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The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities
Author:
Nazim Belhocine
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 250
Language:
English
Publication Date:
01 Nov 2009
DOI:
https://doi.org/10.5089/9781451873979.001
ISBN:
9781451873979
ISSN:
1018-5941
Pages:
28
Keywords:
WP; depreciation rate; national income; shadow price; market value
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund