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Investment and Financial Constraints in European Agriculture: Evidence from France, Hungary and Slovenia 31
Ferto, Imre; Bakucs, Lajos Zoltan; Bojnec, Stefan; Latruffe, Laure.
The article investigates the investment and financial constraints for French, Hungarian and Slovenian farms using FADN panel data with different econometric estimation approaches. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is positively associated with investment subsidies. Specific results by country are found depending on farm indebtedness. Investment subsidies can mitigate some capital market imperfections in short-term, while on long-term what is crucial is farm sale ability to successfully compete in the output market gaining sufficient cash flow for farm competitive survival and investment.
Tipo: Conference Paper or Presentation Palavras-chave: Farm investment; Soft budget constraint; Investment subsidy; Panel data analysis; Agricultural Finance; D81; D92; O12; Q12; C23.
Ano: 2011 URL: http://purl.umn.edu/114357
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The impact of non-farm income on the investment in agriculture: evidence from Hungary and Slovenia 31
Bakucs, Lajos Zoltan; Bojnec, Stefan; Ferto, Imre; Latruffe, Laure.
The article investigates the impact of non-farm income on the investment for Hungarian and Slovenian farms using FADN panel data for the years 2004-2008 and different econometric estimation approaches. We find that non-farm income is more important for Slovenian farms than for Hungarian farms. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is negatively associated with non-farm income, but positively associated with investment subsidies. Specific results by country are found depending on growing vs. declining real sales and on farm indebtedness.
Tipo: Conference Paper or Presentation Palavras-chave: Non-farm income; Farm investment; Soft budget constraint; Panel data analysis; Community/Rural/Urban Development; D81; D92; O12; Q12; C23.
Ano: 2010 URL: http://purl.umn.edu/95318
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Evolution of Income and Fiscal Disparity in Rural China 31
Yao, Yi; Fan, Shenggen.
This paper's goal is to increase the understanding of the income and fiscal inequality trends in rural China. Using a comprehensive county-level panel dataset between 1993 and 2002, we describe the dynamic changes in national, regional and provincial inequality measures for income, fiscal spending and local revenues respectively. We examine how the coastal-inland gap, the inter-province gap, and the gap between poor and non-poor counties contribute to the growth of inequality, and devise a decomposition approach to investigate the order of inter-group inequality's contribution to the overall inequality in a multi-tier hierarchical economy. Our major finding reveals that after a turning point, 1998, most income and fiscal inequality trends started to grow...
Tipo: Conference Paper or Presentation Palavras-chave: Regional inequality; Inequality decomposition; Fiscal equalization; Fiscal decentralization; Soft budget constraint; Community/Rural/Urban Development; D3; O18; H3.
Ano: 2006 URL: http://purl.umn.edu/25671
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