Credit Market Imperfections and the Distribution of Policy Rents: The Common Agricultural Policy in the New EU Member States
LICOS Discussion Paper No. 183/2007
64 Pages Posted: 17 Mar 2008
Date Written: May 2007
Abstract
This article analyses how credit market imperfections affect the impacts of subsidies by analyzing the effects of agricultural subsidies in the new Eastern Member States of the European Union with a partial equilibrium model which integrates credit and land market imperfections. We show that credit constraints have important implications for the distribution of policy rents. Credit market imperfections may induce very different effects of direct payments and lump-sum transfers.
Keywords: agricultural policy, imperfect credit markets, land market, policy rents
Suggested Citation: Suggested Citation
Ciaian, Pavel and Swinnen, Johan F.M., Credit Market Imperfections and the Distribution of Policy Rents: The Common Agricultural Policy in the New EU Member States (May 2007). LICOS Discussion Paper No. 183/2007, Available at SSRN: https://ssrn.com/abstract=1106098 or http://dx.doi.org/10.2139/ssrn.1106098
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