对台湾信用社生产率变化研究-基于非参风险调整马尔奎斯特方法.pdfVIP

Productivity Change in Taiwan’s Farmers’ Credit Unions: A Nonparametric Risk-Adjusted Malmquist Approach by Po-Chi Chen, Department of International Trade, Chung Hua University, Hsinchu, Taiwan. Email: pochi@chu.edu.tw Ming-Miin Yu, Department of Transportation Technology, National Taiwan Ocean University, Keelung, Taiwan. Email: yumm@mail.ntou.edu.tw Ching-Cheng Chang, Institute of Economics, Academia Sinica, Taipei, Taiwan. Email: emily@econ.sinica.edu.tw Shih-Hsun Hsu Department of Agricultural Economics, National Taiwan University, Taipei, Taiwan. Email: m577@ntu.edu.tw Contributed paper prepared for presentation at the International Association of Agricultural Economists Conference, Gold Coast, Australia, August 12-18,2006 Copyright 2006 by Pochi Chen, Ming-Miin Yu, Ching-Cheng Chang and Shih-Hsun Hsu. All right reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. 1 Productivity Change in Taiwan’s Farmers’ Credit Unions: A Nonparametric Risk-Adjusted Malmquist Approach Introduction Farmers’ credit unions (FCUs) have played an important role in financing Taiwan’s rural development. Over the period from 1961 to 1994, total FCU loans grew dramatically, registering an average annual growth rate of 23%. The increase in FCU savings was also substantial with an average growth rate of 23.4%. In 1993, total FCU loans for agricultural us