Karel JANDA () (Transgas-RWE Chair in Economics and the Department of Microeconomics and Mathematical Methods, Charles University, Prague and the Department of Banking and Insurance, University of Economics, Prague)
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The paper analyzes the cost to the Czech state budget of the Supporting and Guarantee Agricultural and Forestry Fund (SGAFF). In the empirical part of the paper, the author shows that the SGAFF portfolio has sufficient value to cover the expected costs of the credit guarantees and subsidies offered by the fund. The theoretical model looks at government interventions designed to decrease the credit rationing of farmers with high probability of success. The theoretical model shows that, with uniform non-targeted supports, the Czech government unambiguously prefers lump-sum guarantees to interest-rate subsidies. With support targeted wholly to disadvantaged farmers, the cost of lump-sum guarantees, proportional guarantees, and interest-rates subsidies are all equal.
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Volume (Year): 56 (2006) Issue (Month): 09-10 (September) Pages: 416-434 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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