This is the first article that studies BitCoin price formation by considering both traditional determinants of currency price, e.g., market forces supply and demand, digital currencies specific factors, attractiveness for investors users. The conceptual framework based on Barro (1979) model, from which we derive testable hypotheses. Using daily data five years (2009–2015) applying time-series analytical mechanisms, find users have a significant impact but with variation over time. Our...

This paper empirically examines interdependencies between BitCoin and altcoin markets in the short- long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative currencies) two price indices for period 2013–2016. Our empirical findings confirm that indeed are interdependent. The BitCoin-altcoin relationship is significantly stronger short-run than cannot fully hypothesis with those altcoins more similar their formation mechanism...

Abstract The paper investigates the impact of Common Agricultural Policy ( CAP ) subsidies on farm total factor productivity TFP in European Union EU ). We employ a structural semi‐parametric estimation algorithm directly incorporating effect into model unobserved productivity. empirically study effects using Farm Accountancy Data Network FADN samples for ‐15 countries. Our main findings are clear: negatively period before decoupling reform was implemented; after is more nuanced and several...

This article analyses how transaction costs and imperfect competition in the land market affect welfare effects of agricultural subsidies new Eastern Member States European Union. Benefits end up with landowners also imperfections markets. With unequal access to subsidies, small tenant farmers may even lose out from subsidies. Decoupling payments shifts policy rents farmers, but constrains productivity‐enhancing restructuring. Using reserve entitlements mitigate this effect reduces intended...

Abstract This article shows that credit market imperfections have important implications for the distribution of policy rents. In a model with land as fixed factor and imperfections, when an area payment is given, rents go up by more than subsidy. On aggregate farms may lose from The results depend on extent to which subsidies direct indirect effects constraints, whether rent or own land, farm heterogeneity.

This paper identifies and analyzes BitCoin features which may facilitate to become a global currency, as well characteristics impede the use of medium exchange, unit account store value, compares with standard currencies respect main functions money. Among all analyzed features, extreme price volatility stands out most clearly compared currencies. In order understand reasons for such volatility, we attempt identify drivers formation estimate their importance econometrically. We apply...

We analyze the impact of land fragmentation on production diversification in rural Albania. Albania represents a particularly interesting case for studying as is direct outcome reforms. The results indicate that an important driver farm households find stimulates significantly more subsistence than market-oriented households. Our findings have two key policy implications: (i) consolidation policies relocate and enlarge plots would significant reducing agricultural diversification; (ii)...

Abstract In this paper we analyse the economic and environmental impacts of CAP greening introduced by 2013 reform using CAPRI model. captures farm heterogeneity across EU it allows to depict implementation measures in high detail while integrating effects market feedback simulated policy changes. The results reveal that (land use, production, price income) are rather small, although some types, crops (fallow land pulses) Member States may be affected more significantly. will lead...

This paper estimates the farm level impact of producer organizations' (PO) membership in Slovakia and effectiveness support provided to POs under EU Rural Development Programme (RDP). We employ PSM-DID econometric approach on a database large Slovak commercial farms for 2006 2015. First, our results show that belonging PO improves economic performance Slovakia. Second, short-run granted RDP 2007–2013 newly established does not improve performance; only older (and potentially supported past)...

This study investigates the impact of Single Area Payment Scheme (SAPS) on farmland rental rates in New EU Member States. Using a unique set farm level panel data with 20,930 observations for 2004 and 2005 we are able to control important sources endogeneity. According our results, SAPS has positive statistically significant land rents EU. However, estimated incidence is smaller than predicted theoretically. Land capture only 19 cents marginal EUR, around 10% benefit nonfarming landowners...

This paper presents the EU-wide individual farm-level model (IFM-CAP) applied to assess economic effects of CAP greening. IFM-CAP is a static positive programming developed capture full heterogeneity EU farms in terms policy representation and impacts. Simulation results show that, although proportions utilised agricultural area (UAA) subject greening are sizeable (55 per cent all 86 UAA) at EU-27 level, reallocated caused by represents only 4.5 UAA. Farm income total production both...

Abstract The European Union (EU) farm‐to‐fork strategy aims to empower consumers make sustainable food choices, among others, through harmonizing voluntary green claims and labels potentially introducing a common framework for products. literature on the current use of sustainability (SCLs) in EU market is scarce. This paper analyzes trend developments SCLs product launches by companies across different groups countries. analyses are based Mintel Global New Product Database newly introduced...

Purpose The purpose of this paper is to analyse how farm production and input use (land, variable inputs, labour, capital) related access credit in the Central Eastern Europe (CEE) transition countries. Design/methodology/approach Drawing on a unique level panel data set with 37,409 observations employing matching estimator, analyses affects allocation efficiency CEE large size FADN has an additional advantage. It allows authors employ semi‐parametric estimator based propensity score...

Abstract This paper estimates the capitalization of single payment scheme (SPS) into land values. The theory suggests a nonlinear and discontinuous relationship between SPS rents. In empirical analysis we employ unique farm-level panel data apply generalized propensity score matching approach. Our suggest 6% to 10% rate. On average in European Union, nonfarming landowners' gains from are only 4%. However, there is large variation rate for different levels member states (3% 94%). (JEL H23, Q15)

Abstract In this study, we analyse how three scenarios involving different levels of harmonisation common agricultural policy (CAP) decoupled payments in the EU affect distribution farm income across regions and types. We use type extension impact (CAPRI) model, which captures heterogeneity EU. The first scenario (NUTS1) assumes uniform per‐hectare at NUTS1 level. second (MS‐CONV) equalises rates inside each Member State (MS) partially harmonises single payment scheme (SPS) MS line with 2011...

The existing policy and academic debate on the social mobility of Roma have been focused almost entirely entry barriers (the cost into mainstream society), whereas exit from traditional lifestyle) acknowledged studied to a much lesser extent. In this study we advocate that perspective it is important understand differences between two types barriers, as they different causes hence be addressed by instruments. However, both are simultaneously, interact reinforce each other mutually. Further,...

Abstract In this paper, we analyse the drivers of farm structural change in EU-27, applying a novel analytical framework field agricultural economics known as multiplicative competitive interaction (MCI) model. MCI offers more parsimonious specification for estimating models regional group shares compared to often-applied Markov approach. The enables group-specific equations, which are used account specific certain groups. explains at level taken from Farm Structure Survey (FSS) using...

Decoupled direct payments to farmers were introduced in the European Union (EU) form of Single Payment Scheme (SPS) 2005. The 2013 Common Agriculture Policy (CAP) reform changed both implementation SPS and its budget. We assess possible effects CAP on EU land markets, particularly capitalization rental values. Our analyses suggest that details will largely determine impact markets. key considerations are reference period for entitlement allocation, regionalization, payment differentiation,...

Abstract We assess the effects of 2013 CAP reform on capitalisation decoupled payments in land rental values. Our estimates suggest that leads to an increase by additional 18 cents for each Euro relative pre‐reform situation. However, there is important variation between Member States ( MS ) particularly Old OMS and New NMS ). In , rate slightly reduces from 83% period 79% post‐reform period. Although, significantly lower it doubles (from 21% 43%) due reform. The main sources European Union...

We review the recent theoretical and empirical literature on capitalization of agricultural subsidies into land prices. The predicts that are capitalized prices when supply is inelastic markets function well. share significantly depends implementation farm subsidies, local land-market institutions, rural market imperfections, spatial effects. Most studies have shown only partially prices, estimating decoupled payments land-based exhibit higher than coupled nonland-based respectively....