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The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s by Raghuram Rajan and Rodney Ramcharan. The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s Does credit availability exacerbate asset price inflation? Are there long run consequences? During the farm land price boom and bust before the Great Depression, we find that credit availability directly inflated land prices. Credit also amplified the relationship between positive fundamentals and land prices, leading to greater indebtedness. When fundamentals soured, areas with higher credit availability suffered a greater fall in land prices and had more bank failures. Land prices and credit availability also remained disproportionately low for decades in these areas, suggesting that leverage might render temporary credit induced booms and busts persistent. We draw lessons for regulatory policy. (JEL E31, G21, G28, N22, N52, Q12, Q14) Rajan, Raghuram, and Rodney Ramcharan. 2015. "The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s." American Economic Review, 105 (4): 1439-77. Author Disclosure Statement(s) (50.46 KB) E31 Price Level; Inflation; Deflation G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages G28 Financial Institutions and Services: Government Policy and Regulation N22 Economic History: Financial Markets and Institutions: U.S.; Canada: 1913- N52 Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: U.S.; Canada: 1913-
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May 3, 2010 ... It's a booming business, he says, driven by demographics of ageing farm owners and investor interest in U.S. farmland. OMAHA, Nebraska (Reuters) - Jim Farrell doesn’t look like a typical tractor-driving farmer. But he doesn’t look like a Wall Street titan, either. Maybe he’s a little of both. Relaxing in his suburban office nestled in the agricultural U.S. heartland, Farrell sketches his job as the single largest professional manager of farms in the United States. “One of the statistics people forget is how much farmland is owned by folks who do not farm it. Throughout the central Midwest, 50 percent or better is owned by people who do not farm it. It’s all land that is leased to farmers -- either custom farmed, share cropped or cash rent,” Farrell said. Farrell’s company, Farmers National, manages over 4,500 farms in 23 states covering 1.5 million acres of crops, pastures, a total that is roughly the size of the state of Delaware, along with forests, hunting grounds and oil and gas interests. Each year his farms sell about 25 million bushels of corn, 5 million bushels of soybeans, a million bushels of wheat -- a value of about $142 million (93 million pounds) based on current prices -- along with many other crops for the owners. It’s a booming business, he says, driven by demographics of ageing farm owners and investor interest in U.S. farmland. The 50- and 60-year-olds of the post-war “Baby Boom” generation are inheriting more properties as absentee owners, requiring his management services. Despite their severed ties to farm life, many farm heirs and ageing owners also remain reluctant to sell -- underpinning land and farm prices.
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