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Price movement in the Brazilian land market (1994-2010): an analysis in the light of post-Keynesian theory

Author

Listed:
  • Tiago Santos Telles

    (Pesquisador, Instituto Agronômico do Paraná (IAPAR), Londrina, PR – Brasil.)

  • Alex Willhans Antonio Palludeto

    (Doutorando em Ciências Econômicas, Instituto de Economia, Universidade Estadual de Campinas,)

  • Bastiaan Philip Reydon

    (Professor Livre Docente, Instituto de Economia, Universidade Estadual de Campinas.)

Abstract

The present study aims to evaluate crop, pasture and forest land prices in Brazil, between 1994 and 2010, in the light of Post Keynesian theory. The results provide evidence that land, more than just a simple factor of production, must be conceived of as an economic asset. In fact, the price of rural land is determined not only by the expected profitability deriving from agricultural activities but also by the agents' expectations about its future appreciation and liquidity in an economic environment permeated with uncertainty. In this context, as an object of speculation, land has been particularly important as a store of value. JEL Classification: E12; G11.

Suggested Citation

  • Tiago Santos Telles & Alex Willhans Antonio Palludeto & Bastiaan Philip Reydon, 2016. "Price movement in the Brazilian land market (1994-2010): an analysis in the light of post-Keynesian theory," Brazilian Journal of Political Economy, Center of Political Economy, vol. 36(1), pages 109-129, March.
    • Handle: RePEc:ekm:repojs:v:36:y:2016:i:1:id:95165
    DOI: 10.1590/0101-31572016v36n01a07
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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