Ciaian, Pavel; Pokrivcak; Jan; Szegenyova, Katarina - In: European Integration online Papers (EIoP) 16 (2012) 11
In this paper we estimate the impact of agricultural subsidies granted under the European Union’s Common Agricultural Policy (CAP) on bank loans extended to farms. According to our theoretical analysis, subsidies may either stimulate or crowd out bank loans depending on the timing of...