir a sustentabilidade das organizações e dos próprios indivíduos. Neste contexto, o crédito rural cooperativo é considerado um dos grandes impulsionadores na produção de alimentos sustentáveis e energia limpa. Para as pequenas comunidades essa modalidade de crédito é uma importante ferramenta para fomento da atividade produtiva e, também, na permanência das famílias no campo. Dessa forma, as cooperativas de crédito, através da contribuição mencionada, desempenham um importante papel na melhoria da qualidade de vida das comunidades onde as mesmas estão inseridas. / Considered by modern literature as one of the major problems today and that tends to worsen in the future if political, governmental and civil society actions are not reviewed, the food shortage has been gaining space in discussions of society as a whole. According to the projections, to feed the estimated population of 2050 (around 9.6 billion people) it will be necessary a 60% increase in food production. However, to achieve this goal there is a need to assess the constraints, such as expansion of food producing areas, lack of physical space, low soil fertility and scarce water sources, investments and quality of products. Furthermore, it is very important to have a comprehensive view of the food system, taking into account all actors that can contribute to the solution of the problem. In this scenario, to evaluate the contribution of organizations such as credit unions, that with your strong social nature, aims to organize the society to strengthen themselves and overcome together the challenges presented by the process of globalization we are in. In recent years, researchers and scholars have portrayed the evolution and importance of the credit cooperatives while local development booster, based on the principle of "community interest", which aims to promote social and economic significant advances for their beneficiaries and, consequently, achieve the sustainability of organizations and individuals themselves. In this context, rural credit cooperative is considered one of the great boosters in sustainable food production and clean energy. For small communities this credit mode is an important tool for promoting productive activity and also the permanence of families in the country side. In this way, credit unions, through the mentioned contribution, play an important role in improving the quality of life of the communities where they are inserted.

A evolução da literatura acerca de crescimento econômico incorporou as instituições financeiras – entende-se que sistemas financeiros bem desenvolvidos promovem maior eficiência alocativa, acumulação de capital, inovação tecnológica e crescimento da economia. Comumente o crédito é a variável empregada nos modelos que buscam medir o impacto das finanças no crescimento. O objetivo geral da dissertação foi analisar o impacto do crédito rural no crescimento, o que pode contribuir para eventuais correções nos rumos da política agrícola brasileira. Desenvolveu-se estudo empírico em que se delimitou o período de estudo entre os anos de 1999 e 2012, na Região Sul do Brasil, na qual a participação da agropecuária no PIB é sensivelmente maior, quando comparada ao restante do país. Empregando modelo de dados em painel, estimaram-se regressões em que a variável dependente foi o valor adicionado bruto municipal per capita e as variáveis explicativas foram os volumes de operações de crédito rural per capita. Foram obtidos resultados para dois modelos analíticos: um modelo em que o crédito rural foi considerado de maneira agregada e outro em que se dividiu o crédito rural nas finalidades de custeio, investimento e comercialização. Os resultados obtidos indicaram impacto positivo do crédito rural no crescimento econômico. No modelo de crédito rural agregado, calculada a elasticidade, verificou-se que um aumento de 1% no crédito rural gera crescimento de 0,17% na Região Sul considerada como um todo. No Rio Grande do Sul, o impacto do crédito rural agregado foi maior do que nos outros estados. Quanto ao modelo das finalidades de crédito rural, na Região Sul verificou-se elasticidade de 0,113% no investimento e de aproximadamente 0,067% no custeio. Por fim, evidenciou-se que a finalidade de comercialização é a que apresenta menor impacto no crescimento (0,005%). Os resultados das regressões indicam a importância do crédito rural, sobretudo nas finalidades de custeio e investimento, para o crescimento econômico dos municípios da Região Sul do Brasil. / Literature developments regarding economic growth has included financial institutions, which plays a role related to transactions and information costs reduction, fund raising, risk management, and profitable projects selection. In this sense, well developed financial systems enhance allocative efficiency, capital accumulation, technologic innovation and economic growth. Usually credit is used as a variable which indicates the financial system development level in models that measure finance economic impact on growth. Analysing this relation is a way of evaluating the achievement of Brazil´s rural credit policy goals in an economic perspective, and may contribute to its improvement. The present study aims to evaluate this public policy effectiveness, in terms of its impact on growth. The period of study goes from 1999 to 2012, on Brazil´s South Region, in which rural GDP share is remarkably bigger comparing to the rest of the country. Using a panel data model, regressions were estimated, in which the dependent variable was gross municipal added value and the explanatory variables were rural credit volumes. Two analytical models were used: one considering aggregated rural credit and the other distinguishing the different purposes of rural credit (costing, investment and commercialization). Results indicate a positive impact of rural credit on growth. In the aggregated rural credit model, when the elasticity is calculated it shows that 1% raise in per capita rural credit generates 0,17% raise in per capita added value in the South Region as a whole. Rio Grande do Sul is the state in which rural credit impact is higher inside the region. In the second model, in the South Region results shows a 0,113% elasticity on investment credits. Moreover, costing credits impacts growth in 0,067%. In its turn, commercialization credits have the lowest economic impact (0,005%). Analysing the states separately, the different purposes shows similar results, when compared to the South Region as whole. In general, results indicate rural credit importance to generate economic growth in Brazil´s South Region, especially in rural costing and investment credit purposes.

Made available in DSpace on 2017-07-10T17:30:39Z (GMT). No. of bitstreams: 1 VOSNEI_DA_SILVA.PDF: 3380657 bytes, checksum: 5b08854226f84e3d5c296134cf57c513 (MD5) Previous issue date: 2015-05-12 / This paper aims to analyze and understand the cooperativism of the CRESOL Baser System credit, its historical development in time and space, its main characteristics, dynamics and trends, their role in agriculture and the importance for the small rural bourgeoisie. It starts with an overview of the historical cooperativism, the theoretical perspective of Marxist writers and general characteristics of the same in Brazil. Posteriorly, a characterization of brazilian agriculture, in order to understand the material structure on which develops this cooperativism credit. This understanding is essential herein because the attempted to emphasis on agricultural dynamics on the capitalist system as it is in this field and the constituents of CRESOL agriculture producers. Finally, it is emphasized the elements that we consider important of the cooperative, as internal structure, coverage areas, functions, relationships with State and financial markets, world's conception and policy, internal and external contradictions and some trends on its development. The intent, after understanding the interrelationship among this all, is to understand how to organize the known family farms agriculture in a branch of economics on the imperatives of capitalist dynamics, the chosen mechanism for this (solidarity cooperativism) and how this reflects a disruption perspective or not with this economic model. / Este trabalho tem como objetivo analisar e compreender o cooperativismo de crédito do Sistema CRESOL Baser, seu desenvolvimento histórico, suas características centrais, dinâmica e tendências, seu papel na agropecuária e sua importância para a pequena burguesia rural. Partimos de um panorama geral sobre o histórico do cooperativismo na perspectiva teórica de autores marxistas e características gerais do mesmo no Brasil. Posteriormente destacamos algumas características da agricultura brasileira, de modo a compreender a estrutura material sobre a qual se desenvolve esse cooperativismo de crédito. Tal entendimento é fundamental, visto que procuramos enfatizar a dinâmica agrícola sob o sistema capitalista, pois é nesse terreno em que se encontram os agricultores constituintes da CRESOL. Por fim, salientamos os elementos que consideramos importantes da cooperativa, como estrutura interna, áreas de abrangência, funções, relações com o Estado e mercado financeiro, concepção de mundo e política, contradições internas e externas e algumas tendências para seu desenvolvimento. O que se pretende, após o entendimento da inter-relação entre esta totalidade, é perceber de que modo se organiza a chamada agricultura familiar num ramo da economia sob os imperativos da dinâmica capitalista, o mecanismo escolhido para isso (cooperativismo de crédito solidário) e como isso reflete numa perspectiva de ruptura ou não com tal modelo econômico.

<p>This thesis consists of five chapters.</p><p><b>Chapter 1 and 2 </b>The first chapter presents the introduction and the summary and the second chapter provides details on the survey and the data collection.</p><p>Chapter 3 The demand and supply of credit in the rural finance markets are investigated in this paper using data on 989 households, in Orissa, India. The aim is to study the effects of household, farm productive characteristics and the policy variables on the demand and supply of credit. A type 3 Tobit model is estimated which corrects for sample selection and endogeniety bias. In addition, a generalised Double Hurdle model is estimated where the household's access to credit is treated distinctly from decisions about the interest rate charged. The results from the type 3 tobit model suggest that the size of the operational holdings, net-wealth, the dependency ratio, educational level of the household and the wages and output prices are important determinants of the demand and supply of credit. The Double Hurdle model suggests the important result that the size of land owned plays a crucial role in whether the household obtains a loan or not.</p><p>Chapter 4 Based on the 'Rural Credit Market Survey of the Puri district in India', this paper investigates evidence on segmentation in the rural credit markets of Puri district. It further investigates the presence of any systematic association between the type of collateral offered by the household and the rate of interest at which it borrows. The data shows differences in the loan characteristics between the households borrowing from the formal and the informal sector. The empirical results confirm the presence of segmentation in the Puri credit market. For the households borrowing from the informal sector and the moneylenders, evidence also shows that the marketability of the collateral is inversely related to the interest rate. However, no such clear relationship is found for households borrowing from the formal sector.</p><p><b>Chapter 5 </b>In the theoretical and the empirical literature on rural credit markets it is widely assumed that the households are credit rationed in the formal sector, which offers subsidised credit. This view rests on the assumptions that all households have a positive demand for formal credit and that it is the cheaper source of credit. Three different models of formal credit rationing are estimated in this paper. The first model is a conventional credit-rationing model. The second model assumes that the probability to borrow from the formal sector is jointly determined by the demand for credit and the decision of the bank on access. Finally, the third model relaxes both these assumptions and the household chooses between borrowing from the formal or the informal sector. The results confirm that the access to the formal sector in the Puri rural credit markets is limited and that there exists a high demand for credit. This suggests a high degree of effective credit rationing by the formal sector in Puri. </p>

This thesis consists of five chapters. Chapter 1 and 2 The first chapter presents the introduction and the summary and the second chapter provides details on the survey and the data collection. Chapter 3 The demand and supply of credit in the rural finance markets are investigated in this paper using data on 989 households, in Orissa, India. The aim is to study the effects of household, farm productive characteristics and the policy variables on the demand and supply of credit. A type 3 Tobit model is estimated which corrects for sample selection and endogeniety bias. In addition, a generalised Double Hurdle model is estimated where the household's access to credit is treated distinctly from decisions about the interest rate charged. The results from the type 3 tobit model suggest that the size of the operational holdings, net-wealth, the dependency ratio, educational level of the household and the wages and output prices are important determinants of the demand and supply of credit. The Double Hurdle model suggests the important result that the size of land owned plays a crucial role in whether the household obtains a loan or not. Chapter 4 Based on the 'Rural Credit Market Survey of the Puri district in India', this paper investigates evidence on segmentation in the rural credit markets of Puri district. It further investigates the presence of any systematic association between the type of collateral offered by the household and the rate of interest at which it borrows. The data shows differences in the loan characteristics between the households borrowing from the formal and the informal sector. The empirical results confirm the presence of segmentation in the Puri credit market. For the households borrowing from the informal sector and the moneylenders, evidence also shows that the marketability of the collateral is inversely related to the interest rate. However, no such clear relationship is found for households borrowing from the formal sector. Chapter 5 In the theoretical and the empirical literature on rural credit markets it is widely assumed that the households are credit rationed in the formal sector, which offers subsidised credit. This view rests on the assumptions that all households have a positive demand for formal credit and that it is the cheaper source of credit. Three different models of formal credit rationing are estimated in this paper. The first model is a conventional credit-rationing model. The second model assumes that the probability to borrow from the formal sector is jointly determined by the demand for credit and the decision of the bank on access. Finally, the third model relaxes both these assumptions and the household chooses between borrowing from the formal or the informal sector. The results confirm that the access to the formal sector in the Puri rural credit markets is limited and that there exists a high demand for credit. This suggests a high degree of effective credit rationing by the formal sector in Puri.

Made available in DSpace on 2016-06-02T19:33:10Z (GMT). No. of bitstreams: 1 GURGEL_Gustavo_2014.pdf: 765800 bytes, checksum: ca7309aa8f769879f66415dca6d740b2 (MD5) Previous issue date: 2014-04-23 / Financiadora de Estudos e Projetos / Rural credit was implemented in Brazil with the intention of accelerating the process of modernization of agriculture and provides capital for funding, investment and commercialization of agricultural production, it has been offered at rates below market rates. The subsidized interest rates are the main attraction of rural credit and strengthen its importance in agriculture as a financing instrument. But problems such as the concentration of resources in producers with higher income, access to credit and capital substitution may compromise the effectiveness of the credit in their purposes. Some studies have reported positive impacts of rural credit in supply and producers income as well as in demand for agricultural inputs. Given the importance of the agricultural sector and considering all the problems associated with credit, is questioned what impact the rural credit demands in agricultural inputs. The work is based on the theory of the firm in competitive markets, assuming that the producer faces restrictions on the purchase of inputs and minimizes the production cost given a production level. From the minimum cost function derive the conditional demands of inputs, which can be influenced by the availability of credit and its interest rate. In the empirical analysis Transcendental Logarithmic (Translog) function was used, that assumes no restrictions on the relationship between the inputs a priori. / O crédito rural foi implantado no Brasil com a intenção de acelerar o processo de modernização da agricultura e fornecer capital para o custeio, investimento e comercialização da produção agrícola, tendo sido ofertado a taxas inferiores as taxas de mercado. As taxas de juros subsidiadas são o grande atrativo do crédito rural e fortalecem sua importância na agricultura como instrumento financiador. Porém problemas como a concentração de recursos em produtores de maior renda, acesso ao crédito e substituição de capital próprio podem vir a comprometer a eficácia do crédito em seus fins. Alguns trabalhos relatam impactos positivos do crédito rural na oferta e na renda agrícola, bem como na demanda dos insumos agrícolas. Dada a importância do setor agropecuário e considerando todos os problemas associados ao crédito, questiona-se qual o impacto do crédito rural nas demandas por insumos agrícolas. O trabalho se baseia na teoria da firma em mercados competitivos, assumindo que o produtor enfrenta restrição na aquisição de insumos e minimiza o custo de produção dada uma determinada quantidade do produto. A partir da função de custo mínimo derivam-se as demandas condicionadas dos insumos, as quais podem ser influenciadas pela disponibilidade de crédito e pela sua taxa de juros. Na análise empírica foi utilizada a função Transcendental Logarítmica (Translog) que não assume restrições na relação entre os insumos a priori.

Made available in DSpace on 2015-03-26T13:33:58Z (GMT). No. of bitstreams: 1 texto completo.pdf: 1049478 bytes, checksum: e7de680e9f37e252ed2802f49bf8e02c (MD5) Previous issue date: 2006-12-06 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / Conceived in the decade of 70, the Jaíba Project today constitutes the biggest public project of irrigation in continuous area of Latin America. Enterprise is about one mega that until the current days not yet brought the waited return. Of one it forms generality, can be noticed that much contradiction exists when it is said of Jaíba Project. Either in the media, periodicals, books, in the research and the stories, hardly have a consensus: some detach positive aspects, others stand out the negatives. In this direction, it was objectified with this research to detach, under the optics of the leaderships of the seated agriculturists and the technician who act in this project of irrigation, the reality of the familiar agriculture irrigated of the Jaíba Project, considering its results and implications in the life of the agriculturists. The attainment of the data was made by means of half-structuralized interviews, beyond bibliographical the documentary analysis and of the technique of not participant comment. From the collected ones, the dissatisfaction of the agriculturists with regard to the current situation of the Jaíba Project could be perceived; although they believe that some alternatives come if detaching, and that, with the orientation of the assistance technique, they will have conditions to revert this situation. For this, they consider important the support of the government, mainly in the direction of the aiming of specific politics that stimulate the capital stock and adjust the financial capital to the reality of irrigated familiar agriculture, respecting the particularities and potentialities of its public-target. / Concebido na década de 70, o Projeto Jaíba constitui hoje o maior projeto público de irrigação em área contínua da América Latina. Trata-se de um mega empreendimento que até os dias atuais ainda não trouxe o retorno esperado. De uma forma geral, pode-se notar que existe muita contradição quando se fala de Projeto Jaíba. Seja na mídia, nos jornais, livros, nas pesquisas e nos relatos, dificilmente há um consenso: uns destacam aspectos positivos, outros ressaltam os negativos. Nesse sentido, objetivou-se com esta pesquisa destacar, sob a ótica das lideranças dos agricultores assentados e dos técnicos que atuam neste projeto de irrigação, a realidade da agricultura familiar irrigada do Projeto Jaíba, considerando seus resultados e implicações na vida dos agricultores. A obtenção dos dados foi feita por meio de entrevistas semi-estruturadas, além da análise documental e bibliográfica e da técnica de observação não participante. A partir dos coletados, pôde-se perceber a insatisfação dos agricultores com relação à situação atual do Projeto Jaíba; embora acreditem que algumas alternativas vêm se destacando, e que, com a orientação da assistência técnica, terão condições de reverterem essa situação. Para isso, considera importante o apoio do governo, principalmente no sentido do direcionamento de políticas específicas que estimulem o capital social e adequem o capital financeiro à realidade da agricultura familiar irrigada, respeitando as particularidades e potencialidades de seu público-alvo.

This study examines empirically the transition, persistence, and loan demand in the rural credit market using panel data. The data was collected for seven rounds (1994-2009) from 15 villages in Ethiopia. The sample size is about 1500 households for each round. . Chapter one examines the determinants of simultaneous borrowing and lending. We also investigate why some households in rural Ethiopia simultaneously borrow and lend. Who are these households? Panel logit model is estimated for the sub-sample of borrowers and lenders. The result suggests that households that simultaneously borrows and lends are relatively better-off households. The probability of being a simultaneous borrower and lender is higher for households with strong village level networks. Moreover, households that are affected by common shock are more likely to be a simultaneous borrower and lender. Chapter two examines the dynamics and persistence in the rural credit markets in Ethiopia. It also examines the determinants of dynamics and persistence in borrowing and lending. Duration, dynamic probit, and dynamic multinomial logit models are estimated. We control for unobserved heterogeneity and initial condition. The result reveals the existence of positive duration dependence in both only borrowing households and simultaneously lending and borrowing households. The longer the duration as a borrower, the more likely to exit from borrowing. The longer the duration out of borrowing, the more likely to re-enter to borrowing. Off-farm work, fertilizer use, household size, and storing crop are an important determinant of the probability of exit from borrowing. There is also true state dependence in lending, borrowing, and simultaneously borrowing and lending households. This means the probability of being a borrower in the current period is highly correlated with being in the same state in the previous period. Poverty status, flood, labor sharing, membership in mutual help association, total oxen owned, storing crop, off-farm activities, and fertilizer use are an important determinant of the probability of being a borrower. Chapter three examines the determinants of demand for credit in rural Ethiopia. Bias due to data truncation, variation of the interest rate, and using loan data from a single source are the challenges in estimating demand for credit in the context of rural credit market. This study captures data truncation by estimating a panel Tobit model. The variation in the interest rate is also controlled by using village dummies and their interaction with the source of the loan. Total loan obtained from multiple sources is used as a dependent variable. The result reveals that initial endowment proxied by the value of assets, household size, the age of the head of the households, transitory income, and real per capita consumption are the most important determinants of demand for credit.

xiii, 124 p. : ill. (some col.) / This dissertation emphasizes three aspects of structural change in economic development. Structural change is the process by which the distribution of economic output shifts from one sector to another and is crucial to understanding overall economic growth. The first chapter demonstrates that property rights and the relative value of land in rural credit markets have significant implications for the rate and level of economic development. When borrowers have little net worth, access to credit is limited and the transition from agriculture to industry proceeds at a slower rate. A quantitative model provides estimates of the welfare cost of such frictions. The second chapter argues that differential costs of technology adoption across developing countries can explain the failure of some import-substitution strategies. An analytical model demonstrates the importance of such adoption costs, and an empirical section finds evidence in support of it. The primary result is that import-substituting policies aimed at rapid industrialization may in fact inhibit economic growth, explaining why some countries have experienced lower rates of economic development. The third chapter uses a robust econometric procedure to estimate sector-specific productivity growth for a sample of OECD countries. It finds that the sources of productivity growth vary widely across countries. Productivity growth is not concentrated in industrial sectors alone but can also result from advances in service sectors. / Committee in charge: Dr. Shankha Chakraborty, Chair; Dr. Chris Ellis, Member; Dr. Bruce Blonigen, Member; Dr. Jean Stockard, Outside Member