Export, Demand, U.S. Farm Income, And Land Prices: 1949-198

The growing openness of the US economy has caused world supply and demand condition to have significant farm-level impacts, emphasizing the important macroeconomic linkages between capital, goods, and factor markets in agriculture. The linkage from the internationl grain market to US farm income fro...

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Veröffentlicht in:Land economics 1990-05, Vol.66 (2), p.150
Hauptverfasser: Runge, C d, Halbach, Daniel
Format: Artikel
Sprache:eng
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Zusammenfassung:The growing openness of the US economy has caused world supply and demand condition to have significant farm-level impacts, emphasizing the important macroeconomic linkages between capital, goods, and factor markets in agriculture. The linkage from the internationl grain market to US farm income from 1949 to 1985 suggests that export demand may have played an important role affecting land and other input prices through the derived demand relationship. Empirical evidence from 8 grain-producing states supports the hypothesis that gross farm revenues are very sensitive to foreign demand. In general, export demand contributed substantially to farm income levels and indirectly to farmland values. Policies that reduce the actual or expected value of exports will put downward pressure on farm income unless additional income flows are guaranteed from domestic or government sources.
ISSN:0023-7639
1543-8325