Agricultural credit association efficiencies over time and with mergers

Abstract Efficiencies of Agricultural Credit Associations the US Farm System are measured quarterly from 2005 through 2020. A slacks-based measure based on directional distance function is used with non-performing loans included as an undesirable output. This permitted efficiency scores to be by type defined input or Generally, most were highly efficient, but there was deterioration in mean over years 2008–2018, a period financial difficulties agriculture. that merged consolidated tracked before and after these activities. Mergers consolidations often led increased efficiencies.