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The Effects of State Farm Relief Legislation on Private Lenders and Borrowers: The Experience of the 1930s

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  • Randal R. Rucker

Abstract

The effects on private lenders and borrowers of farm relief programs that alter the enforceability of debt contracts are investigated. Evidence from the 1930s indicates that state relief legislation that altered debt contracts to the detriment of lenders substantially reduced the supply of loans and had different effects on different types of private lenders. This past experience suggests that, although such measures as moratoria on farm foreclosures and the recently enacted Chapter 12 bankruptcy law may provide relief for some farmers, they may also result in substantial reductions in the supply of agricultural credit.

Suggested Citation

  • Randal R. Rucker, 1990. "The Effects of State Farm Relief Legislation on Private Lenders and Borrowers: The Experience of the 1930s," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(1), pages 24-34.
    • Handle: RePEc:oup:ajagec:v:72:y:1990:i:1:p:24-34.
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    File URL: http://hdl.handle.net/10.2307/1243142
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    Cited by:

    1. David C. Wheelock, 2008. "Changing the rules: state mortgage foreclosure moratoria during the Great Depression," Review, Federal Reserve Bank of St. Louis, vol. 90(Nov), pages 569-584.
    2. David C. Wheelock, 2008. "Government response to home mortgage distress: lessons from the Great Depression," Working Papers 2008-038, Federal Reserve Bank of St. Louis.

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