Purpose

This study conducts an empirical analysis of the relationship between credit market conditions and agriculture output in Sub-Saharan Africa.

Design/methodology/approach

This paper uses a two-stage least square instrumental variable and difference generalised method of moments dynamic panel model because potential reverse causation and endogeneity are addressed.

Findings

The findings show that better credit market conditions contribute to agriculture productivity. The results also show that better infrastructure and availability of agriculture inputs are associated with productivity improvements. The empirical results are robust when an alternative measure of agriculture productivity is used.

Research limitations/implications

An important research agenda for future studies will be to consider alternative measures of credit market conditions and other intervening variables that influence the nexus. Besides, other methods that account for cross-sectional dependence could also be considered as the impact of credit on agriculture varies across the sub-regions.

Practical implications

The findings make a case for enhancing credit market access to boost agriculture productivity. There is also a need to implement financial education programs for farmers and ensuring continuous engagement with farmers.

Originality/value

Although the issue of agriculture finance has been well documented in the literature, few studies have estimated the elasticity of agriculture productivity to changes in credit conditions. Also, our consideration of the intervening role of infrastructure amongst others is an area that has remained relatively unexplored.

中文翻译：

---

信贷市场状况对撒哈拉以南非洲农业生产力的影响

目的

本研究对撒哈拉以南非洲的信贷市场状况与农业产出之间的关系进行了实证分析。

设计/方法/方法

由于解决了潜在的反向因果关系和内生性，本文采用两阶段最小二乘工具变量和矩动态面板模型的差分广义方法。

发现

调查结果表明，更好的信贷市场条件有助于提高农业生产力。结果还表明，更好的基础设施和农业投入的可用性与生产力的提高有关。当使用农业生产力的替代衡量标准时，实证结果是可靠的。

研究限制/影响

未来研究的一个重要研究议程将是考虑信用市场状况的替代措施和影响这种关系的其他干预变量。此外，由于信贷对农业的影响因次区域而异，因此也可以考虑其他解释横截面依赖的方法。

实际影响

调查结果为加强信贷市场准入以提高农业生产力提供了理由。还需要为农民实施金融教育计划，并确保与农民的持续接触。

原创性/价值

尽管农业金融问题在文献中有详细记载，但很少有研究估计农业生产力对信贷条件变化的弹性。此外，我们对基础设施的干预作用的考虑是一个相对未开发的领域。