Transnational investments in farmland in developing economies are recent and controversial. While they bring developmental opportunities including capital deepening, new technology, and employment opportunities, there are also concerns about the dislocation of local farmers and insufficient compensation for land use. This paper investigates how these seemingly conflicting effects interact in the process of economic growth by fitting a dynamic general equilibrium model to Ghanaian data. The differing effects of two common foreign investment activities, grain farming and biofuel production, are investigated. Grain farming investments tend to promote capital accumulation and increase income and consumption over the transition, whereas labor income is adversely affected. Biofuel projects induce the reverse. Results identify the relative labor intensity of technology on foreign‐operated farms, which affects the returns to domestic capital and the pace of capital deepening, as a major determinant of the long‐term effect of farmland investments.

中文翻译：

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是“抢地”还是发展机会？跨国耕地投资对加纳经济的影响

发展中经济体对农田的跨国投资是近期且有争议的。尽管它们带来了包括资本深化，新技术和就业机会在内的发展机​​会，但也有人担心当地农民的流离失所和土地使用补偿不足。本文通过对加纳数据拟合动态一般均衡模型，研究了这些看似相互矛盾的效应在经济增长过程中如何相互作用。研究了两种常见的外国投资活动对谷物种植和生物燃料生产的不同影响。在过渡时期，粮食农业投资往往会促进资本积累并增加收入和消费，而劳动收入却受到不利影响。生物燃料项目导致了相反的情况。