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Exchange rate overvaluation and agrarian ground rent transfers in Uruguay: 1955-2019

Author

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  • Gabriel Oyhantçabal Benelli

Abstract

This paper measures with a novel methodology the amount of agrarianground rent intersectoral transfers in Uruguay and its relative weight in thenational amount of surplus value during the period 1955-2019. In order to this,the paper identifies the mechanisms through which ground rent is transferred fromlandowners to industrial and commercial capitals. The main results show thatagrarian ground rent transfers, in particular through exchange rate overvaluation,was a recurring mechanism that has been central for capital accumulation. Thesetransfers complement the surplus value appropriated by individual capitals,however, at the same time, consolidate the rentier nature of Uruguay due to thechronic overvaluation of exchange rate. JEL Classification: B51; O13; O54; Q19; N16.

Suggested Citation

  • Gabriel Oyhantçabal Benelli, 2023. "Exchange rate overvaluation and agrarian ground rent transfers in Uruguay: 1955-2019," Brazilian Journal of Political Economy, Center of Political Economy, vol. 43(1), pages 165-188.
    • Handle: RePEc:ekm:repojs:v:43:y:2023:i:1:p:165-188:id:2391
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2391/2328
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    Cited by:

    1. Didarul Islam & Mohammad Abdullah Al Faisal, 2024. "Determinants of Uruguay's Real Effective Exchange Rate: A Mundell-Fleming Model Approach," Papers 2403.16452, arXiv.org.

    More about this item

    Keywords

    Dutch disease; Latin America; land rent; capital accumulation; intersectoral transfers;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • Q19 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Other
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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