The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities

29 Pages Posted: 24 Nov 2009

Multiple version iconThere are 2 versions of this paper

Date Written: September 2009

Abstract

This 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.

Keywords: Accounting, Canada, Capital, Capital goods, Corporate sector, Economic models, Investment, National income accounts, Stock markets, Stock prices

Suggested Citation

Belhocine, Nazim, The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities (September 2009). IMF Working Paper No. 09/250, Available at SSRN: https://ssrn.com/abstract=1512254

Nazim Belhocine (Contact Author)

International Monetary Fund ( email )

700 19th Street NW
Washington, DC 20431
United States

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