000103085 001__ 103085
000103085 005__ 20180122214946.0
000103085 037__ $$a321-2016-11163
000103085 041__ $$aen
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 542__ $$fLicense granted by Pavel Ciaian (ciaian@yahoo.com) on 2011-04-25T07:24:59Z (GMT):
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000103085 650__ $$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__ $$aSzegenyova, Katarina
000103085 8564_ $$s113548$$uhttp://ageconsearch.umn.edu/record/103085/files/Paper.pdf
000103085 887__ $$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
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Previous issue date: 2011
000103085 982__ $$gAgricultural and Applied Economics Association>2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania
000103085 980__ $$a321
