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Agricultural Transformation and Implications for Designing Rural Financial Policies in Romania

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  • Heidhues, Franz
  • Davis, Junior R
  • Schrieder, Gertrud

Abstract

The current depth and future development of rural finance in Romania are discussed in the context of Romania's macroeconomic and agricultural transformation. The rural finance system in CEE countries is part of the overall agricultural support system and still serves to transfer implicit subsidies to agriculture. The paper argues that building an efficient rural finance system to address the financial demands of the private agricultural sector requires a multi-level approach. Innovations are needed: at the finance system level, in particular to create an effective regulatory and supervisory framework and to free the Central Bank from government interference; at the level of financial organisations, to give highest priority to efficiency and credit worthiness when approving credit; and at the level of financial services to adapt administration procedures and product design to the demands of the rural clientele. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Heidhues, Franz & Davis, Junior R & Schrieder, Gertrud, 1998. "Agricultural Transformation and Implications for Designing Rural Financial Policies in Romania," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(3), pages 351-372.
  • Handle: RePEc:oup:erevae:v:25:y:1998:i:3:p:351-72
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    References listed on IDEAS

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    1. Enrico C. Perotti & Octavian Carare, 1996. "The Evolution of Bank Credit Qulity in Transition: Theory and Evidence from Romania," William Davidson Institute Working Papers Series 49, William Davidson Institute at the University of Michigan.
    2. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    3. Zeller, Manfred & Schrieder, Gertrud & von Braun, Joachim & Heidhues, Franz, 1997. "Rural finance for food security for the poor," Food policy reviews 4, International Food Policy Research Institute (IFPRI).
    4. Hoff, Karla & Stiglitz, Joseph E, 1990. "Imperfect Information and Rural Credit Markets--Puzzles and Policy Perspectives," World Bank Economic Review, World Bank Group, vol. 4(3), pages 235-250, September.
    5. Fleming, Alex & Lily Chu & Bakker, Marie-Renee, 1996. "The Baltics - Banking crises observed," Policy Research Working Paper Series 1647, The World Bank.
    6. J.R. Davis & P.G. Hare, 1997. "Reforming the Systems of Rural Finance Provision in Romania: Some Options for Privatisation and Change," CERT Discussion Papers 9713, Centre for Economic Reform and Transformation, Heriot Watt University.
    7. G. Schrieder & F. Heidhues, 1997. "Access Constraints of Romanian Peasants in Relation to the Formal Financial Sector," CERT Discussion Papers 9712, Centre for Economic Reform and Transformation, Heriot Watt University.
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    Cited by:

    1. Junior Davis & Angela Gaburici, 2005. "Non-farm employment in small-scale enterprises in Romania: policy and development issues," Development and Comp Systems 0510019, EconWPA.
    2. Buchenrieder, Gertrud & Hanf, Jon Henrich & Pieniadz, Agata, 2009. "20 years of transition in the agri-food sector," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 58(7).
    3. repec:kap:iaecre:v:6:y:2000:i:1:p:16-32 is not listed on IDEAS
    4. Junior R Davis & Angela Gaburici, 1998. "The Economic Activity of Private Farms in Romania during Transition. Just how competitive are they?," CERT Discussion Papers 9807, Centre for Economic Reform and Transformation, Heriot Watt University.
    5. Dirk Bezemer & Junior Davis, 2005. "The rural non-agricultural economy in transition countries: Enterprise level findings from Armenia," Development and Comp Systems 0510020, EconWPA.
    6. Franz Heidhues & Gertrud Schrieder, 2000. "Rural development and financial markets in Romania," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 6(1), pages 16-32, February.
    7. Gertrud Schrieder & Franz Heidhues, 1998. "Transformation and Rural Finance," CERT Discussion Papers 9812, Centre for Economic Reform and Transformation, Heriot Watt University.
    8. Junior R Davis & Angela Gaburici & Paul G. Hare, 1998. "What's Wrong with Romanian Rural Finance? Understanding the Determinants of Private Farmers' Access to Credit," CERT Discussion Papers 9808, Centre for Economic Reform and Transformation, Heriot Watt University.
    9. Davis, Junior, 2006. "Rural Non-farm Livelihoods in Transition Economies: Emerging Issues and Policies," eJADE: electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization, Agricultural and Development Economics Division, vol. 3(2).

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