This paper uses a fundamental Q model of investment to consider the role playedby financing frictions in agricultural investment decisions, controlling econometrically forcensoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by...

In the wake of policy reforms such as the MTR of the CAP and WTO arrangements, many policy analysts are questioning the value of retaining the EU milk quota system in its current form and one policy reform option that has been discussed in advance of the 2008 “Health Check” of the CAP is the...