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Agricultural and Rural Capital Markets in the EU Candidate Countries: Croatia, the Former Yugoslav Republic of Macedonia and Turkey

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  • Bojnec, Štefan

Abstract

This paper analyses agricultural and rural capital factor markets in the three European Union candidate countries: Croatia, the Former Yugoslav Republic (FYR) of Macedonia and Turkey. Aggregate capital market indicators and their dynamics, and factors driving agricultural and rural capital markets are analysed and compared in these countries. In general, agricultural and rural capital markets show similarities with general capital market developments, but agricultural and rural capital markets are facing specific credit constraints related to agricultural assets and rural fixed asset specificities, which constrain their mortgages and collateral use. Credit market imperfections have limited access to the investment credits necessary for the restructuring of small-scale individual farms. Government transfers are used to differing extents in the candidate countries, but generally tend to increase over time. Remittances and donor funds have also played an important role in agricultural and rural economy investments.

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  • Bojnec, Štefan, 2011. "Agricultural and Rural Capital Markets in the EU Candidate Countries: Croatia, the Former Yugoslav Republic of Macedonia and Turkey," Factor Markets Working Papers 108, Centre for European Policy Studies.
    • Handle: RePEc:eps:fmwppr:108
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    1. Petrick, Martin & Latruffe, Laure, 2003. "Credit access and borrowing costs in Poland's agricultural credit market: a hedonic pricing approach," IAMO Discussion Papers 46, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    2. Pavel Ciaian & Johan F.M. Swinnen, 2009. "Credit Market Imperfections and the Distribution of Policy Rents," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 1124-1139.
    3. Ciaian, Pavel & Pokrivcak, Jan, 2011. "Do agricultural subsidies crowd out or stimulate rural credit institutions? The Case of CAP Payments," Factor Markets Working Papers 100, Centre for European Policy Studies.
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    5. Ciaian, Pavel & Pokrivcak, Jan & Szegenyova, Katarina, 2011. "Do Agricultural Subsidies Crowd-out or Stimulate Rural Credit Market Institutions?: The Case of CAP Payments," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103085, Agricultural and Applied Economics Association.
    6. Laure Latruffe, 2005. "The Impact of Credit Market Imperfections on Farm Investment in Poland," Post-Communist Economies, Taylor & Francis Journals, vol. 17(3), pages 349-362.
    7. Štefan Bojnec & Laure Latruffe, 2011. "Financing Availability and Investment Decisions of Slovenian Farms During the Transition to a Market Economy," Journal of Applied Economics, Taylor & Francis Journals, vol. 14(2), pages 297-317, November.
    8. World Bank, 2011. "World Development Indicators 2011," World Bank Publications - Books, The World Bank Group, number 2315.
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    1. Ciaian, Pavel & Kancs, d'Artis & Swinnen, Johan F.M. & Van Herck, Kristine & Vranken, Liesbet, 2012. "Key Issues and Developments in Farmland Rental Markets in EU Member States and Candidate Countries," Working papers 120248, Factor Markets, Centre for European Policy Studies.

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