Are More Exports Always Better? Comparing Cash and In‐Kind Export Subsidies
比较现金与实物出口补贴对农业收入的影响，发现补贴形式和干预点不同效果迥异，实物补贴甚至可能降低农民实际收入，且非追索贷款会削弱补贴效果。
Abstract Cash and in‐kind export subsidies are compared. It is found that the ability to enhance real farm income via export subsidies is sensitive both to the form (cash vs. in‐kind) and the point of policy intervention. In‐kind subsidies of the type granted under the Export Enhancement Program can in fact reduce real‐farm income. Export subsidies are examined under three separate scenarios: no target price or nonrecourse loan programs, a target price but no nonrecourse loan program; and a nonrecourse loan program but no target price program. The presence of a nonrecourse loan program dampens the impacts of both cash and in‐kind export subsidies.