全球智库信息集成服务系统(G2TT): Farmland Investments in Africa: What’s the Deal?

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Farmland Investments in Africa: What’s the Deal?
	Luca Di Corato; Sebastian Hess
发表日期	2014
出处	Climate Change and Sustainable Development
出版年	2014
语种	英语
摘要	Large-scale foreign investments in African farmland are rising and may contribute to agricultural productivity growth and economic development. However, host countries sometimes have to wait longer for the economic benefits to arrive than initially expected. In this respect, the timing of project development is crucial and depends on the economic incentives provided to the investors. We therefore present a dynamic stochastic programming model that reflects the typical bargaining situation concerning large land deals in Africa and allows the effect of market- and country-specific risks and taxation to be assessed. The model shows that commodity price volatility increases the value of the land development option, but slows down the land development process. Furthermore, it shows that host country attempts to negotiate fixed commitments to the speed of project development may run counter to the structure of economic incentives at the project site. The applicability of the model is demonstrated for a recent 10,000-hectare cotton project in Ethiopia. Response surface estimations suggest that Ethiopia has negotiated a contract under which it will receive about half the expected total project value, as long as it levies the regular corporate tax rate. *** Suggested citation: Di Corato, L., S. Hess, (2014), 'Farmland Investments in Africa: What’s the Deal?', Nota di Lavoro 23.2014, Milan, Italy: Fondazione Eni Enrico Mattei.
特色分类	C61;D81;F23;Q24
关键词	Foreign Direct Investment Land Leasing Real Options Nash Bargaining
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/farmland-investments-in-africa-what-s-the-deal/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118276
推荐引用方式 GB/T 7714	Luca Di Corato,Sebastian Hess. Farmland Investments in Africa: What’s the Deal?. 2014.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
2014371530101Nota_di（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
2014371530214NDL2014（846KB）	智库出版物		限制开放	CC BY-NC-SA	浏览