THE ROLE OF LAND-MORTGAGE LOANING IN THE INFRASTRUCTURE SUPPORT OF THE AGRICULTURAL LAND MARKET

Abstract

Introduction. The functioning of the agricultural land market under the existing institutional restrictions hinders the development of one of the most common mechanisms for investment support of the agricultural sector of the economy, namely land mortgage lending. However, the lifting of the moratorium on the sale of agricultural land should serve as an impetus for the development of land mortgage lending, as a tool for transforming land resources into financial assets. Methods. The study is formed based on the use of calculation and constructive, experimental, abstract and logical methods, data from the legislative and statistical base, as well as the study of scientific approaches to the development of land mortgage lending in agriculture. Results. The world experience in land mortgage lending is analyzed, which is based on two main models of its functioning system: single-level (mortgage provider ↔ land mortgage bank) and two-level (mortgage provider ↔ bank ↔ land mortgage agency). The role of land mortgage lending in infrastructure support of the agricultural land market is substantiated. The mechanism of interaction of land, financial and credit and stock markets in the system of land mortgage lending for agriculture. The toolkit for refinancing and securitization of mortgage assets in the land-mortgage lending system of agriculture is substantiated. Discussion. Implementation of recommendations on refinancing and securitization of mortgage pools in the securities markets, as components of the financial subsystem of the agricultural land market infrastructure, will ensure the accelerated development of land mortgage lending in Ukraine’s agriculture. Keywords: mortgage, land mortgage lending, agricultural land, market, infrastructure.