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Abstract
In the paper the impact of macroeconomic
determinants on the number and value of agricultural
investment preferential credits in Poland is examined.
This kinds of determinants are of an exogenous
character and they cannot be controlled by individual
farm. They are related to economic growth, price level
changes, monetary policy, inflation, changes in foreign
trade conditions. The econometric analysis showed that
macroeconomic environment influenced farmers’ credit
decisions at number and value of taken credits. The
statistically significant variables in the case of these
measures were the index of price relations of sold
agricultural products to goods and services purchased
by private farms (“price gap”), interest rate of central
bank and real interest rate paid by farmers. Somewhat
surprisingly, neither rate of GDP growth nor real
effective exchange rate affected the scope of credits. In
the case of GDP rate, the result can suggest that farmers
expectations does not depend on current phase of
business cycle. The reason of luck the influence of terms
of foreign exchange can be explained partly by relatively
low share of agricultural products in foreign trade
turnover.