CREDIT MARKET IMPERFECTIONS AND THE DISTRIBUTION OF POLICY RENTS: THE COMMON AGRICULTURAL POLICY IN THE NEW EU MEMBER STATES
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This article analyses how credit market imperfections affect the impacts of subsidies by analyzing the
effects of agricultural subsidies in the new Eastern Member States of the European Union with a
partial equilibrium model which integrates credit and land market imperfections. We show that credit
constraints have important implications for the distribution of policy rents. Credit market
imperfections may induce very different effects of direct payments and lump-sum transfers.