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The Impact of Supply and Demand Changes on Non‐Real‐Estate Agricultural Loans

Author

Listed:
  • Francisco Scott
  • Todd H. Kuethe
  • Ty Kreitman
  • David Oppedahl

Abstract

This study examines the degree to which changes in non‐real‐estate agricultural loans at commercial banks are driven by changes in supply or demand. Our identification strategy exploits information provided by agricultural lending surveys conducted by three Federal Reserve Banks: Chicago, Kansas City, and Minneapolis. Building on recent studies of loan officer opinion surveys, we estimate the changes in agricultural loan supply and demand using an unbalanced panel of 1028 banks across the 2002–2021 period. The survey responses provide instruments for supply and demand changes to examine fluctuations in bank‐level agricultural loan volumes obtained from Federal Financial Institutions Examinations Council quarterly “call reports.” We find that changes in the volume of non‐real‐estate farm loans at commercial banks are principally driven by changes in excess loan demand. These findings support a careful approach for policies aimed at boosting supply of agricultural credit. JEL Classification: Q14, G21, Q00

Suggested Citation

  • Francisco Scott & Todd H. Kuethe & Ty Kreitman & David Oppedahl, 2026. "The Impact of Supply and Demand Changes on Non‐Real‐Estate Agricultural Loans," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 48(3), pages 679-689, July.
    • Handle: RePEc:wly:apecpp:v:48:y:2026:i:3:p:679-689
    DOI: 10.1002/aepp.70050
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    More about this item

    JEL classification:

    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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