“…In the last decade, PCS was most evident in the livestock sector, particularly dairy, considering its global markets (Freebairn, 2017) but also concerned land market. According to Ciaian, Kancs, and Espinosa (2017), on average, 27% of decoupled payments after the last reform of CAP in 2013 are channelled to non-farming landowners in the EU increasing renal fees for farmers. Although there is a consensus that agricultural markets are subject to PCS long-term, one can also find contradictory findings based on price co-integration analyses (Campiche, Bryan, Richardson, & Outlaw, 2006;Moss, 1992) The influence of agricultural policy on mitigating PCS is the most debatable part of this theory (Rizov, Pokrivcak, & Ciaian, 2013).…”