| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16693 |
| 来源ID | Working Paper 16693 |
| The Buck Stops Where? The Distribution of Agricultural Subsidies | |
| Barry K. Goodwin; Ashok K. Mishra; François Ortalo-Magné | |
| 发表日期 | 2011-01-13 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The U.S. has a long history of providing generous support for the agricultural sector. A recent omnibus package of farm legislation, the 2008 Farm Bill (P.L. 110-246) will provide in excess of $284 billion in financial support to U.S. agriculture over the 2008-2012 period. Commodity program payments account for $43.3 billion of this total. Our paper is concerned with the distribution of these benefits. Farm subsidies make agricultural production more profitable by increasing and stabilizing farm prices and incomes. If these benefits are expected to persist, farm land values should capture the subsidy benefits. We use a large sample of individual farm land values to investigate the extent of this capitalization of benefits. Our results confirm that subsidies have a very significant impact on farm land values and thus suggest that landowners are the real benefactors of farm programs. As land is exchanged, new owners will pay prices that reflect these benefits, leaving the benefits of farm programs in the hands of former owners that may be exiting production. Approximately 45% of U.S. farmland is operated by someone other than the owner. We report evidence that owners benefit not only from capital gains but also from lease rates which incorporate a significant portion of agricultural payments even if the farm legislation mandates that benefits must be allocated to producers. Finally, we examine rental agreements for farmers that rent land on both a cash and share basis. We find evidence that farm programs that are meant to stabilize farm prices provide a valuable insurance benefit. |
| 主题 | Environmental and Resource Economics ; Agriculture |
| URL | https://www.nber.org/papers/w16693 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574368 |
| 推荐引用方式 GB/T 7714 | Barry K. Goodwin,Ashok K. Mishra,François Ortalo-Magné. The Buck Stops Where? The Distribution of Agricultural Subsidies. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16693.pdf（600KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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