CAP subsidies and productivity of the EU farms

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

CAP subsidies and the productivity of EU farms

This paper investigates the impact of subsidies from the common agricultural policy on the total factor productivity of farms in the EU. We employ a structural, semi-parametric estimation algorithm, directly incorporating the effect of subsidies into a model of unobserved productivity. We empirically study the effects using samples from the Farm Accountancy Data Network for EU-15 countries. Our main findings are clear: subsidies had a negative impact on farm productivity in the period before the decoupling reform was implemented; after decoupling the effect of subsidies on productivity was more nuanced, as in several countries it turned positive

The impacts of EU accession on the agriculture of the Visegrad Countries

The Visegrad Countries (VC)2 joined the European Union in 2004, which has offered several possibilities and challenges for their agriculture. The aim of the paper is to evaluate the status of the sector in the light of latest available data as well as to identify the factors lying behind different country performances. Results suggest that EU accession has had a diverse impact on the Visegrad Countries’ agriculture and member states capitalised their possibilities in a different manner, due to initial conditions and pre- and post-accession policies

A Roma European crisis road-map: a holistic answer to a complex problem

This contribution explores the adequacy of EU action with regard to the Roma. The expulsion of large numbers of Roma individuals, accompanied by other discriminatory practices and forms of hostility, exclusion and violence against the Roma across Europe, has brought the attention of the media and policy makers to Roma issues to a greater extent than ever before during the last decade. The range of problems still afflicting the lives of many Roma individuals nowadays is extremely wide, well researched and profusely documented. This contribution leaves aside issues related to free movement and EU citizenship, thus moving the debate beyond the narrow framework of the ‘migrant Roma’. This contribution considers the wide range of relevant EU competences in this field, and assesses how comprehensive and appropriate the EU’s approach to Roma issues is. The analysis combines legal instruments, policy papers, and case law, draws from legal and non-legal literature, and integrates considerations of a social, economic and cultural nature. In the process, this contribution considers themes that cut across several strands of the EU’s Roma policy, including fundamental rights, intercultural sensitivity, the limits of the ‘integration model’, and issues of enforcement, monitoring and funding. The logical narrative developed puts together the key jigsaw pieces that currently contribute to an EU Roma policy, and clearly identifies the limitations of the present state of affairs. Finally, this contribution interrogates the trends underlying the development of the EU Roma policy and puts forward a range of recommendations

Technical trading and cryptocurrencies

This paper carries out a comprehensive examination of technical trading rules in cryptocurrency markets, using data from two Bitcoin markets and three other popular cryptocurrencies. We employ almost 15,000 technical trading rules from the main five classes of technical trading rules and find significant predictability and profitability for each class of technical trading rule in each cryptocurrency. We find that the breakeven transaction costs are substantially higher than those typically found in cryptocurrency markets. To safeguard against data-snooping, we implement a number of multiple hypothesis procedures which confirms our findings that technical trading rules do offer significant predictive power and profitability to investors. We also show that the technical trading rules offer substantially higher risk-adjusted returns than the simple buy-and-hold strategy, showing protection against lengthy and severe drawdowns associated with cryptocurrency markets. However there is no predictability for Bitcoin in the out-of-sample period, although predictability remains in other cryptocurrency markets

The impact of CAP reform on the productivity of EU farms

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