The main aim of the paper is to assess possibilities of implementing behavioural approach and economic experiment in Polish studies in area of agricultural finance. There are two sub-goals: (i) highlighting methodology of economic experiment and indication of technical subtleties concerning agriculture; (ii) identification of potential areas of implementing behavioral approach and experiment in agriculture finance. The article verifies following thesis: economic experiment that was carefully planned and carried out, closely related to the behavioural approach , in addition to traditional research methods, contributes to clarification of more complex financial problems of agriculture. The article also presents the current state of research reffering to behavioral approach and economic experiment, as well as indication of potential areas of exploiting them in agricultural finance. Behavioural approach and economic experiment, complementary to traditional research methods , significantly enrich the research workshop of financiers. There are many limitations of using economic experiment. Both processes of integration of Polish financiers dealing with the agricultural sector and also establishment of cooperation beyond the rigid framework of research areas should be reinforced. Taking into account trends in development of modern economic sciences, behavioral finance with economic/financial psychology will play a more significant role in explaining financial processes of the agricultural sector.
The aim of this paper is the attempt to assess the system of agricultural business insurances in Canada and the USA. The axis of the article is the following thesis: designing systems of agricultural business insurances, decision-makers of the agricultural policy should take regional natural and social factors, besides international competitiveness of the agricultural sector, into account. Solutions concerning the analyzed systems, that were adopted for several decades in Canada and the USA, are very innovative (for example, index-based insurances and multiple-peril crop insurances). That implies the need for their prudent adaptation to the European agriculture, taking the priorities of the CAP 2014-2020 into account. What we need is a deeper integration of the system of agricultural business insurance into the tools of agricultural income stabilization. Moreover, it is necessary to raise the qualifications of farmers in area of financial management (including financial planning). It is important to incorporate the private sector into the system of agricultural business insurances, for example in the projects based on public-private partnership.
Sustainability, as a specific inter- or even transdisciplinary ‘metacategory’, refers also to monetary processes. So far, a financial approach of sustainability of farms has not been explored. The aim of this paper was to highlight some theoretical and methodological issues related to a financial dimension of sustainability of farms. The research objectives were as follows: (1) to link achievements in the area theoretical and methodological apparatus for sustainable growth (in financial terms) of farms to concepts of sustainability, (2) to identify associations between the growth of sustainable and selected agricultural farm management problems and agrarian policy. Relying on agricultural income category (including net farm income), excluding the farm’s financial situation, leads to a significant simplification that may deform an analytical framework for sustainability. The terms “sustainable growth”, “sustainable growth rate”, “sustainable intensification” may extend the current framework for analysing the sustainability of farms, as well as be a prerequisite for constructing/ improving instruments that may support farm management, or monitoring and evaluation of the effects of agricultural policy.
The issue of risk management is important in agriculture because production variability of the results is dependent on several natural factors. Given the negative implications of the financial interventionism, associated with subsidizing agricultural business insurance, or "offering" disaster compensations (ad hoc), a deeper utilization of market or quasi-market risk management instruments, including catastrophic bonds (CAT) may be noted. This article assesses the potential utilization of CAT as instruments for risk management in agriculture, with a particular attention to the situation of the sector in Poland. The research objectives are as follows: (1) to discuss tasks of modern agricultural policy in the process of catastrophic risk management in agriculture, (2) to presence of mechanism of CAT, (3) to evaluate possibilities of utilization of CAT in agriculture in the light of the results of foreign empirical studies. Sustainable development of the agricultural sector is possible, among others, due to its link to financial infrastructure. Promoting risk management tools offered by the private sector or the form of public-private partnerships should be recommended. The underdevelopment of the financial infrastructure, offering innovative risk management instruments (including CAT) indicates the urgent need to introduce regulatory changes (including the area of good governance), to facilitate the introduction of new tools on free-market principles. Prudent utilization of innovative financial instruments should be regarded as a positive quality change. This forms an incentive for further structural changes in the Polish countryside. Through a deeper networking between research institutes operating for agriculture and its surroundings, as well as the entities constituting the infrastructure risk management in agriculture, the process of collecting and analyzing the data necessary for the pricing financial instruments related to, catastrophic risk management in agriculture (including CAT) would be possible.
The objectives of the article include, firstly, identifying determinants of the capital needs of agriculture (at various levels), and secondly, an attempt to assess the feasibility of using repayable instruments for agricultural development in EU countries. A situation of the commodity agriculture in EU countries was depicted. A comparative assessment of current implementations of financial instruments in Latvia, Bulgaria and Romania was presented. While utilisation of repayable instruments may bring various benefits, the limitations of institutional and micro-economic considerations should be taken into account.
PL
Cele artykułu obejmują zidentyfikowanie determinant potrzeb kapitałowych rolnictwa (na różnych poziomach) oraz próbę oceny możliwości wykorzystania instrumentów zwrotnych do rozwoju rolnictwa w krajach UE. Dokonano też ogólnej charakterystyki sytuacji rolnictwa towarowego w krajach UE i oceny porównawczej dotychczasowych wdrożeń instrumentów finansowych na Łotwie, w Bułgarii i Rumunii. Choć wykorzystanie instrumentów zwrotnych może przynieść wiele korzyści (finansowych czy efektu rewolwingowego), to należy uwzględnić ich ograniczenia, rozpatrywane na płaszczyźnie instytucjonalnej i mikroekonomicznej.
The agricultural sector has been participated and is still participating in cash processes. The growing interest in the issues of risk management, a deeper connection of the agricultural sector with the financial infrastructure, progressive social changes in the Polish countryside (inter alia, aging, part-time farming, migration of rural population to urban and suburban areas), as well as in the economic, political surroundings of agricultural holdings provide backdrop for reflections on the prospects of development of agricultural finance. The article aims to discuss the role of agricultural finance in the system of economic sciences. The research objectives are as follows: (1) to identify associations between agricultural finance and other research areas, including agrarian policy, (2) to diagnose the current state of research in the field of agricultural finance in Poland and abroad, (3) to determine the prospective/potential areas of research within this subdiscipline, evaluating the possibility of using different methodological approaches. The challenge posed to agricultural financiers of agriculture will be determining details of agricultural policy instruments (including CAP). Agricultural finance will increasingly come into contact with problems requiring an interdisciplinary or even cross-science approach. It seems necessary to deepen the use of more advanced quantitative methods, for example, researching the financial aspects of risk management in agriculture.
Dotacje UE oddziałują przez kilka złożonych kanałów na sytuację ekonomiczno-finansową gospodarstw rolniczych, choć ich efekty ekonomiczne i finansowe pojawiają się z opóźnieniem. Celem opracowania była próba oceny oddziaływania wybranych instrumentów wsparcia Wspólnej Polityki Rolnej, WPR (włączając płatności bezpośrednie i dotacje w ramach II filaru) na stabilność ekonomiczną i finansową gospodarstw rolniczych krajów UE na poziomie regionalnym. Jako cele szczegółowe przyjęto: (1) przedstawienie zróżnicowania wysokości uzyskanych dotacji (wyłączając inwestycyjne) według krajów UE, (2) określenie istotności, siły i kierunku zależności między wysokością uzyskiwanych subsydiów na wybrane wskaźniki stabilności ekonomicznej i finansowej gospodarstw rolniczych. Źródłem danych była baza Farm Accountancy Data Network (FADN). Dynamikę zmian analizowano dla lat 2007 i 2012. Wykorzystano podejście regresji ważonej z korektą heteroskedastyczności (łącznie, cztery modele) dla danych jednorocznych (2007 i 2012 (na podstawie danych z regionów FADN). Choć subsydia (wyłączając inwestycyjne) w ramach WPR oddziaływały istotnie na poziomie dochodów rolniczych, ich wpływ na stabilność finansową jest raczej niejednoznaczny. Wyniki mogą uzasadniać potrzebę rozważnego stosowania podejścia regionalnego w odniesieniu do doboru instrumentów oraz kształtowania wysokości wsparcia kierowanego w ramach WPR.
EN
EU subsidies influence the economic and financial situation of farms through several complex channels, although their economic and financial impact may be observed with a delay. The aim of this study was to assess the impact of selected support instruments of the Common Agricultural Policy, CAP (including direct payments and subsidies from Pillar 2) on economic and financial stability (respectively, the level of net farm income and debt/asset ratio) of farms in EU countries at regional level. The research goals included: (1) to present differences in the level and the structure of instruments of CAP support (excluding investment subsidies) at the level of member states; (2) to determine significance, strength and direction of the relationship between amounts of subsidies received and selected indicators of economic and financial stability of farms. The Farm Accountancy Data Network (FADN) database provided secondary data for the study. The dynamics of changes was analyzed for years 2007 and 2012. At the country level, the share of subsidies related to rural development programs gradually increased during the years 2007–2012. A weighted regression approach with correction of heteroscedasticity (a total of four models) was employed separately for the 2007 and 2012 (based on data from the FADN regions). Although subsidies (excluding for investment) under the CAP influenced quite strongly the level of agricultural income, the impact of subsidies on the financial stability was ambiguous. This may lead to the refinement of regional approach in relation to the selection of support instruments and the determination of the amounts of support provided under the CAP.
The principal aim of the study was to determine decision-making and information usefulness of costing in the dairy cooperatives. The results of the study in this area lead to undoubtful conclusions that managers of dairy cooperatives use cost information mainly for purposes of reporting – valuation of stocks, pricing etc. Most managers of cooperatives do not carry detailed analyses of structure and level of costs, and mainly the accounting department generates little necessary information.
From the beginning of the financial crisis – 2008/2009 – the EU entered an unprecedented period of very serious shocks. These problems first affected the economy (weak and highly variable growth with times of rather shallow recession, high unemployment, especially among young people) and then they spread to the bank sector and the national budgets. Consequently, several of the old EU countries, belonging to the euro area, became – in fact – insolvent. To make the matters worse, southern Europe was hit by a huge wave of immigration, Russians took over the Crimea, a war erupted in Donbass and Donald Trump, who can considerably weaken the NATO, won the US presidential elections. The subsequent attempts at solving these mini-crises were often delayed, not very daring and erratic. Thus, it comes as no surprise that the crisis, ultimately, started to affect also the socio-political and institutional areas, which is manifested in growing distrust of the Europeans in the Community institutions and liberal democracy. This, in turn, resulted in widespread populism, national and regional egoism and disintegration tendencies. Brexit is one of the first effects of the process along with concerns that other members of the EU may take similar decisions which would be tantamount with its breakup. In these circumstances convincing validation of the further existence and development of the Community requires great intellectual, political and organisational effort, and then finding effective channels to reach as broad as possible circle of responsible citizens with the proposals, recommendations and ready application solutions to help them regain trust in the meaning of the European project and possibilities of functioning in the double national and European identity. It would be perfect to make the mended EU more democratic, i.e. to actively engage in the processes the very Europeans and not only techno- and Eurocrats. One of the more interesting concepts, at the moment, seems to be the European value added, which – in a nutshell – means a sum of extra benefits obtained on account of integration against the effects resulting from the national socio-economic policy. It is possible to describe this value and, to some extent, even to quantify it for all areas of the European integration. However, the paper is restricted only to the CAP, focusing on methodological, environmental and climate, innovation and investment issues, and a set of key budget problems.
PL
Począwszy od wybuchu kryzysu finansowego na przełomie lat 2008/2009, UE weszła w niespotykany w dotychczasowej historii okres bardzo poważnych wstrząsów. Problemy te najpierw objęły gospodarkę (słaby i bardzo zmienny wzrost, z okresami nawet płytkich recesji, wysokie bezrobocie, szczególnie wśród ludzi młodych), później sektor bankowy i budżety narodowe. W konsekwencji kilka starych krajów UE, należących do strefy euro, stało się w istocie technicznie niewypłacalnymi. Na domiar złego, w pewnym momencie do południowej Europy zaczęła napływać wielka fala imigrantów, Rosjanie zajęli Krym, wybuchła wojna w Donbasie, a wybory w USA wygrał D. Trump, mogący zdecydowanie osłabić NATO. W tym kontekście podejmowane różne próby rozwiązania tych minikryzysów często były spóźnione, mało odważne i niekonsekwentne. Nie może zatem zaskakiwać, że ostatecznie kryzys zaczął dotykać sfery społeczno-politycznej i instytucjonalnej, czego wyrazem jest pogłębiająca się niewiara Europejczyków w instytucje wspólnotowe i demokrację liberalną. Stąd mamy rozpowszechniający się populizm, egoizm narodowy i regionalny oraz tendencje dezintegracyjne. Zaowocowało to już Brexitem oraz obawami, że podobne decyzje mogą podjąć też inni członkowie Unii. Byłoby to równoznaczne z jej rozpadem. W tych warunkach przekonujące legitymizowanie dalszego trwania i rozwoju Wspólnoty wymaga obecnie wielkiego wysiłku intelektualnego, politycznego i organizatorskiego, a później znalezienia drożnych kanałów dotarcia z propozycjami, rekomendacjami i gotowymi rozwiązaniami aplikacyjnymi do jak najszerszego kręgu odpowiedzialnych jej obywateli, by odzyskiwali wiarę w sens projektu europejskiego i możliwość funkcjonowania w podwójnej tożsamości, narodowej i europejskiej. Idealnie byłoby, gdyby naprawa Unii uległa przy tym głębszej demokratyzacji, a więc realizowana była przy aktywnym współudziale Europejczyków, a nie wciąż przez techno-i eurokratów. Jedną z ciekawszych w tym momencie koncepcji wydaje się być europejska wartość dodana, a więc – w dużym skrócie – pewna suma korzyści extra, uzyskiwanych z racji integracji w porównaniu do efektów osiąganych w ramach narodowej polityki społeczno-ekonomicznej. Wartość tę można próbować opisywać, a w miarę możliwości także kwantyfikować, dla wszystkich obszarów integracji europejskiej. W artykule jednak ograniczono się tylko do WPR, koncentrując się na kwestiach metodologicznych, środowiskowo-klimatycznych, innowacjach, inwestycjach oraz kompleksie kluczowych problemów budżetowych.
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