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Recent spikes in commodity prices, the growing appetite for primary commodities among emerging economies, growing interest in biofuels and speculations over future returns to land and its products have led to a renewed interest in farmland in the global South. With highly publicized risks and polarized 'win-lose' narratives, so-called 'land grabbing' has become an important focus of transnational governance activity. In juxtaposition to those seeing large-scale land acquisitions as inherently risky or undesirable, some argue for the potential opportunities they engender-provided risks can be mitigated through improved governance. This paper explores this argument through a systematic analysis of the formal features of the multi-sited governance mechanisms in place to guide agricultural investment and govern its social and environmental effects. The intent is not to discount the importance of informal norms and practices or the so-called 'lived experience of governance,' nor the argument that such land acquisitions are inherently flawed irrespective of the 'discipline imposed on them.' Rather, the paper aims to explore the merits of the arguments advanced by the pro-investment camp, and to explore the extent to which the emerging global governance architecture is set up to deliver on the purported benefits of large-scale agricultural investment. Results suggest that serious weaknesses in the substantive scope, reach and/or implementation mechanisms in all of the reviewed governance mechanisms pose a serious risk to the likely effectiveness of the emerging governance architecture in minimizing risks and leveraging benefits. Addressing these weaknesses is an obvious first step for bolstering the credibility of those advocating that governance is the solution. [ABSTRACT FROM AUTHOR]

This paper revisits the debate on the role of agriculture in promoting economic growth in a selection of nine developing countries. We investigated the causal linkages between agriculture and gross domestic product growth with the aid of directed acyclic graphs, a recently developed algorithm of inductive causation. The results suggest that while agriculture could be an engine of economic growth, the impact varies across countries. In some cases, we found strong evidence in support of the agriculture-led growth hypothesis. In contrast, the results for some other countries indicate that having a vibrant aggregate economy is a prerequisite for agricultural development. [ABSTRACT FROM AUTHOR]

According to the economic literature, high-skilled emigration may either harm or benefit developing economies. Recent research highlighted several positive and negative channels through which the brain drain operates. This paper aims at evaluating the relative magnitudes of various brain drain channels and quantifying their global impact on migrants' sending countries. For this purpose, we develop a 10-region general equilibrium model of the world economy characterized by overlapping-generations dynamics. Our findings suggest that the short-run impact of brain drain on resident human capital is extremely crucial, as it affects not only the number of high-skilled workers available to domestic production, but also the sending economy's capacity to innovate/adopt modern technologies. This latter effect is particularly important in globalization, where capital investments are made in places with high production efficiencies. Hence, despite positive feedback effects, those countries facing prevalent high-skilled emigration are the most candid victims to brain drain. ( JEL F22, J24, O57) [ABSTRACT FROM AUTHOR]