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农业保险的再思考[外文翻译].doc

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本科毕业论文外文翻译外文题目:CROPINSURANCERECONSIDERED出处:Amer.J.Agr.Econ.作者:JOSEPHW.GLAUBERCROPINSURANCERECONSIDEREDJOSEPHW.GLAUBERDuringthelate1980sandearly1990s,therewasmuchdebateoverhowtofixwhatwereperceivedasthe“failures”oftheFederalcropinsuranceprogram.TheFederalCropInsuranceImprovementActof1980madecropinsurancetheprimaryformofdisasterprotectionforagriculturalproducers。

replacingastandingdisasterassistanceprogramwithsubsidizedcropinsurance.Toencouragesales,privatecompanieswereenlistedtodelivertheproductandsignificantlyshareintheunderwritingrisks.Almostovernight,thecropinsuranceprogramwasconvertedfromapilotprogramofferinglimitedcoveragetoalimitednumberofcropsnationwide。

toanationwideprogramcoveringmostmajorfieldcropsinmostmajorgrowingregions.Theperceivedfailuresofcropinsuranceweremany.Atthetimeofpassageofthe1980Act,Congressenvisionedaparticipationrateapproaching50%ofeligibleacresbytheendofthedecade.Despitepremiumsubsidiesandexpandedcoverage,cropinsuranceparticipationgrewveryslowly。

WhenamajordroughtstrucktheMidwestin1988,only25%ofeligibleacreagewasenrolledintheprogramnationwideandparticipationwasevenlessinstatessuchasIllinoisandIndiana(Chite).WidespreadcroplossesandpoorparticipationintheinsuranceprogrampromptedCongresstopasssupplementaldisasterlegislationthroughoutthedecadeincludingalmost$5billionindisasterassistancetocovercroplossesin1988and1989alone(GlauberandCollins)。

Inadditiontoitsfailuretoreplacedisasterassistance,theactuarialperformanceofthecropinsuranceprogramwasdismalthroughoutthe1980sandearly1990s.Theaggregatelossratio,thatis,totalindemnitiesdividedbytotalpremiums(includingpremiumsubsidies),exceeded150%over1981–93.Pooractuarialperformancewasblamedonexpansionofcoverageintonewareaswithouthavingadequatedatatorateriskswhichcontributedtoadverseselectionproblemsandthedifficultyinmonitoringproducerbehaviorwhichcontributedtomoralhazardissues(U。

S.GeneralAccountingOffice1993).Finally,despitelargeactuariallosses,companiessharedlittleoftheunderwritingrisks.Over1981–90,totalindemnitiesexceededtotalpremiums(includingpremiumsubsidies)by$2.3billion.Overthesameperiod,companiesrecordednetunderwritings“gains”of$102million(GlauberandCollins).ThispromptedrepeatedcriticismfromtheU。

S.GeneralAccountingOffice(1981,1987,1992)thatcompanieswerenotadequatelysharinginrisks.Withintenyearsofthe1980Act,poorperformanceofthecropinsuranceprogrampromptedtheBushAdministrationtoproposeeliminatingthecropinsuranceprogramandreplacingitwithastandingdisasterprogram(Gardner1994).TheproposalreceivedlittleinterestinCongress。

butthecriticismofthecropinsuranceprogramremainedunabated.Widespreadcroplossesduetothe1993floodsintheMidwestpromptedyetanotherdisasterbill.Thistime,however,CongressandtheClintonAdministrationagreedontheCropInsuranceReformActof1994,whichauthorizedadditionalpremiumsubsidiestoincreaseparticipation.Yet,despiteincreasesinparticipation,Congresspassedadhocdisasterlegislationcoveringlossesin1998,1999,and2000。

In2000,CongresspassedtheAgriculturalRiskProtectionAct,whichprovidedfurthersubsidiestoencouragecropinsurancepurchases.Now,fifteenyearsandtworeformbillslater,thecropinsuranceprogramboastsan80%participationratewithover215millionacresenrolledandatotalliabilityestimatedinexcessof$46billionfor2004(Davidson)。

OverAmer.J.Agr.Econ.86(Number5,2004):1179–1195Copyright2004AmericanAgriculturalEconomicsAssociation1180Number5,2004Amer.J.Agr.Econ.57%ofparticipatingacresareenrolledatcoveragelevelsinexcessof65%.Thelossperformanceofthecropinsuranceprogramhasimprovedaswell.Over1994–2003,theaggregatelossratiofortheprogramwas98%。

whichpromptedtheSecretaryofAgriculturetoconclude,“theprogramonanationalscaleisfinanciallysound,properlyrated,andeffectivelymanaged”(Glickman).And,newreinsuranceagreementsnegotiatedbetweentheprivatecompaniesandthegovernmenthaveresultedincompaniesretainingmoreriskandfacinglargerpossibleunderwritinglossesineventofwidespreadcroplosses。

Yet,havetheprogramreformssince1994reallyaddressedthefundamentalfailuresraisedfifteenyearsago?Despitelargegainsinparticipation,Congresscontinuestopassadhocdisasterlegislation;twoyearsafterpassageoftheAgriculturalRiskProtectionAct,Congresspassedsupplementaldisasterassistancetocover2002croplosses.Thecostsoftheprogramhaverisendramaticallyaswell。

Expectedannualcostsoftheprogramareover$3billion—comparedwithlessthanonethirdofthatcostfifteenyearsago.Increasedsubsidieshave,inturn,raisedconcernsaboutthedistortingeffectsofcropinsuranceonproduction.Whiletheaggregateactuarialperformancehasimproved,largeregionaldisparitiesexist.Finally,asprivatecompanieshavetakenonmorerisks。

theyhavecomeunderincreasingcriticismforthelargeunderwritinggainstheyearnfromtheprogram.Inthefollowingsections,thepaperreconsidersthecropinsuranceprogramandtheproblemsofagriculturalinsurancemoregenerally.Itdrawsonthelargeliteraturethathasemergedoncropinsurance,particularlyoverthepasttenyears.EconomicresearchoncropinsurancecanbetracedatleastasfarbackasValgren’s1922studyofprivateinsurancemarkets。

2However,theamountofresearchoncropinsurancehasincreaseddramaticallyoverthepasttenyears,parallelingthegrowthntheprogramitself.Forexample,over1981–93,tenjournalarticleswerepublishedintheAmericanJournalofAgriculturalEconomics.Since1994,fiftyonearticleshavebeenpublished,includingovertwentyin2003and2004alone。

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