scholarly journals Retirement Age Farmers’ Exit and Disinvestment from Farming

2019 ◽  
Vol 11 (12) ◽  
pp. 136 ◽  
Author(s):  
Bretford Griffin ◽  
Valentina Hartarska ◽  
Denis Nadolnyak
Keyword(s):  
Market Price ◽  
Demographic Factors ◽  
Price Volatility ◽  
Policy Implications ◽  
Farm Size ◽  
Retirement Age ◽  
Optimal Size ◽  
Income Volatility ◽  
Return On Assets ◽  
Level Data

The aging of farmers in the US today coincides with fluctuating incomes resulting from recent market price volatility and policy changes. We evaluate how farmers’ retirement or exit, as well as their disinvestment from farming in preparation for retirement, are affected by economic and demographic factors. Exit and disinvestment are modeled as the outcome of intertemporal utility maximization, and farm-level data from the Census of Agriculture are used to estimate the probability of retirement-age farmers’ exit and disinvestment for the 1992-2012 period. The results show that farm size matters the most, with larger farms less likely to exit but more likely to disinvest and scale back, presumably to a new optimal size. Demographic factors such as gender, race, and age have statistically significant but relatively small impacts. Regional differences, the size of the non-farm economy, and opportunities to diversify income also affect exit. However, flow economic variables, such as current year return-on-assets and agricultural support payments, are not associated with exit and disinvestment. Given that US farmers are now facing significant income volatility, the findings point to a level of resilience. The results suggesting that current and recent income fluctuations are less likely to drive the exit of retirement age farmers have important policy implications.

scholarly journals Household Debt and Delinquency over the Life Cycle

2020 ◽  
Vol 37 (1) ◽  
pp. 61-92
Author(s):  
Sommarat Chantarat ◽  
Atchana Lamsam ◽  
Krislert Samphantharak ◽  
Bhumjai Tangsawasdirat
Keyword(s):  
Life Cycle ◽  
Financial Stability ◽  
Age Groups ◽  
Policy Implications ◽  
Retirement Age ◽  
Household Debt ◽  
Extensive And Intensive Margins ◽  
Level Data ◽  
Per Capita ◽  
Life Cycle Pattern

This paper uses loan-level data from Thailand's National Credit Bureau to study household debt over the life cycle of borrowers. We decompose two aggregate and commonly used measures of debt—debt per capita and delinquency rate—into components that unveil the extensive and intensive margins of household indebtedness. We find a striking inverted-U life-cycle pattern of indebtedness as predicted by economic theories. However, peaks are reached at different ages for different loan products and different lenders. We also find that debt has expanded over time for all age groups. Younger cohorts seem to originate debt earlier in their lives than older generations. Meanwhile, older borrowers remain indebted well past their retirement age. Finally, we find a downward pattern of delinquency over the life cycle. Our findings have important policy implications on financial access and distress of households as well as on economic development and financial stability of the economy.

The Problem of Agricultural Taxation in West Pakistan and an Alternative Solution: A Comment (Notes & Comments)

1973 ◽  
Vol 12 (4) ◽  
pp. 433-437
Author(s):  
Sarfaraz Khan Qureshi
Keyword(s):  
Capita Income ◽  
Agricultural Sector ◽  
Central Government ◽  
Policy Implications ◽  
Farm Size ◽  
Per Capita Income ◽  
Tax Rate ◽  
Water Rate ◽  
Per Capita ◽  
The Government

In the Summer 1973 issue of the Pakistan Development Review, Mr. Mohammad Ghaffar Chaudhry [1] has dealt with two very important issues relating to the intersectoral tax equity and the intrasectoral tax equity within the agricultural sector in Pakistan. Using a simple criterion for vertical tax equity that implies that the tax rate rises with per capita income such that the ratio of revenue to income rises at the same percentage rate as per capita income, Mr. Chaudhry found that the agricultural sector is overtaxed in Pakistan. Mr. Chaudhry further found that the land tax is a regressive levy with respect to the farm size. Both findings, if valid, have important policy implications. In this note we argue that the validity of the findings on intersectoral tax equity depends on the treatment of water rate as tax rather than the price of a service provided by the Government and on the shifting assumptions regard¬ing the indirect taxes on imports and domestic production levied by the Central Government. The relevance of the findings on the intrasectoral tax burden would have been more obvious if the tax liability was related to income from land per capita.

scholarly journals College Athletics Spending: Principals and Agents v. Arms Race

2016 ◽  
Vol 2 (1) ◽  
pp. 119 ◽  
Author(s):  
Rodney Fort
Keyword(s):  
College Athletics ◽  
Athletic Directors ◽  
Arms Race ◽  
Policy Implications ◽  
University Administrators ◽  
Athletic Department ◽  
The Past ◽  
Level Data ◽  
The University ◽  
Budgeting Process

It is widely held that collegiate athletic directors are trapped in an expenditure arms race.  But the arms race explanation completely omits the actual consideration of the university budgeting process.  In its place, the arms race logic imposes strained assumptions about the cooperative setting and the naïveté of university administrators, along with a curious distinction of one type of revenue to reach its conclusions.  And the interpretation of the data on spending and benefits from college sports has not been done particularly well in the past. This paper presents an alternative principal-agent explanation that is based on the observed actual financial (budget) relationship between university administrators and their athletic department and consistent with the entirety of the aggregate-level data on college athletics finance.  Empirically discerning between the two models is crucial since each generates decidedly different policy implications.

Understanding Patterns of Socioeconomic and Demographic Factors Along With Health Services Provider Availability for Zika Outbreak in South Florida

2017 ◽  
Vol 12 (4) ◽  
pp. 455-459
Author(s):  
Linda McQuade ◽  
Mya Rao ◽  
Roger Miller ◽  
Winnie Zhou ◽  
Rinku Deol ◽  
...  
Keyword(s):  
Health Services ◽  
Demographic Factors ◽  
South Florida ◽  
Consumer Information ◽  
Dade County ◽  
Provider Network ◽  
Public Provider ◽  
Level Data ◽  
Machine Readable ◽  
Socioeconomic And Demographic Factors

AbstractIn this study, we analyzed the patterns of socioeconomic and demographic factors along with health services provider availability for the current Zika outbreak in Miami-Dade County, South Florida. We used Center for Consumer Information & Insurance Oversight (CCIIO) Machine-Readable Public Use Files (MR-PUFs) to examine provider availability in combination with socioeconomic and demographic factors that could potentially lead to healthcare disparities between any underserved population of the Wynwood neighborhood and the broader population of Miami-Dade County. MR-PUFs contain public provider-level data from states that are participating in the Federally Facilitated Marketplace. According to CCIIO, an issuer of a Qualified Health Plan that uses a provider network must maintain a network that is sufficient in the number and types of providers, including providers that specialize in mental-health and substance-use disorder services, to assure that all services will be accessible to enrollees without unreasonable delay. (Disaster Med Public Health Preparedness. 2018;12:455–459)

scholarly journals International Real Estate Review

2010 ◽  
Vol 13 (3) ◽  
pp. 282-322
Author(s):  
Massimo Biasin ◽  
◽  
Anna Grazia Quaranta ◽  
Keyword(s):  
Real Estate ◽  
Financial Risk ◽  
Market Price ◽  
Policy Implications ◽  
Share Price ◽  
Prudential Regulation ◽  
Market Prices ◽  
Capital Theory ◽  
Bankruptcy Risk ◽  
Almost All

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market constraints (i.e. leverage limitations, market discount on net asset value (NAV), tax controls) that affect non-US REITs. Italian market data are used for an empirical analysis. Our hypothesis is that in a constrained environment, the effects on share price significantly depend on the adopted valuation perspective, i.e. if shares are valued by following a NAV or a financial approach. The logic for this hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of the financial theory which indicates a contrasting impact of debt on the market value of shares. Differences in financial risk perception could also partially explain market price discounts on NAVs.The empirical results seem to support these expectations. Almost all Italian REITs tend to increase debt ratios over time. NAV discounts are significantly related to leverage. The discount effect is largely attributable to NAV increases that result from rising debt levels. On the contrary, share market prices tend to be independent from leverage. The latter result may indicate that the classic capital theory applies and current debt ratios do not imply bankruptcy risk. The results have significant policy implications in terms of an optimal regulatory design.

scholarly journals The Dynamic Relationship between Crude Oil Prices and Stock Market Price Volatility in Nigeria: A Cointegrated VAR-GARCH Model

2019 ◽  
pp. 1-12
Author(s):  
David Adugh Kuhe
Keyword(s):  
Stock Market ◽  
Crude Oil ◽  
Market Price ◽  
Garch Model ◽  
Price Volatility ◽  
Oil Prices ◽  
Market Prices ◽  
Dynamic Relationship ◽  
Crude Oil Prices ◽  
Long Run

This study investigates the dynamic relationship between crude oil prices and stock market price volatility in Nigeria using cointegrated Vector Generalized Autoregressive conditional Heteroskedasticity (VAR-GARCH) model. The study utilizes monthly data on the study variables from January 2006 to April 2017 and employs Dickey-Fuller Generalized least squares unit root test, simple linear regression model, unrestricted vector autoregressive model, Granger causality test and standard GARCH model as methods of analysis. Results shows that the study variables are integrated of order one, no long-run stable relationship was found to exist between crude oil prices and stock market prices in Nigeria. Both crude oil prices and stock market prices were found to have positive and significant impact on each other indicating that an increase in crude oil prices will increase stock market prices and vice versa. Both crude oil prices and stock market prices were found to have predictive information on one another in the long-run. A one-way causality ran from crude oil prices to stock market prices suggesting that crude oil prices determine stock prices and are a driven force in Nigerian stock market. Results of GARCH (1,1) models show high persistence of shocks in the conditional variance of both returns. The conditional volatility of stock market price log return was found to be stable and predictable while that of crude oil price log return was found to be unstable and unpredictable, although a dependable and dynamic relationship between crude oil prices and stock market prices was found to exist. The study provides some policy recommendations.

scholarly journals Between liberty and control: citizens’ attitudes towards Romanian state surveillance

2021 ◽  
Vol 19 (1) ◽  
pp. 183-205
Author(s):  
Paul Tap
Keyword(s):  
Demographic Factors ◽  
Public Institutions ◽  
Individual Level ◽  
Level Data ◽  
State Surveillance ◽  
Private And Public ◽  
Original Survey ◽  
Socio Demographic Factors ◽  
And Control ◽  
Source Of Information

Surveillance was extensively analyzed in the literature from multiple standpoints. Some studies looked to the temporal development of surveillance, while others analyzed the traditional theories that influenced many of the contemporary surveillance studies. All these studies define surveillance as an activity that is ubiquitous and performed globally, by multiple private and public institutions, through the involvement of specific technologies. However, little attention was paid to the perceptions of citizens about surveillance. This article addresses this gap in the literature and analyses how state surveillance is perceived by the Romanian citizens according to the socio-demographic factors (i.e., age, education, income, gender and medium of residence). The aim of the study is to explain how socio-demographic factors influence the acceptance of state surveillance. It also controls for the left-right self-placement, and the use of Facebook as source of information. The statistical analysis uses individual level data from an original survey conducted between October-November 2020. The survey was completed by 1,140 respondents, and the article uses correlation and linear regression to analyze the data. The findings illustrate that the acceptance of state surveillance is influenced by the gender, level of education and medium of residence of the individuals. The age and income of the citizens have no effect on the acceptance of state surveillance.

scholarly journals State Administration of Retirement Age in the terms of Budget Crisis

Upravlenie ◽  
2016 ◽  
Vol 4 (3) ◽  
pp. 80-87
Author(s):  
Соловьев ◽  
A. Solovev
Keyword(s):  
Pension System ◽  
Demographic Factors ◽  
The State ◽  
Economic Consequences ◽  
Retirement Age ◽  
Pension Policy ◽  
State Budget ◽  
Methodological Approaches ◽  
State Pension ◽  
The Impact

The aim of the study is to analyze the effect of age on the appointment of the state pension fiscal system in our country. The problem of rising of the retirement age in Russia is given a value that is far away from the traditional context of direct influence of demographic processes on the level of pensions, on the one hand, and adaptation of the pension system to changing demographic factors, on the other. In the article the pension system for the first time is considered as a multifactorial model that corrects the degree of dependence on the mutually complex of macroeconomic and demographic factors in the different historical periods. This requires a fundamental change in the methodological approaches to the problem of rising the retirement age by using actuarial methods of forecasting. Actuarial analysis of the problem of retirement age in the work shows that the perception of the linear dependence of the age of the destination state of the demographic parameters cannot be considered as a tool for regulating the efficiency of the pension system. The results of the study are the specific parameters of actuarial assessments of the impact of demographic and macroeconomic conditions to increase the retirement age in Russia, conducted using data from the state statistics, formulated practical proposals to mitigate negative economic consequences. Conclusion: Rising the retirement age should be aimed at economic stimulation of formation of the pension rights of the insured in the long term, rather than the economy of the state budget. Methodological approaches, grounded in the work, and quantitative results of the actuarial calculations will be used in the formation of public pension policy in the preparation of the regulations to rise the retirement age, the pension formula of calculating the pension rights of insured persons, the mechanism of pension indexation.

scholarly journals Remittances and Income Smoothing

2011 ◽  
Vol 101 (3) ◽  
pp. 582-587 ◽  
Author(s):  
Catalina Amuedo-Dorantes ◽  
Susan Pozo
Keyword(s):  
Developing Countries ◽  
Household Income ◽  
Borrowing Constraints ◽  
Income Smoothing ◽  
Reverse Causality ◽  
Income Volatility ◽  
Household Level ◽  
Level Data ◽  
Main Motive

Due to inadequate savings and binding borrowing constraints, income volatility can make households in developing countries particularly susceptible to economic hardship. We examine the role of remittances in either alleviating or increasing household income volatility using Mexican household level data over the 2000 through 2008 period. We correct for reverse causality and endogeneity and find that while income smoothing does not appear to be the main motive for sending remittances in a non-negligible share of households, remittances do indeed smooth household income on average. Other variables surrounding income volatility are also considered and evaluated.

What influences bank lending in Saudi Arabia?

2020 ◽  
Vol 27 (2) ◽  
pp. 125-155
Author(s):  
Ken Miyajima
Keyword(s):  
Saudi Arabia ◽  
Private Sector ◽  
Balance Sheet ◽  
Oil Prices ◽  
Bank Lending ◽  
Policy Implications ◽  
Content Type ◽  
Balance Sheets ◽  
Level Data ◽  
Bank Balance Sheets

PurposeDeterminants of credit growth in Saudi Arabia are investigated.Design/methodology/approachA panel approach is applied to macroeconomic and bank-level data spanning 2000 ‐15.FindingsBank lending is supported by strong bank balance sheet conditions (high capital ratio, and growth of NPL provisioning and deposits), and higher growth of both oil prices and non-oil private sector GDP. Lower bank concentration also helps, likely through greater competition, so does stronger institution. Consistent with the literature, lending by Islamic banks may be more responsive to economic activity. Lending remained robust in 2015 despite oil prices having declined, helped by strong bank balance sheets and as banks reduced their holdings of “excess liquidity”. To support bank lending in the period ahead, bank balance sheets need to remain strong. Fiscal adjustment and a reduced reliance on banks to finance the budget deficit would support credit provision to the private sector.Originality/valueThe paper is first to analyze in detail determinants of bank lending in Saudi Arabia applying a panel approach to bank level data, and draws critical policy implications.

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