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Fidrmuc J.,Mendel University in Brno | Ciaian P.,Catholic University of Leuven | Kancs D.,Catholic University of Leuven | Pokrivcak J.,Economics and Econometrics Research Institute EERI
Annals of Economics and Finance | Year: 2013

In light of the recent financial and economic crisis the present paper analyzes the determinants of loan default. We employ a unique firm-level panel data of 700 bank loans given to small and medium sized enterprises in Slovakia between 2000 and 2005 to investigate three loan default hypothesis. Testing the Sector-Risk Hypothesis, we find that agri-food industry does not exhibit higher default rate than other sectors. Testing the Firm-Risk Hypothesis, we find that highly indebted firms are more likely to default on their loan than other firms. Testing the EU Subsidy Hypothesis we find that the newly introduced subsidy system, which is decoupled from production, provides a secure source of income and hence reduces the probability of loan default.

Ciaian P.,European Commission | Ciaian P.,Catholic University of Leuven | Ciaian P.,Economics and Econometrics Research Institute EERI | Ciaian P.,Slovak University of Agriculture | And 3 more authors.
Food Policy | Year: 2011

We study price linkages between the food, energy and bioenergy markets. A vertically integrated multi-input, multi-output market model allows us to derive testable hypothesis, which we test by applying time-series analytical mechanisms to nine major traded food commodity prices along with one weighted average world crude oil price. The data consists of 939 weekly observations from January 1993 to December 2010. The empirical findings confirm the theoretical hypothesis that the prices for crude oil and food commodities are interdependent: a USD 1/barrel increase in oil prices and food commodity prices increase by between USD 0.09/tonne and USD 1.65/tonne. © 2011 Elsevier Ltd.

Piroli G.,European Commission | Ciaian P.,European Commission | Ciaian P.,Economics and Econometrics Research Institute EERI | Ciaian P.,Catholic University of Leuven | And 3 more authors.
Ecological Economics | Year: 2012

The present paper studies the land use change impacts of fuels and biofuels. We test the theoretical hypothesis, which says that changes in fuel prices cause changes in land use both directly and indirectly and that, because of price inter-dependencies, biofuels reinforce the land use change impacts. We apply time-series analytical mechanisms to five major traded agricultural commodities, the cultivated area of agricultural land and crude oil price. Our data consists of yearly observations extending from 1950 to 2007 for the US. The empirical findings confirm that markets for crude oil and cultivated agricultural land are interdependent: an increase in oil price by 1. dollar/barrel increases land use between 54,000 and 68,000. ha. We also find that the increase of bioenergy sector accelerates land use change in the US, i.e. food commodities are being substituted for bioenergy crops. © 2012 Elsevier B.V.

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