The paper investigates the impact of the Common Agricultural Policy (CAP) subsidies on farm total factor productivity (TFP) in the European Union (EU). We employ a structural semi-parametric estimation algorithm directly incorporating the effect of subsidies into a model of unobserved...

In this paper we estimate the impact of 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...

Factor Markets Coordination: Centre for European Policy Studies (CEPS), Brussels, Belgium

Over fifteen years have elapsed since the transition from the centrally planned economic system started in the early 1990âs. During this time agricultural and rural areas of Central and Eastern Europe have undergone profound structural changes with wide variations in the degree of...

In 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...

Factor Markets Coordination: Centre for European Policy Studies (CEPS), Brussels, Belgium

Factor Markets Coordination: Centre for European Policy Studies (CEPS), Brussels, Belgium

In practically all European countries, co-operative credit societies have evolved towards a system which is comparable to other financial groups. This paper explores the recent evolution of Spanish credit co-operatives and especially rural savings banks. The creation of "Group Caja Rural" in...

The Russian establishment- politicians, agricultural officials, corporate farm managers, the media- firmly believe that inadequate access to credit is one of the major factors constraining the growth of the agricultural sector. In technical terms, they in effect claim that Russian agriculture...

The aim of the paper is to assess the potential of cooperative banks for serving agricultural sector in Poland and to identify the areas with the most development potential. We discuss the transformation process in the cooperative banking system under market economy, and in particular...