The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities
AbstractThis paper measures the size of the stock of intangible capital in Canada using newly released data on the market value of all securities in the economy. The approach taken relies on a quantitative application of the q-theory of investment to generate the quantity of capital owned by firms. I find that the intangible capital stock accounted for approximately 30% of overall capital since 1994. Of this intangible capital stock, the R&D reported by national accounts makes up only 23%. In addition, the finding on the magnitude of the intangible capital stock is comparable to that reported using a cost approach, confirming the size and the relevance of intangibles to macroeconomic models.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 09/250.
Date of creation: 01 Nov 2009
Date of revision:
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Other versions of this item:
- Nazim Belhocine, 2008. "The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities," Working Papers 1216, Queen's University, Department of Economics.
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
This paper has been announced in the following NEP Reports:
- NEP-ACC-2009-11-27 (Accounting & Auditing)
- NEP-ALL-2009-11-27 (All new papers)
- NEP-BEC-2009-11-27 (Business Economics)
- NEP-CFN-2009-11-27 (Corporate Finance)
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