Impact of Off-Farm Labor Supply and Government Subsidy on Korean Farmland Value

Hyunjeong Joo and Ashok Mishra ()

No 235748, 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts from Agricultural and Applied Economics Association

Abstract: Off-farm income and government subsidy payments are the main sources of income for farm households, as they provide farm households with income security. Increased income from off-farm work or government subsidies can be capitalized in farm assets such as farmland. A plethora of literature has investigated the impact of off-farm income and government subsidies on farmland values. However, these studies are mainly concentrated in North America and West European countries. The goal of this paper is to study the impact of off-farm income and government subsidies on farmland values in South Korea using the unconditional quantile regression. We found that off-farm income and government payments have positive and significant effects on farmland values; this effect is higher in the upper quantiles. Results from this study can assist policymakers in many countries as they design agricultural policies to encourage growth in the non-farm economy.

Keywords: Agricultural and Food Policy; Agricultural Finance; Community/Rural/Urban Development; Farm Management; Labor and Human Capital; Land Economics/Use (search for similar items in EconPapers)
Pages: 38
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea16:235748

DOI: 10.22004/ag.econ.235748

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