{"title":"干旱对农场融资选择的影响:来自新西兰的经验证据","authors":"S. Kamal, Ilan Noy","doi":"10.1175/wcas-d-21-0193.1","DOIUrl":null,"url":null,"abstract":"\nThe interaction between climate change, agriculture, and financial markets is a topic that has been researched relatively little thus far. This paper intends to extend the literature by empirically testing the relationships between droughts and farms’ financing choices (measured in terms of real debt and equity) in New Zealand. Using microeconomic farm-level financial records available from the tax authorities, we quantify how past droughts (measured by the New Zealand Pasture Growth Index) impact farms' financing choices. We show a statistically significant positive impact of droughts on short-term and long-term debts, equity for dairy farms, and short-term debt for sheep and beef farms.","PeriodicalId":48971,"journal":{"name":"Weather Climate and Society","volume":"30 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2022-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Impact of Droughts on Farms’ Financing Choices: Empirical Evidence from New Zealand\",\"authors\":\"S. Kamal, Ilan Noy\",\"doi\":\"10.1175/wcas-d-21-0193.1\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\nThe interaction between climate change, agriculture, and financial markets is a topic that has been researched relatively little thus far. This paper intends to extend the literature by empirically testing the relationships between droughts and farms’ financing choices (measured in terms of real debt and equity) in New Zealand. Using microeconomic farm-level financial records available from the tax authorities, we quantify how past droughts (measured by the New Zealand Pasture Growth Index) impact farms' financing choices. We show a statistically significant positive impact of droughts on short-term and long-term debts, equity for dairy farms, and short-term debt for sheep and beef farms.\",\"PeriodicalId\":48971,\"journal\":{\"name\":\"Weather Climate and Society\",\"volume\":\"30 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-12-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Weather Climate and Society\",\"FirstCategoryId\":\"89\",\"ListUrlMain\":\"https://doi.org/10.1175/wcas-d-21-0193.1\",\"RegionNum\":4,\"RegionCategory\":\"地球科学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ENVIRONMENTAL STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Weather Climate and Society","FirstCategoryId":"89","ListUrlMain":"https://doi.org/10.1175/wcas-d-21-0193.1","RegionNum":4,"RegionCategory":"地球科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}
Impact of Droughts on Farms’ Financing Choices: Empirical Evidence from New Zealand
The interaction between climate change, agriculture, and financial markets is a topic that has been researched relatively little thus far. This paper intends to extend the literature by empirically testing the relationships between droughts and farms’ financing choices (measured in terms of real debt and equity) in New Zealand. Using microeconomic farm-level financial records available from the tax authorities, we quantify how past droughts (measured by the New Zealand Pasture Growth Index) impact farms' financing choices. We show a statistically significant positive impact of droughts on short-term and long-term debts, equity for dairy farms, and short-term debt for sheep and beef farms.
期刊介绍:
Weather, Climate, and Society (WCAS) publishes research that encompasses economics, policy analysis, political science, history, and institutional, social, and behavioral scholarship relating to weather and climate, including climate change. Contributions must include original social science research, evidence-based analysis, and relevance to the interactions of weather and climate with society.