농가부채의 위험성과 결정요인 분석

The Determinants of Farm Household Debts

This study investigates the current statues and the determinants of farm household debts to check the risks of farm debt ability from 2013 to 2014. we separates farm debts by purpose and empirically analyses through microscope data collected by FHES. The results are as follows; First, The growth rate of farm assets and income is higher than that of debt from 2013 to 2014. It indicates that the financial situation is getting better at a glance. However, borrowing from private and debts for households increase over the previous year. Furthermore, we find that the 30’s have the most debt and the low-income class have problem with debt repayment. Second, 60% of the total farm have the debt, and 38.8% of these are not able to repay the debt to disposable income. This result suggests that the risk of farm household debts is need to be analyzed taking into account the characteristics of the individual farmer. Third, the likelihoods of debt holding is influenced by age, educational level, family size, real assets, financial assets and agricultural spending. Especially, The effect of real assets is different according to the debt purposes. Finally, we also find that the amount of debt holding is negatively related to real assets for agricultural purpose. It means that the policy makers and financial planners should consider the farm characteristics and debt purpose to make appropriate policies.