Trends and ıssues ın fınancıng agrıculture: A global perspectıve and look at Turkısh case
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Recent statistics reveal that by 2050 a minimum 70% increase in agricultural production is to be achieved to feed the steadily growing world population. Climate change, frequent natural disasters, soil degradation and urbanisation reduce cultivable land areas and result in imbalance between supply and demand of food commodities. As a consequence, higher agricultural commodity prices and food shortages require more support to increase food production and to combat poverty. Lack of access to finance is a key impediment for the majority of farmers in improving the efficiency of their productions and adopting better technologies. With reference to agricultural financing field, we overviewed historical trends, issues, financing methods and policy preferences within a global perspective and a framework for Turkey. Based on the secondary data, utilizing time-series illustrative analysis, our research question focused on the adequacy and efficiency of formal credit resources allocated to agricultural sector in Turkey. We revealed that during the rewiev period, the relative size of formal credit resources allocated to agricultural area decreased gradually; recent inflantionary trend in Turkey is triggered by high food prices and; new adjustment policy measures that include selective credit policy tools are required.