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Agricultural soft budget constraints in new European Union member states

机译:欧盟新成员国的农业软预算约束

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This article investigates farm investment behaviour and the presence of soft budget constraints in the agricultural sectors of three Central and Eastern European countries - Estonia, Hungary and Slovenia - using individual farm accountancy panel data for the 2007-2015 period. Gross farm investment is positively associated with gross farm investment for the previous year, growth in real sales and public investment subsidies. Mixed results for debt square and cash flow variables imply that the different investment behaviour of farms pertains to different structures of investment sources among the countries under analysis. A particularly significant negative cash flow coefficient implies strong soft budget constraints for Estonian farms, while insignificant cash flow coefficients imply weak soft budget constraints for Hungarian and Slovenian farms.
机译:本文使用2007-2015年期间各个农场会计面板数据,调查了三个中欧和东欧国家(爱沙尼亚,匈牙利和斯洛文尼亚)的农业投资行为和软预算约束的存在。农场总投资与上一年的农场总投资,实际销售额的增长和公共投资补贴呈正相关。债务平方和现金流量变量的混合结果表明,在所分析的国家中,农场不同的投资行为与投资来源的结构有关。特别显着的负现金流量系数意味着爱沙尼亚农场的强劲软预算约束,而微不足道的现金流量系数意味着匈牙利和斯洛文尼亚农场的疲软预算约束。

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