Financial Exposure and Productive Performance in French Arable Farms

This paper examines the dynamic relationship between financial exposure and productive performance in agriculture. To this end, Granger's concept of causality and VAR representation are used. Indeed, in spite of several studies, the causality and the direction are not clearly defined. However, investigation of this question can provide with valuable information at policy makers to formulate appropriate credit policies. Using a large micro panel of French farmers over 1994-2001, we find that there is a bidirectional causality running from financial constraints and productive performance. Nevertheless, variance decompositions and impulse response analysis suggest a weak relationship existing between these two variables.actual efficiency

Optimizing the new formulation of the United Nations' human development index: An empirical view from data envelopment analysis.

In this paper, we propose a new way to simulate an optimal Human Development Index [HDI]. Indeed, the formulation of the original HDI established by the United Nations Development Programme [UNDP] relies on a major methodological shortcoming, namely the contestable assumption that all component indices have the same weights. So, we implement a new approach to determine the optimal weights of each sub-indicator in the light of Data Envelopment Analysis [DEA]. Accordingly, we follow the multiplicative optimization approach introduced by Zhou et al. (2010), to assess robustly the relative performance of a set of 169 economies around the world in terms of human development. Finally, the new world ranking is close to and highly correlated with the standard HDI one, giving then some support to the equal weighting method adopted by the UNDP.Human development index, data envelopment analysis, multiplicative optimization approach, optimal weights

Short- and Long-Run Credit Constraints in French Agriculture: A Directional Distance Function Framework Using Expenditure-Constrained Profit Functions

This empirical application investigates the eventual presence of credit constraints using a panel of French farmers. This is the first European application using a direct modelling approach based upon axiomatic production theory. The credit constrained profit maximisation model proposed by Färe, Grosskopf and Lee is extended in three ways. First, we rephrase the model in terms of directional distance functions to allow for duality with the profit function. Second, we model the presence of credit constraints in the short-run and investment constraints in the long-run using short- respectively long-run profit functions. Third, we lag the expenditure constraint one year to account for the separation between planning and production. We find empirical evidence of both credit and investment constraints, though their relative impact on the degree of financial inefficiency is rather low in the short-run. Financially unconstrained farmers are larger, perform better, and seem to benefit from a virtuous circle where access to financial markets allows better productive choices. In the long-run, almost all farms seem to suffer from credit constraints for financing their investments.proportional distance function, profit function, credit constraint

Productivité agricole et rattrapage technologique : le cas des exploitations de grandes cultures du Nord-Pas-de-Calais

Un des principaux objectifs des différentes réformes successives de la PAC est de soumettre davantage l’offre agricole européenne aux signaux des marchés. De fait, la recherche de compétitivité devient une préoccupation majeure des agriculteurs. Les moins performants doivent rattraper les plus efficaces en essayant d’adopter progressivement les meilleures pratiques. Notre étude tente de révéler et de mesurer ces éventuels phénomènes de convergence des performances productives entre les exploitations agricoles. Elle porte sur 178 exploitations spécialisées en grandes cultures et situées dans un même bassin de production (Nord-Pas-de-Calais), au cours de la période 1994-2001 (période d’application de la réforme Mac Sharry et des premières mesures d’Agenda 2000).À partir d’estimations des niveaux de la productivité globale des facteurs basées sur la notion de fonction de distance, nos résultats indiquent clairement des processus de rattrapage, à la fois technique, et d’échelle entre les exploitationsagriculture, catch-up process, distance function, production technology, total factor productivity

Financial exposure and productive performance in French arable farms

This paper examines the dynamic relationship between financial exposure and productive performance in agriculture. To this end, Granger's concept of causality and VAR representation are used. Indeed, in spite of several studies, the causality and the direction are not clearly defined. However, investigation of this question can provide with valuable information at policy makers to formulate appropriate credit policies. Using a large micro panel of French farmers over 1994−2001, we find that there is a bidirectional causality running from financial constraints and productive performance. Nevertheless, variance decompositions and impulse response analysis suggest a weak relationship existing between these two variables

Financial exposure and productive performance in French arable farms

This paper examines the dynamic relationship between financial exposure and productive performance in agriculture. To this end, Granger's concept of causality and VAR representation are used. Indeed, in spite of several studies, the causality and the direction are not clearly defined. However, investigation of this question can provide with valuable information at policy makers to formulate appropriate credit policies. Using a large micro panel of French farmers over 1994−2001, we find that there is a bidirectional causality running from financial constraints and productive performance. Nevertheless, variance decompositions and impulse response analysis suggest a weak relationship existing between these two variables

Financial exposure and productive performance in French arable farms

This paper examines the dynamic relationship between financial exposure and productive performance in agriculture. To this end, Granger’s concept of causality and VAR representation are used. Indeed, in spite of several studies, the causality and the direction are not clearly defined. However, investigation of this question can provide with valuable information at policy makers to formulate appropriate credit policies. Using a large micro panel of French farmers over 1994−2001, we find that there is a bidirectional causality running from financial constraints and productive performance. Nevertheless, variance decompositions and impulse response analysis suggest a weak relationship existing between these two variables.Cet article examine la relation dynamique entre exposition aux contraintes financières et performance productive dans l'agriculture. Pour cela, le concept de causalité à la Granger et la représentation VAR sont employés. En effet, malgré plusieurs études sur cette question, le lien de causalité et la direction sont loin de faire consensus. Ainsi, des travaux supplémentaires peuvent fournir des informations utiles aux décideurs politiques lors de la formulation de politiques de crédit appropriées. Dans un échantillon d'exploitations françaises sur la période 1994-2001, nous constatons qu'il y a une causalité bidirectionnelle entre contraintes financières et performance productive même si ce lien est assez faible

Financial exposure and productive performance in French arable farms

This paper examines the dynamic relationship between financial exposure and productive performance in agriculture. To this end, Granger's concept of causality and VAR representation are used. Indeed, in spite of several studies, the causality and the direction are not clearly defined. However, investigation of this question can provide with valuable information at policy makers to formulate appropriate credit policies. Using a large micro panel of French farmers over 1994−2001, we find that there is a bidirectional causality running from financial constraints and productive performance. Nevertheless, variance decompositions and impulse response analysis suggest a weak relationship existing between these two variables

Contraintes financières, changements structurels et exigences environnementales : La performance des agriculteurs à l’épreuve

La productivité et plus globalement la performance du secteur agricole font aujourd’hui encore l’objet d’une grande attention. Le secteur intéresse du fait notamment i) des craintes suscitées par les processus de production mis en œuvre pour l’environnement, le climat, ii) des exigences de plus en plus prégnantes en termes de sécurité alimentaire et de durabilité auxquelles il lui est demandé de répondre et iii) des changements structurels qu’il a connu et connait encore (modifications de la taille des exploitations, de la composition des productions et des combinaison de facteurs de production, utilisation de nouvelles technologies). L’intérêt des économistes agricoles s’est en partie concrétisé par des contributions théoriques et méthodologiques sur la mesure et l’identification des sources de productivité à l’échelle de l’exploitation. C’est dans ce cadre que s’inscrivent nos travaux, principalement de nature micro-économique. Dans leur grande majorité, ils font appel à la théorie de l’efficience productive et de la productivité dont les mesures s’appuient sur les frontières de production, de coût et de profit estimées par des méthodes d’enveloppement de données (Data Envelopment Analysis – DEA). Ils s’insèrent dans une démarche de compréhension du fonctionnement des exploitations agricoles, des décisions prises par leurs membres et dans une perspective plus large de certains changements en agriculture notamment l’agrandissement et la spécialisation. Au cours de nos recherches, nous avons élaboré des procédures complémentaires d’évaluation des gains d’efficience et de productivité et contribué à leur diffusion dans le milieu professionnel agricole. Un intérêt particulier a également été porté aux applications empiriques afin d’orienter les décisions publiques. À ce titre, certains de nos travaux revêtent une portée opérationnelle