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• W1567334329 abstract "Talk to a country banker these days and the first subjectwill likely be competition—cherry picking by the FarmCredit System, sneaky tax-free credit unions, captive fi-nance companies hawking credit as a loss leader, invest-ment houses siphoning off deposits, and so on. It’s a longlist and an old refrain. But it reveals an important ques-tion: How hot is the competition in rural credit markets?If it’s not hot enough, we could expect credit rationingthat limits economic growth. If it is too hot, there is a riskof declining credit quality and failure of financial institu-tions, which would also limit growth.Our interest in this topic is motivated, to some extent,by the recent bid by Rabobank into the Western CornBelt. That event suggested that profit opportunities mightexist in rural credit markets. But there is a broader issue aswell. Rural credit markets are often fraught with ineffi-ciencies. Remoteness—frequently in association withpoorly defined property rights, rule of law, and poverty—can make it difficult to extend credit to rural households,farms, or firms. This problem is widespread in developingand transitional economies. And, historically, it has been aproblem in rural areas in the United States—one that hasbeen dealt with by creating unique rural lending institu-tions, public policies, and other interventions.In this paper we attempt to take the temperature of thecompetitive forces in rural credit markets in 12 Midwest-ern states. A recent review by economists at the USDA’sEconomic Research Service pointed out that the averagerate of return on rural-headquartered bank assets has beensystematically higher than the return on urban bank assets.The review presented a number of indicators suggestingthat rural credit markets may be less than perfectly com-petitive. Rural banks charge higher interest rates on loans,pay lower interest rates on deposits, and take fewer risks.The authors argued, however, that the small size of ruralcommunities and the low number of rural borrowersmight limit the number of lenders that can profitablycompete in rural counties. And, since 1997, the number ofbank firms has continued to decline.Bank market structure has changed in recent decades,consolidating from a peak of 14,000 firms in 1983–4 toabout 7,800 today, according to the FDIC. In his reviewof the structural changes in the nonmetro financial servicesector, Lence concluded that the decline in the number ofbank firms has been driven by bank stockholders’ searchfor return on equity (Lence, 1997). Bank consolidationhas been made possible by the relaxation of policy restric-tions against branch banking over the past 20 years. Merg-ers of smaller banks have been driven by the opportunityto achieve economies of size and geographic and marketportfolio diversification. But at the same time we have ob-served new bank branches opening in rural credit markets,along with a host of nonbank lenders. The fact that thenumber of bank offices has" @default.
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• W1567334329 date "2005-01-01" @default.
• W1567334329 modified "2023-09-25" @default.
• W1567334329 title "Are Rural Credit Markets Competitive? Is There Room for Competition in Rural Credit Markets?" @default.
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• W1567334329 doi "https://doi.org/10.22004/ag.econ.93323" @default.
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