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Farm settlement with imperfect capital markets: a life-cycle application to Upper Canada, 1826-1851

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  • Frank D. Lewis

Abstract

Farm settlement, where borrowing is constrained, is addressed with a life-cycle model. Because a pioneer farm must be cleared before becoming productive, the settler first accumulates in order to purchase supplies and maintain consumption during the initial years. Implications of the model are explored using data from Upper Canada, 1826-1851: age at settlement is delayed. Settlers eventually receive higher incomes than those who do not settle; rising life expectancy contributes to settlement; an immediate income is a prerequisite to settlement. Such findings conform to the experience of Upper Canada and other pioneer areas and may also illuminate aspects of migration.

Suggested Citation

  • Frank D. Lewis, 2001. "Farm settlement with imperfect capital markets: a life-cycle application to Upper Canada, 1826-1851," Canadian Journal of Economics, Canadian Economics Association, vol. 34(1), pages 174-195, February.
  • Handle: RePEc:cje:issued:v:34:y:2001:i:1:p:174-195
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    Cited by:

    1. Alexander Armstrong & Frank Lewis, 2009. "Capital Constraints and European Migration to Canada: Evidence from the 1920s Passenger Lists," Working Papers 1230, Queen's University, Department of Economics.

    More about this item

    JEL classification:

    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers

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