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  • Brussels: Economics and Econometrics Research Institute (EERI)  (30)
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  • 1
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: In this paper we study factor content of the CEE agricultural trade. In order to account for differences in technology and factor prices in CEE, the theoretical framework of the present study builds on the previous work of Helpman (1984) and Staiger (1986) who consider a trade equilibrium in which factor prices are allowed to differ across countries and Lai and Zhu (2007), who account for international technology differences. In the empirical analysis we examine three hypothesis, which relate cross-country differences in technology, relative factor abundance and transaction costs and market imperfections to the factor content of trade. We find that the first two hypotheses are confirmed by the majority of developed countries, but rejected by roughly one half of the CEE transition country pairs. We find that, when accounting for transaction costs of farm (re)organisation, both hypotheses are confirmed by the majority of CEE country pairs. These findings provide empirical evidence of market imperfections, and particularly, of transaction costs of farm (re)organisation.
    Keywords: F12 ; F14 ; D23 ; Q12 ; Q17 ; ddc:330 ; Factor content ; bilateral trade ; relative factor abundance ; technological differences ; agriculture ; transaction costs
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This paper analyses how rising agricultural prices affect heterogenous farm production and access to inputs under credit market imperfections in the CEE transition countries. Using the FADN farm level panel data, which contains 37416 observations for 2004 and 2005, we estimate a farm credit constraint equation and find that small individual farms (IF) are more credit constrained that large corporate farms (CF). Using the estimated parameters we simulate the effect of rising input and output prices on production and input use of IF and CF farms. Our results suggest that in the presence of credit market imperfections, the relatively less credit constrained CF tend to benefit more from higher output prices than IF. Given that farms in transition and developing countries are more credit constrained than farms in developed market economies, raising food prices may actually reduce their profits and income compared to the latter. Hence, not only consumers but also agricultural producers in the developing world may loose from the increasing food prices.
    Keywords: Q11 ; Q12 ; P23 ; ddc:330 ; Credit constraint ; food prices ; firm level heterogeneity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: The present paper examines a long-run relationship between the energy, bioenergy and food prices. In the recent years the bioenergy production has increased significantly around the world. The increase has been driven by rising energy prices as well as by environmental policies aiming at reducing the harmful effects of conventional sources of energy, such as climate change. Bioenergy, in turn, affects agricultural markets, because it uses agricultural commodities as inputs. The theoretical model we develop predicts that, because of price inelastic food demand, the agricultural price increase may be substantial. The empirical findings confirm the theoretical hypothesis that energy prices do affect prices of agricultural commodities. However, the co-integration is weaker than theoretically predicted. The price effect of bioenergy might be mitigated by new technological development, which improve yields and lead to an offsetting effect in the supply of agricultural commodities, and by fallow land brought into cultivation, when agricultural profitability is rising.
    Keywords: Q11 ; Q13 ; Q42 ; ddc:330 ; Energy ; bioenergy ; crude oil ; prices ; cointegration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: In light of the recent financial and economic crisis the present paper analyzes the determinants of loan default. We employ a unique firm-level panel data of 700 bank loans given to small and medium sized enterprises in Slovakia between 2000 and 2005 to investigate three loan default hypothesis. Testing the Sector-Risk Hypothesis, we find that agro-food industry does not exhibit higher default rate than other sectors. Testing the Firm-Risk Hypothesis, we find that highly indebted firms are more likely to default on their loan than other firms. Testing the EU Subsidy Hypothesis we find that the newly introduced subsidy system, which is decoupled from production, provides a secure source of income and hence reduces the probability of loan default.
    Keywords: G33 ; G21 ; C25 ; Q14 ; ddc:330 ; Bank credit ; loan default ; credit constraints ; heterogeneous firms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2018-01-19
    Description: Additionality is one of the key principles driving the functioning of the EU Cohesion Policies (ECP). The present paper studies how additionality affects the distributional effects of the ECP. Using the example of the firm-level investment support, we analyse the role of additionality and co-financing rate in differently competitive markets. We find that the investment additionality and the level of competition importantly affect the distributional effects of the ECP. Imposing additionality to the ECP investments in a perfectly competitive environment causes distortions in the capital market and leads to lower welfare levels. In contrast, without the enforcement of additionality, the distortions are zero and the support fully benefits firms. In an imperfectly competitive environment the firm-level investment support may increase capital use and may be welfare increasing with and without the enforcement of the investment additionality.
    Keywords: F1 ; O1 ; R3 ; R4 ; ddc:330 ; Additionality ; EU Cohesion Policy ; investment subsidy ; regional development
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: The present paper studies the land use change impacts of fuels and biofuels. We test the theoretical hypothesis, which says that changes in fuel prices cause changes in land use both directly and indirectly and, because of price inter-dependencies, biofuels reinforce the land use change impacts. Our data consists of yearly observations extending from 1950 to 2007 for the US, to which we apply time-series analytical mechanisms of five major traded agricultural commodities, the area of cultivated agricultural land and crude oil price. The empirical findings confirm that markets for crude oil and cultivated agricultural land are interdependent: an increase in oil price by 1 dollar/barrel increases land use between 54 and 68 thousand hectares. We also find that the rise of bioenergy sector accelerates land use change in the US.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; Near-VAR ; energy ; bioenergy ; prices ; land use ; biofuel support policies
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: Societies in Western civilisation enforce their rules through formal institutions such as secularism (SES), whereas in less developed civilisations often rely on informal institutions such as religion (RES). The present paper attempts to explain the determinants of societies’ choice between different enforcement systems, and their implications for society development using an example of two different enforcement models: one informal (RES) and one formal (SES). We find that, because the RES is based on beliefs, its efficiency depends heavily on its credibility, making it little flexible and highly susceptible to conflicts in dynamic environments. In contrast, because under the SES societal rules are enforced through a formal legal enforcement sector, the SES is more flexible though also more costly than the RES. The empirical evidence strongly supports our findings that wealthy, dynamic and fast growing economies typically choose the SES for enforcing societal norms and rules.
    Keywords: B15 ; E02 ; E11 ; O43 ; O44 ; P37 ; B52 ; Z12 ; Z13 ; ddc:330 ; Enforcement institutions ; economic growth ; conflicts ; religion ; secularism
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: The preparation, implementation, coordination and verification of policy measures is a complex and difficult process. This paper presents the first results of an empirical ex-ante analysis which evaluates the effects of renewable energy policies on the bioenergy sector applying an Applied General Equilibrium model. The empirical results suggest that the bioenergy sector benefits more from an indirect tax reduction than from the removal of fossil energy sector subsidies. Reductions in fossil energy sector output below the reference case (base run) do not impact on all fossil energy sectors equally. The crude oil and natural gas sectors lose less (gain more) compared to other fossil energy sectors by implementing renewable energy policy measures.
    Keywords: D58 ; C61 ; Q15 ; Q23 ; Q26 ; Q40 ; Q54 ; ddc:330 ; Biofuels ; CGE model ; computational economics ; applied general equilibrium ; climate policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This is the first paper that econometrically estimates the impact of the rising Bioenergy production on the global CO2 emissions. We apply a structural vector autoregression (SVAR) approach to time series with annual observation for the world biofuel production and global CO2 emissions from 1961 to 2009. We find that in the medium- to long-run biofuels significantly reduce global CO2 emissions: the CO2 emission elasticities with respect to biofuels range between -0.57 and -0.80. In the short-run, however, biofuels may increase CO2 emissions temporarily (elasticity 0.57). Our findings complement those of life-cycle assessment and simulation models. However, by employing a more holistic approach and obtaining more robust estimates of environmental impact of biofuels, our results are particularly valuable for policy makers.
    Keywords: C14 ; C22 ; C51 ; D58 ; Q11 ; Q13 ; Q42 ; ddc:330 ; Biofuels ; C02 emissions ; environmental impact ; SVAR
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: Decoupled direct payments were introduced in the EU in form of the Single Payment Scheme (SPS) in 2005. The 2013 CAP reform changed both the implementation of the SPS and its budget. We assess the possible effects of the 2013 CAP reform on EU land markets; in particular the capitalization of the SPS in land rental values. Our analyses suggest that the implementation details of the 2013 CAP reform will largely determine the impact of the SPS on land markets. The key ones are the reference period for entitlement allocation, regionalization, payment differentiation and budgetary changes. Our analysis also implies that a number of relatively minor policy changes could have substantial impacts on land markets.
    Keywords: H22 ; L11 ; Q11 ; Q12 ; Q15 ; Q18 ; P32 ; R12 ; ddc:330 ; Capitalization ; decoupled subsidies ; CAP reform ; land market ; land prices
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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