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Cash Flows and Financing in Texas Agriculture*

  • Lindon J. Robison (a1), Peter J. Barry (a1) and John A. Hopkin (a1)

Extract

The rapid increase of real estate debt and nonreal estate debt outstanding in the farm sector at the national level is well documented [e.g., 2, 4, 6]. Reasons for these increases include the rapid consolidation of land ownership, continuing adoption of capital intensive technology, greater off-farm purchases of operating inputs, increases in land values, and other such factors. On the one hand the ability of the farm sector to attract this debt is encouraging. Yet, serious questions arise concerning agriculture's liquidity position, repayment capacity, and the actual performance of its finance market. Much of the increased debt came from land sellers, other individuals, and merchants and dealers. None of these are specialized lenders.

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*

Technical article number 10168 of the Texas Agricultural Experiment Station

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References

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[1]Barry, Peter J., and Hopkin, John A., “Financial Intermediation in Agriculture: A Suggested Analytical Model,” Southern Journal of Agricultural Economics, Vol. 4, No. 1, July 1972.
[2]Brake, J. R., “Impact of Structural Changes on Capital and Credit Needs,” Journal of Farm Economics, 48:15361545, Dec. 1966.
[3]Melichar, E., “Projections of Credit Needs to 1980,” American Journal of Agricultural Economics, 51:11721177, Dec. 1969.
[4]Melichar, E., and Doll, R. J., “Capital and Credit Requirement of Agriculture, and Proposals to Increase Availability of Bank Credit, Board of Governors of the Federal Reserve System,” Project No. 24, Nov. 1969.
[5]Penson, John B. Jr., Lins, David A., and Irwin, George D., “Flow-of-Funds Social Accounts for the Farm Sector,” American Journal of Agricultural Economics, 53: 17, Feb. 1971.
[6]U.S. Department of Agriculture, Agricultural Finance Review, ERS, Farm Production Division.
[7]U.S. Department of Agriculture, Agricultural Statistics 1971, Table 690, p. 490.
[8]U.S. Department of Agriculture, Balance Sheet of the Farming Sector 1971, Table 26, p. 12.
[9]U.S. Department of Agriculture, Farm Income Situation, ERS FIS-218, July 1971.
[10]U.S. Department of Agriculture, Farm Income Situation Supplement, ERS FIS-218, Aug. 1971.
[11]U.S. Department of Agriculture, Farm Real Estate Market Developments, ERS, Annual Series.

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