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Ciaian, Pavel
Swinnen, Johan F. M.
Year of Publication: 
Series/Report no.: 
LICOS Discussion Paper 183
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.
agricultural policy
imperfect credit markets
land market
policy rents.
Document Type: 
Working Paper
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