Capitalisation of the SPS into Agricultural Land Rental Prices under Harmonisation of Payments
研究了德国自2010年起协调单一支付计划（SPS）后，该支付对农业土地租赁价格的资本化效应，发现每额外1欧元SPS使租金平均上涨37欧分，并随时间增至53欧分。
Abstract As the 2013 Reform of the Common Agricultural Policy (CAP) calls for the harmonisation of Single Payment Scheme (SPS) payments, we estimate the implications of this mandate on agricultural land rental rates over time as Germany began harmonising payments in 2010. Using Bavarian farm‐level panel data we find strong capitalisation effects that increase substantially in the years following 2009. On average, the marginal effect on rental rates of an additional SPS euro is 37 cents, growing over time to 53 cents as harmonisation develops.