Does regulation improve small farmers' access to Brazilian rural credit?

Abstract

Abstract Brazilian policymakers attempted to counter the inherent tendency for concentration in subsidized rural credit programs by requiring banks to lend a specified volume to small farmers. Inferences about the regulation's success are drawn from farm-level, panel data from Sao Paulo in the early 1980s. Membership in the target group should have a positive effect in an ‘access rule’, relating farmers' characteristics to their probability of receiving credit. When allowing for time-invariant individual effects, possibly correlated with target group indicators, tests indicate that the regulation had no effect. Subsidiary results cast doubt on the efficacy of a broader set of regulations.

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