1、外文题目RURALFINANCIALMANEGEMENTINAMERICA出处RURALCOOPERATIVES作者STEVELOCKWOOD原文RURALFINANCIALMANEGEMENTINAMERICABYSTEVELOCKWOODRURALFINANCETHEAMERICANEXPERIENCECONSTRUCTIONOFTHERURALFINANCIALSYSTEMTHEUSTHEBASICPRINCIPLEISTOPROVIDEFINANCIALSUPPORTFORAGRICULTURALDEVELOPMENTAFTERYEARSOFDEVELOPMENT,RURALAMERI
2、CAASAWHOLEFORMEDAMULTILEVEL,FULLRANGEOFFINANCIALINSTITUTIONS,THROUGHGOVERNMENTSUBSIDIES,THEDEVELOPMENTOFRURALFINANCIALSYSTEM,INCREASEAGRICULTURALPRODUCTION,AGRICULTURALLOANSANDVARIOUSCHANNELSSUCHASSOCIAL,AGRICULTURALFINANCINGFUNDSTOMEETTHEAGRICULTURALTHEDEVELOPMENTOFAVARIETYOFFINANCIALNEEDS,TOPROVID
3、ETHEFINANCIALSECURITYOFAGRICULTURALMODERNIZATIONBUILDINGANEWSOCIALISTCOUNTRYSIDE,WEMUSTADHERETOTHEDEVELOPMENTOFTHERURALECONOMYASTHECENTER,ANDDEVELOPINGTHERURALECONOMYCANNOTDOWITHOUTTHESUPPORTOFRURALFINANCERURALECONENOMICDEVELOPMENTOFRURALFINANCEASTHEMOSTIMPORTANTELEMENTSOFTHECAPITALALLOCATIONSYSTEM,
4、ANDITSROLEMOREANDMOREOBVIOUS,RURALFINANCIALXINGXINGISAGRICULTURE,RURALFINANCEACTIVITIES,THEAGRICULTURALACTIVITIESAGRICULTURALDEVELOPMENTFROMTHEEXPERIENCEOFOTHERCOUNTRIES,BOTHDEVELOPEDANDDEVELOPINGCOUNTRIESHAVEATTACHEDGREATIMPORTANCETORURALFINANCIALINSTITUTIONBUILDINGINSOMECOUNTRIESTHERURALFINANCIALD
5、EVELOPMENTBETTER,ESTABLISHAGENERALPOLICY,INCLUDINGFINANCIAL,COFINANCEANDRURALINSURANCE,INCLUDINGCOMPREHENSIVE,MULTILEVELFINANCIALSYSTEM,ESTABLISHAFUNDTOSUPPORTRURALDEVELOPMENTCYCLEOFLONGTERMMECHANISM,MOREBETTERSUPPORTTHERURALANDAGRICULTURALDEVELOPMENT,SAFEGUARDINGTHEINTERESTSOFTHEMAJORITYOFFARMERSWE
6、AREONTHERURALFINANCIALSYSTEMINTHESECOUNTRIESACOMPARATIVEANALYSISOFPROPOSEDRURALFINANCIALSYSTEMANDIMPROVETHEPATHSELECTIONTHERURALFINANCIALSYSTEMCONSTRUCTIONRATIONALERURALFINANCIALTHEORYTOTHEFORMATIONANDDEVELOPMENT,HASRECEIVEDTHEMODERNFINANCIALDEVELOPMENTTHEORIESANDPOLICIESOFINFLUENCEFROMDEVELOPINGCOU
7、NTRIESOFRURALFINANCIALTHEORYPERSPECTIVE,THETHREEMAJORGENRESAGRICULTURALFINANCINGTHEORY,RURALFINANCIALMARKETTHEORYANDRECENTINCOMPLETECOMPETITIONTHEORYINTHEEARLY1980S,BEFOREAGRICULTUREFINANCETHEORIESHAVEBEENRURALFINANCIALTHEORYOFMAINSTREAMTHISTHEORYISBASEDONTHATOFRURALRESIDENTS,ESPECIALLYPOORSTRATANOT
8、SAVINGABILITY,RURALISFACINGFUNDSHORTAGEPROBLEMANDBECAUSETHEAGRICULTURALOUTPUTCHARACTERISTICSINCOMEUNCERTAINTY,INVESTMENTLONGTERMANDLOWYIELD,ETC,AGRICULTUREANDCANNOTBEACOMMERCIALBANKSINVESTMENTOBJECT,THISMAKESTHERURALFINANCIALMESSUP,ALARGEAMOUNTOFFUNDOUTFLOWTHEREFORE,ITISNECESSARYTORURALPERIPHERALINF
9、USEPOLICYFUND,ANDESTABLISHNONPROFITPROFESSIONALFINANCIALINSTITUTIONSTOCAPITALALLOCATIONHOWEVER,THISOVERRELIANCEONEXTERNALFUNDINGOFRURALFINANCIALPOLICYHASSPARKEDFUNDS,THELOWEFFICIENCYOFTHELOWRETURNASERIESOFCONTRADICTIONS,INADDITIONTOTHERURALFINANCIALMARKETMECHANISMOFNEGLECT,CAUSERURALFINANCIALCYCLEDE
10、VELOPMENTTHELONGTERMMECHANISMOFDIFFICULTTOBUILDINTHE1980S,THERURALFINANCIALMARKETTHEORYGRADUALLYREPLACEDAGRICULTURALCREDITSUBSIDIESTHEORYITSMAINTHEORIES,THELACKOFRURALFINANCIALCAPITAL,NOTBECAUSEFARMERSNOTSAVINGABILITY,BUTDUETOTHERURALFINANCIALSYSTEMUNREASONABLEFINANCIALARRANGEMENTSSUCHASGOVERNMENTRE
11、GULATION,INTERESTRATECONTROL,ETC,CURBITSDEVELOPMENTITSPOLICIESARETOPLAYAROLEINFINANCIALMARKETS,ANDREDUCEGOVERNMENTINTERVENTION,REALIZEINTERESTRATEMARKETIZATION,ACHIEVINGRURALSAVINGSANDCAPITALSUPPLYANDDEMANDTHEBALANCE,CANCELSPECIALSPECIFICTARGETLOANSYSTEM,THEAPPROPRIATEDEVELOPMENTOFNONFORMALFINANCEMA
12、RKET,ETCSINCETHE1990S,AGAINAPPEAREDIMPERFECTCOMPETITIONMARKETTHEORYTHISTHEORYISMAINLY,ANDTHEMARKETMECHANISMISNOTEVERYTHING,FORSTABLEFINANCIALMARKETFORREASONABLEGOVERNMENTINTERVENTIONISNECESSARYIMPERFECTCOMPETITIONMARKETISTHEREPRESENTATIVEFIGUREOFSIDIGELICITHATBECAUSEOFTHEEXISTENCEOFMARKETFAILUREFACT
13、ORS,THEGOVERNMENTINRURALFINANCIALMARKETAVERYIMPORTANTROLE,BUTTHEGOVERNMENTALSOCANNOTREPLACEMARKET,BUTSHOULDBECOMETHEBENEFICIALSUPPLEMENTOFTHEMARKETTHEGOVERNMENTOFFINANCIALMARKETSUPERVISIONSHOULDADOPTINDIRECTCONTROLMECHANISM,ANDACCORDINGTOCERTAINPRINCIPLEESTABLISHREGULATORYSCOPEANDSTANDARDSRURALFINAN
14、CIALMARKETISNOTACOMPLETELYCOMPETITIVEMARKET,ESPECIALLYTHELOANPARTYFINANCIALINSTITUTIONSTOTHEBORROWERSSITUATIONCANTFULLYGRASPTHE,PLUSRURALSPECIALCASES,FINANCIALINSTITUTIONSTOCONTROLRURALSYSTEMRISK,IFFULLYINACCORDANCEWITHMARKETMECHANISMMIGHTNOTBEABLETOCULTIVATEARURALSOCIALNEEDEDFINANCIALMARKET,THEREFO
15、RE,ITISNECESSARYTOADOPTAPPROPRIATEFINANCIALMARKETS,SUCHASGOVERNMENTINTERVENTIONANDTHEBORROWERSORGANIZATIONETCNONMARKETMEASURESTHEIMPERFECTMARKETCOMPETITIONTHEORYTHEMAINPOLICYSUGGESTIONONEISTHEPRECONDITIONOFTHEDEVELOPMENTOFFINANCIALMARKETSISLOWINFLATIONMACROECONOMICSTABILITYETCSECOND,INTHEFINANCIALMA
16、RKETDEVELOPMENTTOACERTAINDEGREE,COMPAREDWITHINTERESTRATELIBERALIZATION,BEFOREMOREATTENTIONSHALLBEPAIDTOTHEACTUALDEPOSITINTERESTRATEREMAINEDATWILL,WITHINTHESCOPEOFPOSITIVEWHILESUPPRESSINGDEPOSITRATEOFGROWTH,IFTHERESULTINGCREDITALLOCATIONANDEXCESSIVECREDITDEMANDPROBLEM,CANNOTDAMAGEBYGOVERNMENTSINFINAN
17、CIALINSTITUTIONSSAVINGSFROMEXTERNALMOTIVATIONANDMOBILIZATIONPROVIDINGFUNDS,THIRD,ITISINTHEINTERESTSOFTHEMOSTBASICDOESNOTDAMAGETHEBANK,WITHINTHESCOPEOFTHEPOLICYFINANCEFACINGTHESPECIFICSECTORSCHEAPFINANCINGISEFFECTIVETHEFOURTHISTHEGOVERNMENTSHOULDENCOURAGEANDUSETHEBORROWERLIANBAOGROUPANDORGANIZATIONAL
18、BORROWERMUTUALCOOPERATIONFORMS,INORDERTOAVOIDTHERURALFINANCIALMARKETEXISTINGINCOMPLETEINFORMATIONLOANRECOVERYCAUSEDBYTHEPROBLEMOFLOW,THEUSEOFSECURITY,ACCESSANDMUTUALFINANCINGGUARANTEECHUJINHUIWAITFORMETHOD,CANIMPROVETHEASYMMETRICINFORMATION,SIXISFINANCINGANDREALBUSINESSSUCHASFERTILIZER,CROP,ETCOFCOM
19、BININGTHEMETHODISEFFECTIVEANDCANENSURELOANRECOVERY,SEVENISTOPROMOTETHEDEVELOPMENTOFFINANCIALINSTITUTIONS,SHOULDGIVEITSCERTAINSPECIALPOLICIES,SUCHASLIMITSONNEWPARTICIPANTS,ETCWETHINK,DUETOTHEPARTICULARITYOFAGRICULTURALPRODUCTION,AGRICULTURALINCOMEUNCERTAINTY,AGRICULTURALINVESTMENTLONGTERMANDLOWYIELDA
20、NDPRODUCTIONOFDISPERSIONCHARACTERISTICS,LEADINGTOTHERURALFINANCIALTRANSACTIONCOSTSANDFUNDSUSECOSTISHIGHER,REGULARCOMMERCIALFINANCIALINSTITUTIONSGENERALLYDONTWANTTOFINDTHERURALFINANCIALMARKET,PRODUCEDTHEMARKETLEADINGOFFAILURETHEREFORE,INTHEPROCESSOFBUILDINGTHERURALFINANCIALSYSTEM,THEGOVERNMENTSUITABL
21、EINTERVENTIONISNECESSARYANDEFFECTIVEFROMALLTHEEVOLUTIONOFRURALFINANCIALSYSTEMVIEW,GOVERNMENTINTERVENTIONINRURALFINANCIALCONSTRUCTINGEARLYINDEEDPLAYSAVERYSIGNIFICANTPOSITIVEEFFECTSBUTTHEGOVERNMENTINTERVENTIONISNOTTHEULTIMATEGOALOFFINANCIALDEVELOPMENT,FINANCIALSYSTEM,WITHTHEESTABLISHMENTANDPERFECTIONO
22、FGOVERNMENTINTERVENTIONCANONLYMOREANDHINDERTHEDEVELOPMENTOFRURALFINANCIALMARKETESPECIALLYINSOMEDEVELOPINGCOUNTRIESDUETOTHEMACROECONOMICENVIRONMENTINSTABILITY,DEPARTMENTALPOLICYTRENDANDWIDESPREADLAWSANDREGULATIONSSEXOBSTACLEGOVERNMENTINTERVENTIONBECOMETHEBOTTLENECKOFRURALFINANCIALDEVELOPMENTSO,INMANY
23、COUNTRIES,THERURALFINANCIALSYSTEMTOREALLYPLAYAROLE,FIRSTNEEDSTOGRASP“GOVERNMENTINTERVENTIONDEGREE“THISPROBLEMAMERICANOFRURALFINANCIALSYSTEMTHEUNITEDSTATESISTHEWORLDAGRICULTUREOFTHEMOSTDEVELOPEDCOUNTRIES,THISWITHACOMPLETETHERURALFINANCIALSYSTEMAREINSEPARABLEAMERICANBUILDINGTHERURALFINANCIALSYSTEMAREF
24、UNDAMENTALPRINCIPLESFORAGRICULTURALDEVELOPMENTFUNDSUPPORTSAFTERYEARSOFDEVELOPMENT,THERURALAMERICAFROMWHOLEFORMEDAMULTILEVELANDCOMPREHENSIVEFINANCIALSYSTEMS,THROUGHGOVERNMENTSUBSIDY,THEDEVELOPMENTOFRURALFINANCIALSYSTEM,INCREASEAGRICULTURALLOANSANDAGRICULTURALPRODUCTIONSOCIALIZATIONANDOTHERCHANNELSFOR
25、AGRICULTURE,AGRICULTURALDEVELOPMENT,MEETTHEFINANCINGOFVARIOUSFUNDSFORAGRICULTURALMODERNIZATIONNEEDS,PROVIDESFUNDINGAMERICANRURALFINANCIALSYSTEMBELONGSTOAKINDOFCOMPOSITECREDITMODEL,THISMODELHASTHEFOLLOWINGCHARACTERISTICSONEISTOPROVIDEAGRICULTURALCREDITFUNDSOFORGANIZATIONS,BOTHPROFESSIONALRURALFINANCI
26、ALINSTITUTIONS,THEREAREOTHERTYPESOFFINANCIALINSTITUTIONS2ITISINFINANCIALORGANIZATIONSYSTEM,GENERALISCOOPERATIVEFINANCIALINSTITUTION,POLICYFINANCIALINSTITUTIONSANDCOMMERCIALFINANCIALINSTITUTIONSCOEXISTINGTHEUNITEDSTATESHASNOWFORMEDTHEGOVERNMENTLEADINGRURALPOLICYFINANCE,RURALCOOPERATIVEFINANCIALSYSTEM
27、ANDARURALCOMMERCIALFINANCESYSTEMAAMERICANPOLICYOFRURALFINANCIALSYSTEMACCORDINGTOTHEAMERICANAGRICULTURALCREDITLAWTOESTABLISHARATIONALDIVISIONOFLABORANDCOOPERATIONOFPOLICYRELATEDFINANCESYSTEMTHATBYFARMERSLIVINGBUREAU,RURALELECTRIFICATIONBUREAU,COMMODITYCREDITCOMPANYANDSMALLBUSINESSADMINISTRATIONCOMPOS
28、ITIONAMERICANPOLICYRURALFINANCIALINSTITUTIONSISBYTHEUSFEDERALGOVERNMENTLEADINGCREATED,ESPECIALLYFORITSAGRICULTUREDEVELOPMENTANDRURALDEVELOPMENTTOPROVIDEFINANCINGINSTITUTIONITSMAINFUNCTIONISFORAGRICULTURALPRODUCTIONANDACTIVITIESRELATEDTOTHEAGRICULTURALPRODUCTIONPROVIDECREDITFUNDSANDSERVICE,ANDTHROUGH
29、THEADJUSTMENTOFAGRICULTURALCREDITACTIVITYPRODUCTIONSCALEANDTHEDIRECTIONOFDEVELOPMENT,IMPLEMENTATIONOFRURALFINANCIALPOLICY,THECONTROLOFAGRICULTURALDEVELOPMENTSCALE,ETCTHESEFINANCIALINSTITUTIONSFUNDSMAINLYCOMESFROMTHEGOVERNMENTPROVIDESCAPITAL,BUDGET,LOANTURNOVERFUNDSANDPART,BORROWINGFUNDSUTILIZATIONIS
30、MAINLYPROVIDESSOMECOMMERCIALBANKSANDOTHERLENDERSISNOTWILLINGTOPROVIDELOANS,INLOANOBJECTONDIFFERENTRECORDS1TOIMPROVEFARMERSLIVING,IMPROVEMENTOFAGRICULTURALPRODUCTIONFORTHEPURPOSEOFPEASANTSLIVINGINNINGSFARMERSLIVINGINNINGSOFTHEPREDECESSORISAGRICULTURALREVITALIZEADMINISTRATION,THEAGENCYNOTPROFITMINDEDP
31、URPOSE,AIMSTOHELPTHEPOORAREASANDLOWINCOMEFARMERSSOLVEFUNDSHORTAGEPROBLEM,ITSBORROWERISMAINLYWHOCANNOTFROMCOMMERCIALBANKSANDOTHERAGRICULTURALCREDITINSTITUTIONSOFAGRICULTURALLOANSTOEMPLOYEESINRECENTYEARS,FARMERSLIVINGBUREAUALSOBECOMEAMERICANGOVERNMENTTOIMPLEMENTTHEAGRICULTURALPOLICY,THEMAINTOOLIFTHEUS
32、GOVERNMENTTORATIONALUTILIZATIONOFAGRICULTURALPRODUCTIONRESOURCESANDFAMILYTOFARMERSBYFARMERSEXTENDBUREAUOFWATERCONSERVANCYANDLANDIMPROVEMENTLOANS,TIMELIMITCANBE40YEARSIN1990S,FARMERSLIVINGINSTATE,COUNTYBUREAUSETUPOFFICESHASREACHEDMORETHAN1700,STRONGLYSUPPORTTHEDEVELOPMENTOFAGRICULTUREFARMERSLIVINGBUR
33、EAUOFCAPITALOPERATIONISMAINLYPROVIDESLOANSANDGUARANTEEFARMERSLIVINGBUREAUOFLOANSINTODIRECTLOANSCHEMEANDEMERGENCYLOANPROGRAMTWOKINDS,INCLUDINGFARMOWNERSHIPLOANS,OPERATINGEXPENDITURELOANS,CRACKAGECONSTRUCTIONLOAN,WATERCONSERVANCYDEVELOPMENTANDSOILCONSERVATIONLOANS,ETCFARMERSLIVINGBUREAUISMAINLYTOTHECO
34、MMERCIALBANKSANDOTHERFINANCIALINSTITUTIONSACCORDINGTOTHEFARMERSLIVINGBUREAULOANSCHEMETOFARMERSTHEBORROWERLOANASSURE2TOIMPROVERURALPUBLICFACILITIESANDCONDITIONSANDTHEESTABLISHMENTOFTHERURALELECTRIFICATIONBUREAURURALCOMMUNITYDEVELOPMENT,THECONSTRUCTIONOFWATERCONSERVANCY,ELECTRICPOWERFACILITIESANDOTHER
35、RELEVANTRURALBASICCONSTRUCTIONISSUETHATNEEDSTOBEUNIFIEDPLANNINGTOADDRESSCOMMON,COUNTRIESSHOULDGIVEFINANCIALSUPPORTANDPROVIDETHENECESSARYCREDITHELPFOUNDEDIN1935OFRURALELECTRIFICATIONBUREAU,ISALSOTHEUSDASUBSIDIARYINSTITUTIONS,ITSMAINFUNCTIONSAREONRURALTHERMALPOWERCOOPERATIVESANDFARMSTHEBORROWERLOANTOI
36、MPROVERURALELECTRIFICATIONLEVELTHEAGENCYSFUNDUSEISALSOKNOWNFORLOANSANDGUARANTEEPRIMARILY3COMMODITYCREDITCOMPANYIN1933,THEUSGOVERNMENTESTABLISHEDCOMMODITYCREDITCOMPANYMAINLYINORDERTORESPONDTONATURALDISASTERSANDAGRICULTURALCRISISCOMMODITYCREDITSTOFARMBECAUSECOMPANYNATURALDISASTERSCAUSEDTHEREDUCTIONOFG
37、IVESUBSIDIES,ANDAGRICULTURALPRODUCTIONINSURANCEARESIMILARITSMAINFUNCTIONISIMPLEMENTINGTHEADMINISTRATIONOFPRICEANDINCOMESUPPORTPROGRAMTHATPRICESUPPORT,CONTROLOFAGRICULTURALPRODUCTION,AVOIDAGRICULTUREPRODUCTIONWAVESTOTHEAGRICULTURALPRODUCERSIMPACT,SAFEGUARDTHEINTERESTSOFCONSUMERSTHEFUNDAPPLICATIONFORM
38、SMAINLYFORPROVIDINGLOANSANDPAYMENTSUBSIDIES,MAINLYINCLUDINGAGRICULTURALMORTGAGES,WAREHOUSING,DRYINGANDOTHERTREATMENTEQUIPMENTLOANS,DISASTERSUBSIDIESANDPRICESUBSIDIESINADDITION,THEUNITEDSTATESHASAKINDOFPOLICYBASEDFINANCIALINSTITUTIONSSMALLBUSINESSADMINISTRATION,ISSPECIALIZEDFORNOTFROMOTHERNORMALCHANN
39、ELGAININGSUFFICIENTFUNDSOFSMALLBUSINESSESTOPROVIDEFINANCINGTOHELPTHEFUNDMAINLYCOMESFROMPARLIAMENTAPPROPRIATEDTURNOVERFUNDSANDWITHDRAWTHELOANPRINCIPALANDINTEREST,ETC,THEFUNDISMAINLYUSEDFORISSUINGDIRECTLOANS,PARTICIPATEINJOINTLOANANDGUARANTEEANDOTHERSPECIALCREDITSMALLBUSINESSADMINISTRATIONONSMALLFARMS
40、LENDINGISWITHPEASANTSLIVINGBUREAUDIVISIONOFCOLLABORATION,IFSMALLFARMBORROWERECONOMICCONDITIONSANDBADLOANSSMALL,THENBYFARMERFAMILYBUREAUFUNDSUPPORTS,WHENSMALLFARMBORROWERECONOMICSTATUSIMPROVED,THEMORELOANDEMANDBYTHESMALLBUSINESSADMINISTRATIONPROVIDEDBAMERICANRURALCOOPERATIVEFINANCESYSTEMBENEFITEDFROM
41、THEUNITEDSTATESHIGHLYDEVELOPEDECONOMICANDFINANCIALSYSTEM,AMERICANRURALCONSTRUCTEDCOMPARATIVELYPERFECTCOOPERATIONFINANCIALSYSTEMINTHEEARLY20THCENTURY,AMERICANAGRICULTURALCREDITFINANCINGISMOSTLYBYPRIVATEINSTITUTIONSANDINDIVIDUALSWITH,SUCHCREDITFUNDSOFTHEQUANTITYISLIMITED,ANDPERIODISSHORTER,ASTHEUSECON
42、OMYDEVELOPMENT,THEFINANCIALSYSTEMHASCLEARLYCANNOTADAPTTOTHENEEDSOFTHEDEVELOPMENTOFMODERNAGRICULTURETHEUSGOVERNMENTBEGANIN1916NONGDAIFORMULATEDASERIESOFLAW,SETUPBYTHEUSGOVERNMENTLEADINGNONGDAIGRASSROOTSORGANIZATIONSPECIALIZEDBANKSANDCREDITSYSTEMITSMAINPURPOSEISPASSEDONTHEAGRICULTURALORGANIZATIONS,AGR
43、ICULTURALDEVELOPMENTPROJECTLENDING,EXPANDAGRICULTURALFUNDSAVAILABLESOURCES,IMPROVINGFARMERSWORKINGCONDITIONSANDWELFARE,INCREASESTHEFARMERSINCOME,ACCELERATETHEDEVELOPMENTOFAGRICULTUREINITIALRURALFINANCIALCOOPERATIONORGANIZATIONAREINGOVERNMENTLEADERSANDCONTRIBUTEDBYSUPPORTBUILT,ALONGWITHTHENATIONALCAP
44、ITALGRADUALLYINTRODUCED,NOWOFTHERURALCOOPERATIVEFINANCEHASBECOMEBYFARMERSHAVECOOPERATIONFINANCIALINSTITUTIONSNOW,THERURALCOOPERATIVEFINANCEBYFEDERALMEDIUMTERMCREDITBANK,COOPERATIVEBANKS,FEDERALLANDBANKANDLANDBANKCOOPERATIVESTHREESYSTEMCOMPOSITION,THETHREERURALCOOPERATIVEFINANCIALINSTITUTIONSAREINGOV
45、ERNMENTLEADERSANDCAPITALSUPPORT,USINGATOPDOWNWAYUPAMONGTHEMTHEFEDERALMEDIUMTERMCREDITBANKISAMERICASMOSTIMPORTANTAGRICULTURALCREDITCOOPERATIVESYSTEM,THISSYSTEMIS1923BYTHEUSGOVERNMENTIN12CREDITAREAESTABLISHED12FAMILIESFEDERALMEDIUMTERMCREDITBANKCOMPOSITION,ITSMAINRESOLVINGPEASANTSSHORTTERMLOANSDIFFICU
46、LTQUESTIONEVERYCREDITBANKCREDITCOOPERATIVES,SUBORDINATEMANYPRODUCTIONCOOPERATIVESIMPLEMENTSHAREHOLDINGOWNERSHIP,THEBORROWERMUSTHAVEEQUIVALENTTOLOANSUMOF5TO10COOPERATIVESSTOCKSORPARTICIPATEINTHECARDLOANTIMELIMITIS1YEARCOMMONLY,THELONGESTDONOTEXCEEDSEVENYEARSWITHTHECORRESPONDINGISFEDERALLANDBANKINGSYS
47、TEM,THISSYSTEMCOMPRISES12AGRICULTURALCREDITTHEFEDERALLANDBANKANDITSSUBORDINATECOOPERATIVESOFCOMPOSITION,THISSYSTEMHASBECOMETHEMAINPROVIDEROFFARMERLONGTERMLOANS,FEDERALLANDOWNERSHIP,EACHBANKIMPLEMENTSSHARESTOFEDERALBANKMUSTPAYATOTALOFUBCTAMEMBERBORROWINGCAPITALOF5,BANKSHARESSHALLBELONGTOALLTHECOOPERA
48、TIVESALL,ALSOINDIRECTLYSHALLBELONGTOALLTHEBORROWERALL,FEDERALLANDBANKONLYDEALWITHLONGTERMREALESTATELOANS,LOANOBJECTBASICALLYISTHEINDIVIDUALFARMER,LOANTIMELIMITFORLEGAL540YEARSCOOPERATIVEBANKSYSTEMISDESIGNEDTOGIVEUSAACQUIREEQUIPMENT,SUPPLEMENTARYOPERATINGFUNDS,BUYINGGOODSSUCHASPROVIDINGLOANSANDTHEEST
49、ABLISHMENTOF,ITBYTHIRTEENCOOPERATIVEBANKSCOMPOSITION,12CREDITDISTRICTEACHSETUPA,STILLINCLUDEIN1988WASCREATEDINWASHINGTONSCENTRALBANKPARTNERCAMERICANAGRICULTURALINSURANCESYSTEMAMERICANAGRICULTURALINSURANCESYSTEMISAFTERFUMBLECEASELESSLY,DEVELOPMENTANDFORMEARLYAMERICANAGRICULTURALINSURANCEISBYPRIVATEINSURANCECOMPANIES,BUTDUETOAGRICULTURALINSURANCERISKHUGE,ITSMANAGEMENTOFTHECROPINSURANCEAREENDEDINFAILUREINORDERTOHELPFARMERSDEALWITHAGRICULTURALPRODUCTIONRISKS,THEAMERICANGOVERNMENTHASBEENVERYACTIVEINCROPINSURANCEPLANSINCE1938THEFEDERALCROPINSURANCELAWENACTED,THEAMERICANAGRICULTUREIN
