Do agricultural subsidies crowd out or stimulate rural credit institutions? The Case of CAP Payments. Factor Markets Working Paper No. 4, September 2011

In this paper we estimate the impact of subsidies from the EU’s common agricultural policy on farm bank loans. According to the theoretical results, if subsidies are paid at the beginning of the growing season they may reduce bank loans, whereas if they are paid at the end of the season they increase bank loans, but these results are conditional on whether farms are credit constrained and on the relative cost of internal and external financing. In the empirical analysis, we use farm-level panel data from the Farm Accountancy Data Network to test the theoretical predictions for the period 1995–2007. We employ fixed-effects and generalised method of moment models to estimate the impact of subsidies on farm loans. The results suggest that subsidies influence farm loans and the effects tend to be non-linear and indirect. The results also indicate that both coupled and decoupled subsidies stimulate long-term loans, but the long-term loans of large farms increase more than those of small farms, owing to decoupled subsidies. Furthermore, the results imply that short-term loans are affected only by decoupled subsidies, and they are altered by decoupled subsidies more for small farms than for large farms; however, when controlling for endogeneity, only the decoupled payments affect loans and the relationship is non-linear.

Turkey’s 7 June parliamentary elections – Part I. A pivotal moment for Turkey’s future. EPC Commentary, 3 June 2015

On 7 June, Turks will head to the polls to elect a new parliament. This election is a pivotal moment for Turkey’s future, with two battles being played out. While the first is about securing a majority in parliament, the second is related to President Recep Tayyip Erdoğan and his goal of creating a presidential system of governance. Furthermore, the future of the Kurdish Peace Process and the stability in the southeast of the country will almost certainly hinge on the outcome. Hence, this election is a battle for Turkey's future.

The nuclear deal with Iran: Le moment suprême? CEPS Commentary, 16 July 2015

More than two years in the making, the agreement concluded by China, the EU, France, Germany, Russia, the UK and the US with Iran to prevent the ‘weaponisation’ of the latter’s nuclear programme is a big deal. But, cautions Steven Blockmans in this CEPS Commentary, it is not the silver bullet to the normalisation of relations. Implementation will be a tortuous process, fraught with suspicion and friction. Although Europe has been called upon to seize the moment and to shift to a relationship with Iran based on engagement, not containment, the EU and its member states would be better advised not to move beyond their nuclear focus too quickly, but rather to show a sense of duty and loyal cooperation with their international partners by supporting the effective execution of the accord.

The United States and Cuba, a propitious moment : a report /

At head of title: 93d Congress, 2d session. Committee print.

Sight distance requirements at lane closure work zones on urban freeways. Interim report.

Texas State Department of Highways and Public Transportation, Transportation Planning Division, Austin

Requirements for hazardous waste landfill design, construction, and closure.

"August 1989."

Advice to a mother on the management of her children : and on the treatment on the moment of some of [sic] their more pressing illnesses and accidents /

Includes index.