Abstract
This article uses agency concepts from modern business and finance theory to evaluate how the significant restructuring of the Farm Credit System, resulting from legislative enactments of the 1980s together with market, institutional, and technological factors, has changed the role of the farm credit banks in controlling the System's agency costs. The intermediation and service roles of the farm credit banks are evaluated in light of the glowing size and stronger lending capacities of the System's lending associations, and other recent developments. Policy implications for the future structure of the Farm Credit System also are considered. © 1993 John Wiley & Sons, Inc.
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