？Vino viejo en vasijas nuevas? Crédito rural y peque？a agricultura: Aprendizajes a partir del caso del Programa Social Agropecuario en Argentina

this article briefly explores how rural financial approaches have been evolving over the past three decades as development paradigms shifted from large state intervention to adjustment and liberalisation policies. particular attention is given to the question about how rural credit programmes can combine social objectives (high outreach) with financial performance. to provide this analysis with an empirical foundation, the case of the social and agricultural programme (psa) in argentina is assessed. the study demonstrates that the ten years long experience of psa resulted in a high outreach level but low recovery rates. based on the financial analysis, recommendations are presented as the policy implications of the study.