‘Like gold with yield’: evolving intersections between farmland and finance

Fairbairn, Madeleine

doi:10.1080/03066150.2013.873977

Cited by 306 publications

(272 citation statements)

References 19 publications

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“…Graphs also show the rapid rise in the price of farmland in different parts of the world to confirm that it is indeed an 'undervalued' asset, equivalent to stumbling onto a gold find in the Borneo jungle. These are what investment analysts call 'market fundamentals' and they seem to indicate that you cannot go wrong with farmland (Cotula 2012, 662-7;Fairbairn 2014). Whether you plan to use it, hold it or flip it soon for speculation, the graphs go sharply upwards.…”

Section: Statistical Picturingmentioning

confidence: 99%

“…The threat of export restriction led importing countries like the Gulf states to become nervous about how they could feed their rice-eating migrant workforce, and to consider ways to by-pass global food markets by engaging directly in food production. A second stimulus was the market crash in 2008 that caused hedge funds and other large institutional investors to look for 'safe' places to put their money (Anseeuw et al 2012;Cotula 2012;Fairbairn 2014). But transnational investment in farmland has been sustained long past the market turbulence of 2008, so we need to look more broadly at how land is being identified, inscribed and made available for investment, and what induces investors to put their money into farms far away.…”

Section: Rendering Land Investiblementioning

confidence: 99%

“…Scores of funds now offer opportunities for investors, from pension funds and hedge funds to 'high net worth individuals' and small investors who can buy shares in farmland funds, some of them pinned to specific ventures in actual places, some of them not located by address (Cotula 2012;Daniel 2012;Fairbairn 2014;White et al 2012).…”

Section: Statistical Picturingmentioning

confidence: 99%

“…This image of the chronic backwardness of African agriculture (and the presumed suffering of its people) links up with well-worn narratives of Africa as a sleeping giant, a dark (and empty) continent (Baglioni andGibbon 2013, 1561;Ferguson 2005, 10). Only African land could be so spectacularly 'undervalued' that a UK-based land investment firm seeking to draw in US$2.7 billion could advertise expected 'target risk-adjusted returns [of] +25% per annum from combined soft commodity production yields and land price appreciation' (White et al 2012, 60; see also Daniel 2012, 706;Fairbairn 2014).…”

mentioning

confidence: 99%

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What is land? Assembling a resource for global investment

2014

Trans Inst British Geog

581

363

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The so-called global land rush has drawn new attention to land, its uses and value. But land is a strange object. Although it is often treated as a thing and sometimes as a commodity, it is not like a mat: you cannot roll it up and take it away. To turn it to productive use requires regimes of exclusion that distinguish legitimate from illegitimate uses and users, and the inscribing of boundaries through devices such as fences, title deeds, laws, zones, regulations, landmarks and story-lines. Its very 'resourceness' is not an intrinsic or natural quality. It is an assemblage of materialities, relations, technologies and discourses that have to be pulled together and made to align. To render it investible, more work is needed. This Transactions of the Institute of British Geographers Plenary Lecture uses an analytic of assemblage to examine the practices that make up land as a resource. It focuses especially on the 'statistical picturing' devices and other graphic forms that make large-scale investments in land thinkable, and the practices through which relevant actors (experts, investors, villagers, governments) are enrolled. It also considers some of the risks that follow when these large-scale investments land in particular places, as land they must.

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Section: Statistical Picturingmentioning

confidence: 99%

Section: Rendering Land Investiblementioning

confidence: 99%

Section: Statistical Picturingmentioning

confidence: 99%

mentioning

confidence: 99%

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What is land? Assembling a resource for global investment

2014

Trans Inst British Geog

581

363

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“…Other motives include: resource-seeking interests (UN, 2010;Kolstad & Wiig, 2011;Jadhav & Katti, 2012;Jadhav, 2012;Aleksynska & Havrylchyk, 2013;Rogmans & Ebbers, 2013;Lay & Nolte, 2014); global crises like financial and food shocks (Wouterse et al, 2011;UN, 2010;German et al, 2011;Clapp, 2013;Isakson, 2013;Fairbairn, 2013) and regional features (Asiedu, 2002;Anyanwu, 2012;Aleksynska & Havrylchyk, 2013;Amendolagine et al, 2013;Yin & Vaschetto, 2011).…”

Section: Introductionmentioning

confidence: 99%

Bundling Governance: Finance Versus Institutions in Private Investment Promotion

2015

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Purpose -The study extends the debate on finance versus institutions in the promotion of investment documented by Acemoglu and Johnson (2005), Ali (2013) and . We assess the effects of various components of governance on private investment, notably: political, economic and institutional governances. Financial indicators of depth, allocation efficiency, activity and size are used.Design/methodology/approach -An endogeneity robust dynamic system GMM estimation technique is employed. Principal component analysis is also employed to reduce the dimensions of governance variables. The empirical evidence is based on 53 African countries for the period 1996-2010.Findings -The findings provide support for the quality of governance as a better determinant of private investment than financial intermediary development. Moreover, the evidence of finance and governance as substitutes in their impact on investment implies that good governance fuels private investment and this positive impact is stronger in nations with less developed financial systems. This finding is consistent with Ali (2013) and contrary to the results of Asongu (2014c).Practical implication -Policy measures for fighting involuntary and voluntary surplus liquidities are discussed. The paper provides additional support for the need of strengthening governance institutions to promote investment on the one hand and fighting financial allocation inefficiency by mitigating surplus liquidity issues on the other hand.Originality/value -The paper extends the debate on the substitution of finance and institutions in the promotion of private investment.

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Frontier Assemblages

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‘Like gold with yield’: evolving intersections between farmland and finance

Cited by 306 publications

References 19 publications

What is land? Assembling a resource for global investment

What is land? Assembling a resource for global investment

Bundling Governance: Finance Versus Institutions in Private Investment Promotion

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