OLS panel regression results with lagged farm-sector control variables, 2008–2017
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Specification | Agricultural Loan Volume | Δ(Ag Loan) | Ag Loan/Total Loan | Δ(Ag Loan/Total Loan) |
| Panel A: US agricultural banks | ||||
| Post Regulation | 0.0373*** (0.0054) | −0.0156** (0.0079) | 0.0133*** (0.0015) | −0.0123** (0.0051) |
| Land Valuet–1 | −0.125*** (0.046) | 0.0439 (0.059) | 0.0561*** (0.013) | 0.00459 (0.042) |
| Farm Incomet–1 | −0.000610*** (0.0001) | −0.000937*** (0.0001) | −0.0000525** (0.0000) | −0.000212*** (0.0001) |
| Control variables | Yes | Yes | Yes | Yes |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| R2 | 0.618 | 0.049 | 0.219 | 0.024 |
| No. of observation | 9,760 | 9,760 | 9,760 | 9,760 |
| Panel B: All US banks | ||||
| Post Regulation | 0.0585*** (0.0076) | 0.00476 (0.012) | 0.00653*** (0.0005) | 0.00299 (0.011) |
| Land Valuet–1 | 0.0143 (0.063) | 0.117 (0.078) | 0.0247*** (0.0045) | 0.141** (0.071) |
| Farm Incomet–1 | −0.000600*** (0.0001) | −0.00108*** (0.0002) | −0.0000135* (0.0000) | −0.000433*** (0.0001) |
| Control variables | Yes | Yes | Yes | Yes |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| R2 | 0.154 | 0.012 | 0.082 | 0.005 |
| No. of observation | 36,527 | 36,527 | 36,527 | 36,527 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Specification | Agricultural Loan Volume | Δ( | Δ( | |
| 0.0373*** (0.0054) | −0.0156** (0.0079) | 0.0133*** (0.0015) | −0.0123** (0.0051) | |
| −0.125*** (0.046) | 0.0439 (0.059) | 0.0561*** (0.013) | 0.00459 (0.042) | |
| −0.000610*** (0.0001) | −0.000937*** (0.0001) | −0.0000525** (0.0000) | −0.000212*** (0.0001) | |
| Control variables | Yes | Yes | Yes | Yes |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| 0.618 | 0.049 | 0.219 | 0.024 | |
| No. of observation | 9,760 | 9,760 | 9,760 | 9,760 |
| 0.0585*** (0.0076) | 0.00476 (0.012) | 0.00653*** (0.0005) | 0.00299 (0.011) | |
| 0.0143 (0.063) | 0.117 (0.078) | 0.0247*** (0.0045) | 0.141** (0.071) | |
| −0.000600*** (0.0001) | −0.00108*** (0.0002) | −0.0000135* (0.0000) | −0.000433*** (0.0001) | |
| Control variables | Yes | Yes | Yes | Yes |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| 0.154 | 0.012 | 0.082 | 0.005 | |
| No. of observation | 36,527 | 36,527 | 36,527 | 36,527 |
Notes: This table reports results from panel regressions examining agricultural lending on a bank level, with lagged farm sector variables, from December 31, 2008–December 31, 2017. Panels A and B report regression results for US agricultural banks and all US banks, respectively. Following the FDIC definition, any commercial bank with agricultural production loans plus real estate loans secured by farmland exceeding 25 percent of total loans and leases is categorized as an agricultural bank. All regressions include previously discussed control variables and bank-fixed effects. Standard errors are clustered on bank level. *,**,***Significant at 10, 5 and 1 percent levels, respectively
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