Credit Market Imperfections and the Distribution of Policy Rents
通过模型分析表明，信贷市场不完善会影响政策补贴的分配效果，导致土地租金上涨超过补贴额，部分农场可能因补贴而受损。
Abstract This article shows that credit market imperfections have important implications for the distribution of policy rents. In a model with land as fixed factor and credit market imperfections, when an area payment is given, land rents go up by more than the subsidy. On aggregate farms may lose from the subsidy. The results depend on the extent to which subsidies have direct and indirect effects on the credit constraints, on whether farms rent or own land, and on farm heterogeneity.