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This paper is the first to provide both theoretical and empirical evidence of farmland globalization whereby international investors directly acquire large tracts of agricultural land in other countries. A theoretical framework explains the geography of farmland acquisitions as a function of cross-country differences in technology, endowments, trade costs, and land governance. An empirical test of the model using global data on transnational deals shows that international farmland investments are on the aggregate likely motivated by re-exports to investor countries rather than to world markets. This contrasts with traditional foreign direct investment patterns where horizontal as opposed to vertical FDI dominates.

Agriculture --- Farmland --- FDI --- Food Independence --- Foreign Direct Investment --- International Economics and Trade --- Land Acquisitions --- Land Governance --- Investments: Commodities --- Exports and Imports --- Macroeconomics --- Agribusiness --- Agriculture: General --- International Investment --- Long-term Capital Movements --- Agricultural Policy --- Food Policy --- Labor Economics: General --- Agricultural economics --- Investment & securities --- Finance --- Agricultural law --- Labour --- income economics --- Agricultural sector --- Agricultural commodities --- Foreign direct investment --- Agricultural policy --- Labor --- Economic sectors --- Commodities --- Balance of payments --- Agricultural industries --- Farm produce --- Investments, Foreign --- Agriculture and state --- Labor economics --- Angola --- Income economics