The Effect of Inflation on Capital Formation in Agriculture PDF Download
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Author: Luiz Roberto Graça
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 135
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Book Description
Author: Luiz Roberto Graça
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 135
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Book Description
Author: L.R. Graca
Publisher:
ISBN:
Category :
Languages : en
Pages : 135
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Book Description
The major objetive addressed by this research was to estimate the effect of inflation on tractor sales in U.S. agriculture. To attain this objective, two vestor-autoregressive models of quarterly tractor sales were cenceptualized and estimated. The first model included the inflation rate as an explicit variable. Additional variables in the model include: tractor sales, real income, and real annual cost of tractors. The second model also included four variables: tractor sales, real income, an index of real cash flow, and an index of implicit real rental price of tractors taking income taxes into account. The second model was conceptualized in order to estimate the specific effects of inflation though the variables by tax laws (depreciation shield, real after-tax interest rate, and investment tax credit) and through the effects on cash flows. For both models, the following statistical procedures were performed: 1) a causality test; 2) the impulse response of tractor sales to shocks in other variables; 3) a forecast error variance decomposition; and 4) a historical decomposition of variance. Results for the first model found that inflation was a significant variable explaining tractor sales for the period 1961Q3-1982Q2. However, tractor sales found to be more sensitive to actual past changes in real annual cost and real income than to inflation. Results for the second model found a theoretically inconsistent causation (positive instead of negative) running from implicit rental price index to tractor sales. This result was a barrier to delineating the effect of inflation through tax laws. The real cash flow index (which increases with inflation) was the most important variable in explaining tractor sales for above period. The study concluded that inflation had a negative effect on tractor sales during the period 1961Q3-1982Q2. The magnitude of these effects were smaller than those from real annual cost and real income. The particular negative effect of inflation through cash flow stress might be an important factor concerning capital formation in agriculture. The importance of the reduced value of depreciation income-tax shield and lower real after-tax cost of capital as caused by inflation was not confirmed.
Author: Yaaqov Goldschmidt
Publisher: Rowman & Littlefield
ISBN: 9780847674275
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
This important book contributes significantly to our understanding of financial analysis in an inflationary environment. Major topics covered include the interest charges on working capital, the effect of debt finance on liquidity, the impact of inflation on tax liability resulting from interest on loans, and income measurement with a special emphasis on performance evaluation.
Author: United States. Congress. Joint Economic Committee
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 116
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Author: United States-Israel Binational Agricultural Research and Development Fund
Publisher:
ISBN:
Category : Agriculture, Cooperative
Languages : en
Pages : 148
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Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956029
Category : Business & Economics
Languages : en
Pages : 229
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Book Description
This paper discusses effects of inflation on economic development. A mild inflation may well encourage little, or no, evasion of the “inflation tax.” On the other hand, a strong inflation, and frequently a mild one also, will lead to community reactions which have effects like those of widespread tax evasion. A development policy may have wider aims than the encouragement of a high level of investment. Inflation has two effects on the desire for liquidity, which are related to the two basic reasons why individuals and businesses wish to hold liquid assets—the speculative and precautionary motives. Inflation increases the value of effective liquidity, thereby raising the community's desire for it, but it makes the most generally accepted store of liquidity unacceptable sources of protection. The control of inflation is only one of the problems facing a government wishing to encourage rapid economic development. The fight against illiteracy, the reform of bureaucratic practices, the building of basic sanitary facilities for the eradication of endemic diseases, the substitution of competitive for monopolistic trade practices, the encouragement of a widespread spirit of entrepreneurship, and the creation of an adequate amount of social capital, may be important prerequisites for rapid growth.
Author: Alvin Samuel Tostlebe
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 268
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Author: Gregg Sidney Lucas
Publisher:
ISBN:
Category : Capital
Languages : en
Pages :
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Author: Kevin J. Maloney
Publisher:
ISBN:
Category : Capital
Languages : en
Pages : 58
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Book Description
Author: Alvin Samuel Tostlebe
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 232
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Book Description
