Journal
QUARTERLY REVIEW OF ECONOMICS AND FINANCE
Volume 62, Issue -, Pages 12-20Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.qref.2016.07.012
Keywords
Agricultural development; Agricultural research; Brazilian agriculture; EMBRAPA
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Funding
- UK Aid from the Department for International Development (DFID)
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This paper analyzes the transition of Brazilian agriculture from low productivity and backwardness to its current status as a major player in international markets. Long-term investment in local agricultural technology was a crucial determinant of this transformation, but the impact of agricultural policy along this path was highly convoluted, often causing more distortions than progress. We highlight the importance of the underlying institutional setting on the impact of agricultural policy. The remarkable transformation in Brazilian agriculture only really emerged when inclusive and sustainable institutions created a fiscal, monetary and political environment in which those policies could succeed. (C) 2016 The Authors. Published by Elsevier Inc. on behalf of Board of Trustees of the University of Illinois.
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