金融市場の基調変化と農業への財政投融資 : 農業補助金と制度金融を中心として

Abstract

The purpose of this paper is to clarify how the public investment and institutional finance had affected on the development of farm management (in other word, the characteristics of technical progress) under the changes of the financial market situation after mid-1970s. As for the agricultural subsidy, the size of agricultural budget in Japan is the lowest among the major advanced countries in terms of its ratios in the national budget and in the total agricultural output and in terms of per farm government ex-penditure although per ha government expenditure is the highest among them. Only Japan has shrinked the farm budget while USA and EC have expanded their farm budget. As for the institutional finance, which has been very specific to Japan, the slogan of "shifting from subsidy to finance" was announced because of the budget deficit. The agricultural finances through the farm cooperatives system have changed so that they began to finance their surplus money, which was collected from farmers, to the non-agricultural financial market or securities markets such as national bond. By estimating the translog type cost function, it was shown that effects of subsidies & institutional finances on farm managements have become less significant in these circumstances after mid-1970s.