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Resource Rents and their Impact on Institutional and Economic Development

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Author Info
Ian Keay () (Queen's University, Department of Economics)

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Abstract

Over the twentieth century, Canada's energy, forestry, and mining industries played a substantial and increasing role in the growth and development of the aggregate economy. Despite the improving fundamentals that were underlying their increased contributions to the size, capital intensity, and productivity of the aggregate economy, the relative profitability and equity market performance of the resource industries deteriorated over the twentieth century. Without having to invoke entrepreneurial failure among the resource industries or equity market inefficiency, I am able to illustrate that falling relative output prices played the key role in a reconciliation of what, at first glance, appears to be a surprising relationship between the resource industries' fundamentals, resource rents, and equity market performance.

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File URL: http://www.econ.queensu.ca/working_papers/papers/qed_wp_1143.pdf
File Format: application/pdf
File Function: First version 2007
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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1143.

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Length: 33 pages
Date of creation: Aug 2007
Date of revision:
Handle: RePEc:qed:wpaper:1143

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Keywords:

Find related papers by JEL classification:
N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
N52 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: 1913-
Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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References listed on IDEAS
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  1. Wright, Gavin, 1990. "The Origins of American Industrial Success, 1879-1940," American Economic Review, American Economic Association, vol. 80(4), pages 651-68, September. [Downloadable!] (restricted)
  2. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May. [Downloadable!] (restricted)
    Other versions:
  3. Sadorsky, Perry, 2001. "Risk factors in stock returns of Canadian oil and gas companies," Energy Economics, Elsevier, vol. 23(1), pages 17-28, January. [Downloadable!] (restricted)
  4. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December. [Downloadable!] (restricted)
  5. Keay, Ian, 2007. "The Engine or the Caboose? Resource Industries and Twentieth-Century Canadian Economic Performance," The Journal of Economic History, Cambridge University Press, vol. 67(01), pages 1-32, March. [Downloadable!]
  6. Jones, Charles M & Kaul, Gautam, 1996. " Oil and the Stock Markets," Journal of Finance, American Finance Association, vol. 51(2), pages 463-91, June. [Downloadable!] (restricted)
  7. Taylor, Alan M., 1998. "On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America," The Journal of Economic History, Cambridge University Press, vol. 58(01), pages 1-28, March. [Downloadable!]
  8. Margaret E. Slade & Henry Thille, 1997. "Hotelling Confronts CAPM: A Test of the Theory of Exhaustible Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 30(3), pages 685-708, August. [Downloadable!] (restricted)
    Other versions:
  9. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February. [Downloadable!] (restricted)
  10. John Livernois & Henry Thille & Xianqiang Zhang, 2006. "A test of the Hotelling rule using old-growth timber data," Canadian Journal of Economics, Canadian Economics Association, vol. 39(1), pages 163-186, February. [Downloadable!] (restricted)
    Other versions:
  11. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May. [Downloadable!] (restricted)
  12. Sadorsky, Perry & Henriques, Irene, 2001. "Multifactor risk and the stock returns of Canadian paper and forest products companies," Forest Policy and Economics, Elsevier, vol. 3(3-4), pages 199-208, November. [Downloadable!] (restricted)
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