000103085 001__ 103085 000103085 005__ 20210819131405.0 000103085 0247_ $$2doi$$a10.22004/ag.econ.103085 000103085 037__ $$a321-2016-11163 000103085 041__ $$aeng 000103085 245__ $$aDo Agricultural Subsidies Crowd-out or Stimulate Rural Credit Market Institutions?: The Case of CAP Payments 000103085 260__ $$c2011 000103085 269__ $$a2011 000103085 270__ $$mpavel.ciaian@ec.europa.eu$$pCiaian, Pavel 000103085 270__ $$mjan.pokrivcak@uniag.sk$$pPokrivcak, Jan 000103085 270__ $$mkatarina.szegenyova@uniag.sk$$pSzegenyova, Katarina 000103085 300__ $$a27 000103085 336__ $$aConference Paper/ Presentation 000103085 490__ $$aSelected Paper 000103085 490__ $$a12913 000103085 520__ $$aIn this paper we estimate the impact the CAP subsidies on farm bank loans. According to the theoretical results, if subsidies are paid at the beginning of the growing season they may reduce bank loans, whereas if they are paid at the end of the season they increase bank loans, but these results are conditional on whether farms are credit constrained and on the relative cost of internal and external financing. In empirical analysis we use the FADN farm level panel data to test the theoretical predictions for period 1995-2007. We employ the fixed effects and GMM models to estimate the impact of subsidies on farm loans. The estimated results suggest that (i) subsidies influence farm loans and the effects tend to be non-linear and indirect; (ii) both coupled and decoupled subsidies stimulate long-term farm loans, but the long-term loans of big farms increase more than those of small farms due to decoupled subsidies; (iii) the short-term loans are affected only by decoupled subsidies, and they are altered by decoupled subsidies more for small farms than for large farms; however (v) when controlling for the endogeneity, only the decoupled payments affect loans and the relationship is non-linear. 000103085 546__ $$aEnglish 000103085 650__ $$aAgricultural and Food Policy 000103085 650__ $$aAgricultural Finance 000103085 6531_ $$aFarm credit 000103085 6531_ $$aCAP 000103085 6531_ $$aCredit constraint 000103085 700__ $$aCiaian, Pavel 000103085 700__ $$aPokrivcak, Jan 000103085 700__ $$aSzegenyova, Katarina 000103085 8564_ $$9b21a4c6f-99fc-4489-b1e7-14887c1dfd42$$s113548$$uhttps://ageconsearch.umn.edu/record/103085/files/Paper.pdf 000103085 887__ $$ahttp://purl.umn.edu/103085 000103085 909CO $$ooai:ageconsearch.umn.edu:103085$$pGLOBAL_SET 000103085 912__ $$nSubmitted by Pavel Ciaian (ciaian@yahoo.com) on 2011-04-25T07:32:46Z No. of bitstreams: 1 Paper.pdf: 113548 bytes, checksum: fdf00bd4dbb87f4dcc31dd30a97e4803 (MD5) 000103085 912__ $$nMade available in DSpace on 2011-04-25T07:32:48Z (GMT). No. of bitstreams: 1 Paper.pdf: 113548 bytes, checksum: fdf00bd4dbb87f4dcc31dd30a97e4803 (MD5) Previous issue date: 2011 000103085 913__ $$aLicense granted by Pavel Ciaian (ciaian@yahoo.com) on 2011-04-25T07:24:59Z (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (&ldquo;Work&rdquo;). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (&ldquo;University&rdquo;), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000103085 980__ $$a321 000103085 982__ $$gAgricultural and Applied Economics Association>2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania