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

Gabriel Oyhantçabal Benelli ()

Brazilian Journal of Political Economy, 2023, vol. 43, issue 1, 165-188

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.

Keywords: Dutch disease; Latin America; land rent; capital accumulation; intersectoral transfers (search for similar items in EconPapers)
Date: 2023
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