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A Panel Data Analysis of the Determinants of Farmland Price: An Application to the Effects of the 1992 Cap Reform in Belgium

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  • Duvivier, Romain
  • Gaspart, Frederic
  • Frahan, Bruno Henry de

Abstract

This study identifies the effects of the 1992 and subsequent CAP reforms on arable farmland price in Belgium. We first propose a brief literature review of studies identifying the determinants of farmland price. Afterwards, we use a panel data set to estimate a capitalization model of farmland price. We first show that the compensatory payments introduce by the 1992 CAP reform exert a positive effect on the arable farmland price in Belgium. We also identify a structural break in the land price equation after the adoption of the new support instruments as well as a regional break between Wallonia and Flanders.

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File URL: http://purl.umn.edu/24577
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Bibliographic Info

Paper provided by European Association of Agricultural Economists in its series 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark with number 24577.

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Date of creation: 2005
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Handle: RePEc:ags:eaae05:24577

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Related research

Keywords: farmland price; land market; Common Agricultural Policy; capitalization of agricultural support; Agricultural and Food Policy; Land Economics/Use; Q10; Q15; Q18;

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  1. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
  2. Campbell, John & Shiller, Robert, 1987. "Cointegration and Tests of Present Value Models," Scholarly Articles 3122490, Harvard University Department of Economics.
  3. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
  4. Plantinga, Andrew & Lubowski, Ruben & Stavins, Robert, 2002. "The Effects of Potential Land Development on Agricultural Land Prices," Working Paper Series rwp02-012, Harvard University, John F. Kennedy School of Government.
  5. Barry K. Goodwin & Ashok K. Mishra & Fran�ois N. Ortalo-Magné, 2003. "What's Wrong with Our Models of Agricultural Land Values?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(3), pages 744-752.
  6. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
  7. Charles H. Barnard & Gerald Whittaker & David Westenbarger & Mary Ahearn, 1997. "Evidence of Capitalization of Direct Government Payments into U.S. Cropland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1642-1650.
  8. Jean CavailhËs & Pierre Wavresky, 2003. "Urban influences on periurban farmland prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(3), pages 333-357, September.
  9. Baltagi, Badi H. & Wu, Ping X., 1999. "Unequally Spaced Panel Data Regressions With Ar(1) Disturbances," Econometric Theory, Cambridge University Press, vol. 15(06), pages 814-823, December.
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Cited by:
  1. Jean-Christophe Bureau & Louis-Pascal Mahé, 2009. "Cap Payments after 2013 and Rural Public Goods," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 4, December.
  2. Pavel Ciaian & d’Artis Kancs, 2012. "The Capitalization of Area Payments into Farmland Rents: Micro Evidence from the New EU Member States," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 60(4), pages 517-540, December.
  3. Gohin, Alexandre, 2006. "Assessing the 2003 CAP Reform: Sensitivity to the Decoupling of Agenda 2000 Direct Payments," Working Papers 18868, TRADEAG - Agricultural Trade Agreements.

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