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Cambridge Journal of Economics Advance Access originally published online on January 10, 2005
Cambridge Journal of Economics 2005 29(3):439-462; doi:10.1093/cje/bei008
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Interest rates, collateral and (de-)interlinkage: a micro-study of rural credit in West Bengal

Sudipta Bhattacharyya*

* University of Bath and Visva-Bharati

Address for correspondence: Department of Economics and Politics, Visva-Bharati, Santiniketan 731 235, West Bengal, India; email sudipta236{at}rediffmail.com.

This study, based on a primary field survey in rural West Bengal, analyses the terms and conditions of the differentiated structure of rural credit with the advent of capitalist agriculture within the interventionist state. The sample households are classified according to the economic classes of Patnaik as well as the standard acreage criterion. The possibility of interlinkage between credit and all other structures is remote. The average rate of interest is inversely related to ascending class status. There is a systematic association between rate of interest and the value of collateral on the one hand, and marketability of collateral and interest rates on the other.

Key Words: Credit • Differentiation • Interlinkage • Interest • Collateral

JEL classifications: Q14, Q19, E43 and G21

Manuscript received February 13, 2001; final version received October 8, 2003.


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