This paper develops a heterogeneous farm/company/organizational
model with market imperfections to study traded agricultural commodity price
volatility. From the structural model, the authors derive farm credit constraint
equations and production functions, which are estimated by employing unique
farm-level panel data. Using the estimated model parameters, they employ a
structural model to simulate price volatility in agricultural input and output
markets. They find that, in the presence of credit market imperfections and farm
heterogeneity, less credit-constrained farms benefit more from food price volatility
than more credit-constrained farms, as such farms can adjust their output to new
market conditions more rapidly and flexibly.
CIAIAN Pavel;
KANCS D'Artis;
2012-02-01
I P PUBLISHING LTD
JRC67709
0030-7270,
http://www.ingentaconnect.com/content/ip/ooa/2011/00000040/00000002/art00002,
https://publications.jrc.ec.europa.eu/repository/handle/JRC67709,
10.5367/oa.2011.0039,
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