Pre- and Post- Recession Input Allocation Decisions of Farm Credit System Lending Units
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This paper applies the stochastic Translog input distance function and stochastic frontier analysis (SFA) method to evaluate the operational efficiency of lending units within the Farm Credit System (FCS). This study’s model is applied as a comparative analytical frame work to analyze operating strategies and efficiencies of FCS banks versus credit associations (ACA) as well as among various size categories of FCS lending units. This study also adopts an intertemporal perspective by looking at comparative FCS efficiency before and after the most recent financial crisis. The study’s analyses of changes in both technical efficiency (TE) and allocative efficiency (AE) will help FCS make operating adjustments to maximize total factor productivity.