| 초록 |
We applied the migration analysis approach to determine how credit risk ratings, based on farm characteristics such as operator age, farm size, and farm business type, change across business cycles. The empirical results from analyzing migration matrices using farm-level data suggest that old farmers, large and grain farms are more likely to upgrade their classes, while young farmers, small and livestock farms are likely to downgrade. The migration matrices for each characteristic across the business cycles show that all farm businesses (except small and livestock farms) have a tendency to deteriorate during the recession cycles regardless of their characteristics.
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