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Examining the Relationship between Land Values and Credit Availability

Author

Listed:
  • Sant’Anna, Ana Claudia
  • Cowley, Cortney
  • Katchova, Ani L.

Abstract

Increased credit availability facilitates land acquisition, but higher land values also hinder it. We investigate the impact of credit availability on land values, after regulatory changes in the lending system. We build an index of increased credit availability using Federal Reserve and Federal Deposit Insurance Corporation data. County-level panel fixed effects estimations are performed controlling for land value determinants, credit availability, and county-level macroeconomic factors. We find that estimating the effects of credit availability separately masks its total effect. Results show a 0.1 change in the index for increased credit availability is associated with 1.64–1.96% increase in land values.

Suggested Citation

  • Sant’Anna, Ana Claudia & Cowley, Cortney & Katchova, Ani L., 2021. "Examining the Relationship between Land Values and Credit Availability," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 53(2), pages 209-228, May.
    • Handle: RePEc:cup:jagaec:v:53:y:2021:i:2:p:209-228_3
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    Citations

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    Cited by:

    1. Ana Claudia Sant'Anna & Kevin N. Kim & Iryna Demko, 2024. "Limits to capital: Assessing the role of race on the Paycheck Protection Program for African American farmers in America," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 46(1), pages 217-233, March.
    2. Chen, Le & Rejesus, Roderick M. & Aglasan, Serkan & Hagen, Stephen & Salas, William, 2022. "The Impact of No-Till Production on Agricultural Land Values in the US Midwest," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322445, Agricultural and Applied Economics Association.
    3. Le Chen & Roderick M. Rejesus & Serkan Aglasan & Stephen Hagen & William Salas, 2023. "The impact of no‐till on agricultural land values in the United States Midwest," American Journal of Agricultural Economics, John Wiley & Sons, vol. 105(3), pages 760-783, May.
    4. repec:ags:aaea22:335763 is not listed on IDEAS
    5. Ashok K. Mishra & Gianna Short & Charles B. Dodson, 2024. "Racial disparities in farm loan application processing: Are Black farmers disadvantaged?," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 46(1), pages 111-136, March.
    6. Chen, Le & Rejesus, Roderick M., 2023. "The Impact of Soil Erosion on Agricultural Land Values in the US Midwest," 2023 Annual Meeting, July 23-25, Washington D.C. 335763, Agricultural and Applied Economics Association.

    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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