The Globalization of Farmland
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World Bank, Washington, DC
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This paper is the first to provide both
theoretical and empirical evidence of farmland globalization
whereby international investors directly acquire large
tracts of agricultural land in other countries. A
theoretical framework explains the geography of farmland
acquisitions as a function of cross-country differences in
technology, endowments, trade costs, and land governance. An
empirical test of the model using global data on
transnational deals shows that international farmland
investments are on the aggregate likely motivated by
re-exports to investor countries rather than to world
markets. This contrasts with traditional foreign direct
investment patterns where horizontal as opposed to vertical
foreign direct investment dominates.
Palabras clave
LAND ACQUISITION, FOOD SECURITY, FOREIGN DIRECT INVESTMENT, LAND GOVERNANCE, FARMLAND