IDEAS home Printed from https://ideas.repec.org/p/ags/ualbpr/119055.html
   My bibliography  Save this paper

Retaining Financial Capital for Rural Community Development: A Case Study of the Town of Olds, Alberta

Author

Listed:
  • Unknown

Abstract

Financial capital is an important component of rural community development and a key aspect of community resilience. Yet residents often transfer their wealth into investment vehicles such as GICs and bonds that are external to their community. This exodus of financial capital is often in contrast to a deep commitment to the local community in which these residents lived and worked for the majority of their lives. With a focus on the Town of Olds, Alberta, this project seeks to understand the possibilities for local financial capital retention for community development. We compare several approaches to capital retention that include the transition towns movement, community currency and community bonds; we explore perspectives from municipal, provincial, and federal levels of government; we seek insights from the representatives of local financial institutions; and we survey residents of the Town of Olds about their views on local investment. Results indicate a willingness to invest locally among residents, with support from town leaders, governments, and financial institutions. Yet several key barriers exist. These barriers include a limited understanding of financial vehicles for local investment (e.g., community bonds) and the availability of other attractive non-local options to secure financial capital (e.g., loans at attractive rates).

Suggested Citation

  • Unknown, 2011. "Retaining Financial Capital for Rural Community Development: A Case Study of the Town of Olds, Alberta," Project Report Series 119055, University of Alberta, Department of Resource Economics and Environmental Sociology.
    • Handle: RePEc:ags:ualbpr:119055
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/119055/files/PR-11-02.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Wiktor Adamowicz & Peter Boxall & Michael Williams & Jordan Louviere, 1998. "Stated Preference Approaches for Measuring Passive Use Values: Choice Experiments and Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 64-75.
    2. Agrawal, Arun & Gibson, Clark C., 1999. "Enchantment and Disenchantment: The Role of Community in Natural Resource Conservation," World Development, Elsevier, vol. 27(4), pages 629-649, April.
    3. W. Neil Adger, 2003. "Social Capital, Collective Action, and Adaptation to Climate Change," Economic Geography, Taylor & Francis Journals, vol. 79(4), pages 387-404, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sattler, Claudia & Schröter, Barbara & Jericó-Daminello, Camila & Sessin-Dilascio, Karla & Meyer, Claas & Matzdorf, Bettina & Wortmann, Lukas & de Almeida Sinisgalli, Paulo Antonio & Meyer, Angela &, 2015. "Understanding governance structures in community management of ecosystems and natural resources: The Marujá case study in Brazil," Ecosystem Services, Elsevier, vol. 16(C), pages 182-191.
    2. Ojha, Hemant R. & Ford, Rebecca & Keenan, Rodney J. & Race, Digby & Carias Vega, Dora & Baral, Himlal & Sapkota, Prativa, 2016. "Delocalizing Communities: Changing Forms of Community Engagement in Natural Resources Governance," World Development, Elsevier, vol. 87(C), pages 274-290.
    3. Beitl, Christine M., 2014. "Adding Environment to the Collective Action Problem: Individuals, Civil Society, and the Mangrove-Fishery Commons in Ecuador," World Development, Elsevier, vol. 56(C), pages 93-107.
    4. Kahlil Hassanali, 2013. "Towards sustainable tourism: The need to integrate conservation and development using the Buccoo Reef Marine Park, Tobago, West Indies," Natural Resources Forum, Blackwell Publishing, vol. 37(2), pages 90-102, May.
    5. Boafo, Yaw Agyeman & Saito, Osamu & Jasaw, Godfred Seidu & Otsuki, Kei & Takeuchi, Kazuhiko, 2016. "Provisioning ecosystem services-sharing as a coping and adaptation strategy among rural communities in Ghana's semi-arid ecosystem," Ecosystem Services, Elsevier, vol. 19(C), pages 92-102.
    6. Barnes-Mauthe, Michele & Oleson, Kirsten L.L. & Brander, Luke M. & Zafindrasilivonona, Bienvenue & Oliver, Thomas A. & van Beukering, Pieter, 2015. "Social capital as an ecosystem service: Evidence from a locally managed marine area," Ecosystem Services, Elsevier, vol. 16(C), pages 283-293.
    7. Quandt, Amy, 2018. "Measuring livelihood resilience: The Household Livelihood Resilience Approach (HLRA)," World Development, Elsevier, vol. 107(C), pages 253-263.
    8. Baird, Timothy D. & Gray, Clark L., 2014. "Livelihood Diversification and Shifting Social Networks of Exchange: A Social Network Transition?," World Development, Elsevier, vol. 60(C), pages 14-30.
    9. Ortega, David L. & Wang, H. Holly & Wu, Laping & Hong, Soo Jeong, 2015. "Retail channel and consumer demand for food quality in China," China Economic Review, Elsevier, vol. 36(C), pages 359-366.
    10. Andersson, Krister P. & Smith, Steven M. & Alston, Lee J. & Duchelle, Amy E. & Mwangi, Esther & Larson, Anne M. & de Sassi, Claudio & Sills, Erin O. & Sunderlin, William D. & Wong, Grace Y., 2018. "Wealth and the distribution of benefits from tropical forests: Implications for REDD+," Land Use Policy, Elsevier, vol. 72(C), pages 510-522.
    11. Bond, Craig A. & Thilmany, Dawn D. & Bond, Jennifer Keeling, 2008. "What to Choose? The Value of Label Claims to Fresh Produce Consumers," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(3), pages 1-26.
    12. Filiptseva, Anna & Filler, Günther & Odening, Martin, 2022. "Compensation Options for Quarantine Costs in Plant Production," 62nd Annual Conference, Stuttgart, Germany, September 7-9, 2022 329595, German Association of Agricultural Economists (GEWISOLA).
    13. Chaikaew, Pasicha & Hodges, Alan W. & Grunwald, Sabine, 2017. "Estimating the value of ecosystem services in a mixed-use watershed: A choice experiment approach," Ecosystem Services, Elsevier, vol. 23(C), pages 228-237.
    14. Ana Raquel Nunes, 2021. "Exploring the interactions between vulnerability, resilience and adaptation to extreme temperatures," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 109(3), pages 2261-2293, December.
    15. Choi, Andy S., 2013. "Nonmarket values of major resources in the Korean DMZ areas: A test of distance decay," Ecological Economics, Elsevier, vol. 88(C), pages 97-107.
    16. Krott, Max & Bader, Axel & Schusser, Carsten & Devkota, Rosan & Maryudi, Ahmad & Giessen, Lukas & Aurenhammer, Helene, 2014. "Actor-centred power: The driving force in decentralised community based forest governance," Forest Policy and Economics, Elsevier, vol. 49(C), pages 34-42.
    17. Purnamita Dasgupta, 2007. "Common Property Resources as Development Drivers: A Study of Fruit Cooperative in Himachal Pradesh: India," Working Papers id:917, eSocialSciences.
    18. Skutsch, Margaret & Turnhout, Esther, 2020. "REDD+: If communities are the solution, what is the problem?," World Development, Elsevier, vol. 130(C).
    19. Tapio Riepponen & Mikko Moilanen & Jaakko Simonen, 2023. "Themes of resilience in the economics literature: A topic modeling approach," Regional Science Policy & Practice, Wiley Blackwell, vol. 15(2), pages 326-356, April.
    20. Schusser, Carsten, 2013. "Who determines biodiversity? An analysis of actors' power and interests in community forestry in Namibia," Forest Policy and Economics, Elsevier, vol. 36(C), pages 42-51.

    More about this item

    Keywords

    Community/Rural/Urban Development;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:ualbpr:119055. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/drualca.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.