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The dictator effect: how long years in office affect economic development
Papaioannou, K.I. ; Zanden, J.L. van - \ 2015
Journal of Institutional Economics 11 (2015)1. - ISSN 1744-1374 - p. 111 - 139.
panel-data - measuring democracy - government size - cross-section - cause growth - institutions - power - democratization - instruments - countries
This paper contributes to the growing literature on the links between political regimes and economic development by studying the effects of years in office on economic development. The hypothesis is that dictators who stay in office for a long time period will find it increasingly difficult to carry out sound economic policies. We argue that such economic policies are the result of information asymmetries inherent to dictatorships (known as the ‘dictator dilemma’) and of changes in the personality of dictators (known as the ‘winner effect’). We call the combination of these two terms the ‘dictator effect’. We present evidence to suggest that long years in office impacts on economic growth (which is reduced), inflation (which increases) and the quality of institutions (which deteriorates). The negative effect of long years of tenure (i.e. the ‘dictator effect’) is particularly strong in young states and in Africa and the Near East.
The dynamics of food, alcohol and cigarette consumption in Russia during transition
Herzfeld, T. ; Huffman, S. ; Rizov, M. - \ 2014
Economics and Human Biology 13 (2014). - ISSN 1570-677X - p. 128 - 143.
longitudinal monitoring survey - former soviet-union - panel-data - economic-crisis - united-states - models - income - federation - obesity - health
This paper presents evidence on the impact of individual as well as regional characteristics on the dynamics of fat, protein, alcohol and cigarette consumption, and on the diversity of the diet in Russia between 1994 and 2005. All those aspects of nutritional behavior are important inputs to the production of health. A dynamic panel data model is used to estimate demand functions for fat, protein, alcohol, cigarettes and diversity of the diet. The results suggest the existence of strong habits in drinking and smoking, and the absence of habits in fat and protein consumption. We also found evidence of habit formation for food diversity. Comparing nutritional behavior of younger and older consumers, we find significant differences in the demand for fat and cigarettes. Older consumers seem to be more persistent in their drinking and smoking behavior. Similarly, men show higher habit persistence for alcohol and cigarette consumption. The results also suggest that among individual determinants, especially education, income and employment have statistically significant impacts on consumption behavior. Regarding the macroeconomic variables, economic growth is negatively related to protein consumption, while regional unemployment rate is negatively affecting the demand for protein and food diversity. Finally, Russian consumers react to the price changes of alcohol, cigarettes, fat and protein as suggested by theory. Consumer demand for food diversity responds negatively to price changes of alcohol and cigarettes, but positively to the price of fat. (C) 2013 Elsevier B.V. All rights reserved.
The political economy of agricultural liberalization in Central and Eastern Europe: An empirical analysis
Klomp, J.G. - \ 2014
Food Policy 49 (2014). - ISSN 0306-9192 - p. 332 - 346.
food policies - initial conditions - budget cycles - panel-data - reform - transition - protection - countries - insights - institutions
We examine the effect of upcoming elections and government ideology on agricultural liberalization in Central and Eastern Europe countries in the post-communist period. Our results suggest first that prices and markets liberalization and land market privatization are manipulated in pre-election periods to secure re-election by favouring farmers. Second, we find no evidence that reforms in the agro-process industry, rural finance or institutional environment are affected by upcoming elections. Third, we demonstrate that right-wing governments protect the interest of the agricultural sector more than left-wing governments by affecting the speed of price and market reforms, privatization in the agro-processing industry and land market privatization. Finally, we demonstrate that liberalization the agricultural sector is partly retarded by nationalistic governments. (c) 2014 Elsevier Ltd. All rights reserved.
Financial fragility and natural disasters: An empirical analysis
Klomp, J.G. - \ 2014
Journal of Financial Stability 13 (2014). - ISSN 1572-3089 - p. 180 - 192.
basel core principles - economic-growth - bank soundness - panel-data - risk - crises - database - deposit - models - sector
Using data for more than 160 countries in the period 1997-2010, we explore the impact of large-scale natural disasters on the distance-to-default of commercial banks. The financial consequences of natural catastrophes may stress and threaten the existence of a bank by adversely affecting their solvency. After extensive testing for the sensitivity of the results, our main findings suggest that natural disasters increase the likelihood of a banks' default. More precisely, we conclude that geophysical and meteorological disasters reduce the distance-to-default the most due to their widespread damage caused. In addition, the impact of a natural disaster depends on the size and scope of the catastrophe, the rigorousness of financial regulation and supervision, and the level of financial and economic development of a particular country. (C) 2014 Elsevier B.V. All rights reserved.
Reducing pesticide use and pesticide impact by productivity growth: the case of dutch arable farming
Skevas, T. ; Oude Lansink, A.G.J.M. - \ 2014
Journal of Agricultural Economics 65 (2014)1. - ISSN 0021-857X - p. 191 - 211.
dairy farms - efficiency measurement - technical efficiency - panel-data - subsidies - dea - agriculture - netherlands - spillovers - countries
This paper employs a dynamic Data Envelopment Analysis (DEA) model to measure the composition of productivity growth of pesticides and the environmental impacts of pesticides. The application focuses on panel data of Dutch arable farms over the period 2003–07. A bootstrap regression model is used to explain farmers' performance, providing empirical evidence of the impact of producer-specific characteristics and environmental factors. The results show that Dutch arable farms have substantial inefficiency in the use of pesticides and high pesticide environmental inefficiency, and appear rather unconcerned about the environmental impacts of their current pesticide use decisions on next period's production environment.
Convergence of European wheat yields
Powell, J.P. ; Rutten, M.M. - \ 2013
Renewable and Sustainable Energy Reviews 28 (2013). - ISSN 1364-0321 - p. 53 - 70.
agricultural land-use - panel-data - model - productivity - estimators - regression - scenarios - emissions - gas
The paper makes several contributions to the study of wheat yield changes in Europe and the resulting economic consequences in the near to medium term future. In particular, it addresses the issue of the effects of yield changes on land use. The transition and growth of yields are estimated using a combination of convergence, time-series and dynamic panel models. Scenarios are then run using estimated yields as input into a computable general equilibrium (CGE) model. The CGE model provides a narrative framework through which the total economic impact of changes in yields can be analyzed. Together, the complementary approaches of econometrics and general equilibrium models allow a more complete economic analysis of the consequences of yield changes for this important biofuels crop to emerge. Although there is no evidence of a common rate of yield convergence across Europe, there is evidence of absolute convergence. Standard time series and panel forecasting methods indicate the potential for only very modest yearly yield increases across most of Europe given optimistic assumptions; although potential yearly increases in newer European states could, in some cases, be substantially higher. However, the total amount of land released as a result of potential yield increases in the wheat sector is only modest because of an increase in demand for land by sectors other than wheat. The overall question of whether significant yield increases will necessarily lead to large increases in land available to produce bio-energy crops is rejected. Land freed by wheat yield increases will go to the production of a wide range of agricultural products that value it as an input. The same reasoning which links yields and land use applies to all agricultural products when there are well functioning markets. (C) 2013 Elsevier Ltd. All rights reserved.
Conditional Election and Partisan Cycles in Government Support to the Agricultural Sector: An Empirical Analysis
Klomp, J.G. ; Haan, J. de - \ 2013
American Journal of Agricultural Economics 95 (2013)4. - ISSN 0002-9092 - p. 793 - 818.
political budget cycles - panel-data - oecd countries - fiscal-policy - institutions - democracies - protection - models - economy
We examine the effect of elections and government ideology on public funding to the agricultural sector using a panel model for more than 70 democratic countries from 1975-2009.We find that support for agriculture increases prior to elections, and that right-wing governments redistribute more income to the agricultural sector than left-wing governments. Political cycles are conditional on certain factors; for example,elections have a stronger effect on support under right-wing cabinets. Further, in industrialized countries,the election (partisan) effect is strongest under majoritarian (proportional) electoral systems. In developing countries, the election (partisan) effect is strongest under proportional (majoritarian) electoral systems.
Does water harvesting induce fertilizer use among smallholders? Evidence from Ethiopia
Wakeyo, M.B. ; Gardebroek, C. - \ 2013
Agricultural Systems 114 (2013). - ISSN 0308-521X - p. 54 - 63.
technology adoption - green-revolution - use efficiency - panel-data - irrigation - yield - kenya - agriculture - risk - sri
Rainfall shortage is a major production risk for smallholder farmers. Due to rainfall shortage, smallholders limit the use of modern inputs such as fertilizer and improved seeds. This study investigates if water harvesting technologies (WHTs) induce fertilizer use and whether there is joint adoption of fertilizer and water harvesting technologies. Using panel data collected from Ethiopian farmers in two regions in 2005 and 2010, a random effects probit model and a bivariate probit model are estimated to investigate these two issues. Both models include variables that are hypothesized to affect fertilizer and WHT use. The findings indicate that: (1) water harvesting increases the probability of using fertilizer; (2) past WHT use positively affects the probability of current fertilizer use but past fertilizer use does not affect current WHT use; (3) total landholding, farm capital, and education significantly increase the probability of fertilizer use whereas the price of fertilizer and distance to market decrease the probability of fertilizer use; (4) there are significant regional and yearly differences in fertilizer use; and (5) growing perennial crops, and distance from natural water sources increase the probability of using water harvesting in 2010 whereas distance from markets, age and altitude decreases it. These results imply that measures encouraging water harvesting can also lift low fertilizer use among Ethiopian smallholders.
Productivity Growth in German Dairy Farming using a Flexible Modelling Approach
Emvalomatis, G. - \ 2012
Journal of Agricultural Economics 63 (2012)1. - ISSN 0021-857X - p. 83 - 101.
stochastic frontier models - technical efficiency - agricultural productivity - parametric decomposition - distance functions - output growth - bayes factors - panel-data - coefficients - perspective
A random-coefficients specification of an output distance function is used to measure and decompose productivity growth in German dairy farming. This specification can accommodate heterogeneity with respect to the technology employed by dairy farms, allowing for specialised and non-specialised farms to be included in the analysis. The proposed modelling approach is favoured by the data when compared with the conventional translog specification of distance functions. The average total factor productivity growth rate for German dairy farms is estimated at 1.1%, with the technical progress component contributing most of this growth.
Adjustment and unobserved heterogeneity in dynamic stochastic frontier models
Emvalomatis, G. - \ 2012
Journal of Productivity Analysis 37 (2012)1. - ISSN 0895-562X - p. 7 - 16.
panel-data - technical inefficiency - efficiency estimation - bayes factors - time-series
Stochastic frontier models with autocorrelated inefficiency have been proposed in the past as a way of addressing the issue of temporal variation in firm-level efficiency scores. They are justified using an underlying model of dynamic firm behavior. In this paper we argue that these models could have radically different implications for the expected long-run efficiency scores in the presence of unobserved heterogeneity. The possibility of accounting for unobserved heterogeneity is explored. Random- and correlated random-effects dynamic stochastic frontier models are proposed and applied to a panel of US electric utilities
A reduced-form model for dynamic efficiency measurement: Application to Dairy Farms from Germany and The Netherlands
Emvalomatis, G. ; Stefanou, S.E. ; Oude Lansink, A.G.J.M. - \ 2011
American Journal of Agricultural Economics 93 (2011). - ISSN 0002-9092 - p. 161 - 174.
distance function-approach - data envelopment analysis - production frontiers - panel-data - inefficiency - integration - growth - firm
The stochastic distance function model is extended to allow for the inefficiency component of the error term to be autocorrelated, as implied by a dynamic model of firm behavior. The autocorrelation parameter can then be interpreted as a measure of the persistence of inefficiency. The model is viewed from a state-space perspective, and Kalman filtering techniques are proposed for estimation. The model is applied to two panels of dairy farms from Germany and the Netherlands. The results suggest a very high degree of persistence of inefficiency through time.
A generalized maximum entropy stochastic frontier measuring productivity accounting for spatial dependency
Tonini, A. ; Pede, V. - \ 2011
Entropy 13 (2011)11. - ISSN 1099-4300 - p. 1916 - 1927.
moments estimation - panel-data - inefficiency - index
In this paper, a stochastic frontier model accounting for spatial dependency is developed using generalized maximum entropy estimation. An application is made for measuring total factor productivity in European agriculture. The empirical results show that agricultural productivity growth in Europe is driven by upward movements of technology over time through technological developments. Results are then compared for a situation in which spatial dependency in the technical inefficiency effects is not accounted
Microfinance: its Impact, Outreach and Sustainability
Hermes, N. ; Lensink, B.W. - \ 2011
World Development 39 (2011)6. - ISSN 0305-750X - p. 875 - 881.
northeast thailand - credit programs - panel-data - bangladesh - institutions - efficiency - benefits - poverty - gender
This symposium brings together recent empirical contributions with respect to a number of related and highly relevant issues on the economics of microfinance. In particular, the contributions provide answers to the following two main questions: (1) does microfinance have an impact on the social and economic situation of the poor in developing nations; and (2) are microfinance institutions sustainable in the long term and is there a trade-off between sustainability and outreach?
Gender discrimination and its impact on income, productivity, and technical efficiency: evidence from Benin
Kinkingninhoun-Mêdagbé, F.M. ; Diagne, A. ; Simtowe, F. ; Agboh-Noameshie, A.R. ; Adegbola, P. - \ 2010
Agriculture and Human Values 27 (2010)1. - ISSN 0889-048X - p. 57 - 69.
farmers perceptions - panel-data - firm size - gambia - women
This paper examines the occurrence and impact of gender discrimination in access to production resources on the income, productivity, and technical efficiency of farmers. Through an empirical investigation of farmers from Koussin-Le´le´, a semi-collective irrigated rice scheme in central Benin, we find that female rice farmers are particularly discriminated against with regard to scheme membership and access to land and equipment, resulting in significant negative impacts on their productivity and income. Although women have lower productivity, they are as technically efficient as men. The findings suggest that there is considerable scope for improving the productivity of women through increasing their access to production resources.
Growth Dynamics of Dairy Processing Firms in the European Union
Gardebroek, C. ; Turi, K.N. ; Wijnands, J.H.M. - \ 2010
Agricultural Economics 41 (2010)3-4. - ISSN 0169-5150 - p. 285 - 291.
liquidity constraints - panel-data - size - industry - markets - models - tests
The structure of the dairy processing industry in the European Union has changed enormously in recent decades. In many countries, the industry is characterized by a few large companies with a big market share accompanied by many small processors that often produce for niche markets. This article investigates which factors relate to growth of dairy processing firms. Using a unique 10-year panel data set and recently developed dynamic panel data estimators, the growth process of dairy processors is investigated for six rather diverse European countries. The data structure and the estimation method allow for dealing with endogeneity issues in an appropriate way. Firm size growth measured in total assets is found to be affected by firm size, firm age, and financial variables. Growth in number of employees is only affected by firm age and lagged labor productivity. Implications for these results are given in the final section of the article
Measuring excess capital capacity in agricultural production
Zhengfei, G. ; Kumbhakar, S.C. ; Myers, R.J. ; Oude Lansink, A.G.J.M. - \ 2009
American Journal of Agricultural Economics 91 (2009)3. - ISSN 0002-9092 - p. 765 - 776.
stochastic frontier model - panel-data - technical efficiency - labor-use - estimators - investment - adjustment - specification - heterogeneity - uncertainty
We introduce the concept "excess capital capacity" and employ a stochastic input requirement frontier to measure excess capital capacity in agricultural production. We also propose a two-step estimation method that allows endogenous regressors in stochastic frontier models. The first step uses generalized method of moments to get consistent estimates of the frontier parameters in the presence of endogenous regressors. The second step uses maximum likelihood to measure excess capital capacity and evaluate the factors that influence it. The empirical application to Dutch cash crop farms found varying degrees of excess capital capacity. The policy implications of excess capital capacity are discussed
Exploring Farm investment Behaviour in Transition: The Case of Russian Agriculture
Bokusheva, R. ; Bezlepkina, I. ; Oude Lansink, A.G.J. - \ 2009
Journal of Agricultural Economics 60 (2009)2. - ISSN 0021-857X - p. 436 - 464.
soft budget constraints - panel-data - financing constraints - flow sensitivities - market-economy - models - impact - poland - inefficiency - firms
This paper analyses the investment behaviour of Russian farms during the period of economic stabilisation that followed Russia's financial crisis of 1998, and is the first to apply the error-correction investment model to describe farms' investment behaviour in the transitional context. Additionally, the paper employs the error-correction and the adjustment-cost model to test for differences in the investment behaviour between various farm categories. The results show that in general Russian farms exhibited an error-correcting behaviour in the period under investigation. From 1999 to 2005 the output¿capital gap was closed by an average rate of 10% per year. Estimates of the adjustment-cost model show that Russian farm investments are very sensitive to the sales¿capital ratio, suggesting that Russian farms exhibit increasing returns to scale and positive expectations about future revenues. Yet, such farm characteristics as ownership structure, access to input markets and also regional specifics were found to be decisive for farm investment not only in the short but long term too. Finally, the results show that the adjustment-cost model is adequate for the evaluation of differences in short-term investment behaviour, whereas it is noticeably less powerful for investigating differences in the farms' long-term investment behaviour
Do Higher Financial Returns Lead to Better Environmental Performance in North America’s Forest Products Sector?
Yamaguchi, J. ; Kooten, G.C. van - \ 2008
Canadian Journal of Forest Research 38 (2008)9. - ISSN 0045-5067 - p. 2515 - 2525.
panel-data - specification - econometrics - tests
This study examines the relation between corporate environmental performance and corporate financial (economic) performance in North America’s forest products industry to determine whether there is a firm-level environmental Kuznets curve (EKC). An unbalanced panel of firm-level observations is constructed using data from PricewaterhouseCoopers, the US Environmental Protection Agency, and Environment Canada. The analysis focuses on methanol and formaldehyde emissions because these are the only pollutants for which consistent firm-level data are available in forestry. We find strong evidence of a firm-level EKC. The evidence is considerably weaker if endogeneity related to the effect of past pollution on current pollution or endogeneity resulting from a possible circular relationship between rate of return and pollution is taken into account, although the available time horizon is too short to conclude that endogeneity is a problem. Even so, there remains evidence of a negative relationship between financial performance and environmental performance for formaldehyde
Corporate capital structure and how soft budget constraints may affect it
Rizov, M.I. - \ 2008
Journal of Economic Surveys 22 (2008)4. - ISSN 0950-0804 - p. 648 - 684.
cash flow sensitivities - debt ratio determinants - testing static tradeoff - pecking order models - transition economies - financial structure - panel-data - asymmetric information - managerial discretion - liquidity constraints
This survey paper examines existing theories of capital structure and related empirical tests with the aim to derive theoretical as well empirically testable predictions about the implications of the soft budget constraint for corporate capital structure. We show that the soft budget constraint syndrome is relevant for a variety of institutional environments, from central planning to capitalist economic systems, and consider features of company financing patterns in various institutional contexts. Special attention is paid to emerging and transition economies where, with the development of financial markets, companies reduce their financial dependence on the state and begin to borrow from a variety of sources. However, due to the persistence of soft budget constraints, corporate capital structure in transition and emerging economies may still deviate significantly from the capital structure of companies operating under hard budget constraints.
Institutions, reform policies and productivity growth in agriculture: evidence from former communist countries
Rizov, M.I. - \ 2008
NJAS Wageningen Journal of Life Sciences 55 (2008)4. - ISSN 1573-5214 - p. 307 - 323.
overgangslandbouw - verandering - centraal-europa - collectieve landbouwbedrijven - staatslandbouwbedrijven - particuliere landbouwbedrijven - transitional farming - change - central europe - collective farms - state farms - private farms - initial conditions - eastern-europe - land-reform - panel-data - transition economies - common heritage - soviet-union - performance - divergence - efficiency
There are important differences among former communist countries in performance of their agricultural sectors that are commonly attributed to variation in inherent institutions and reform policy choices. In this paper the link between institutions, reforms and (labour) productivity growth in agriculture is analysed within an augmented neo-classical growth model framework derived from a production function. For the empirical analysis panel data over the transition period (1990-2001) were used that cover 15 former communist countries, applying a GMM-IV estimator. Estimation results strongly support the view that the shift to individual land use, measuring farm restructuring, as well as the overall economic reforms, supported by democratic institutions, have positively contributed to the (labour) productivity growth in former communist countries¿ agriculture.