05404oam 22011294 450 991082855380332120200520144314.01-4623-4567-01-282-84447-497866128444781-4527-7831-01-4518-7397-2(CKB)3170000000055369(SSID)ssj0000939938(PQKBManifestationID)11512676(PQKBTitleCode)TC0000939938(PQKBWorkID)10945927(PQKB)10780416(OCoLC)680614168(MiAaPQ)EBC1605940(IMF)WPIEE2009250(IMF)WPIEA2009250(EXLCZ)99317000000005536920020129d2009 uf 0engurcn|||||||||txtccrThe Stock of Intangible Capital in Canada : Evidence from the Aggregate Value of Securities /Nazim Belhocine1st ed.Washington, D.C. :International Monetary Fund,2009.28 p. illIMF Working Papers"November 2009."1-4519-1811-9 Intro -- Table of Contents -- I. Introduction -- II. Relationship to Related Literature -- III. Methodology -- A. A Quantitative Approach to the q-theory -- B. Empirical Strategy -- IV. Data Description -- V. Results -- VI. Sensitivity Analysis -- A. Allowing for Different Adjustment Cost Parameters -- B. Allowing for Different Depreciation Rates -- C. Allowing for Different Initial Values -- VII. Conclusion -- References -- Appendix: Data Sources and Manipulations -- Tables -- 1. Parameter Values -- 2. Accounting Balance Sheet -- 3. Modified Accounting Framework -- 4. Financial Assets and Liabilities at Market Value -- Figures -- 1. Shares and Bonds at Book and Market Value -- 2. Quantity and Shadow Price of the Inferred Capital Stock -- 3. Decomposition of the Aggregate Value of Firms (in billions of 1997 dollars) -- 4. Ratio of Intangible Capital Stock to the Inferred Capital Stock -- 5. The Part of R&amp -- D in the Unrecorded Intangible Capital Stock (in billions) -- 6. Sensitivity to Various Adjustment Costs of the Ratio of Intangible Capital to the Inferred Capital Stock -- 7. Sensitivity of the Ratio of Intangible Capital to the Overall -- 8. Sensitivity of the Intangible Capital Stock to Various Initial Values.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.IMF Working Papers; Working Paper ;No. 2009/250Capital marketCanadaSecuritiesCanadaCapacityimfCapitalimfDepreciationimfFinancial InstrumentsimfFinancial instrumentsimfGeneral Aggregative Models: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfInstitutional InvestorsimfIntangible CapitalimfIntangible capitalimfInvestment & securitiesimfInvestmentimfInvestments: GeneralimfInvestments: StocksimfMacroeconomicsimfNational accountsimfNational incomeimfNon-bank Financial InstitutionsimfPension FundsimfSaving and investmentimfSecuritiesimfStocksimfCanadaEconomic policyCanadaimfCapital marketSecuritiesCapacityCapitalDepreciationFinancial InstrumentsFinancial instrumentsGeneral Aggregative Models: GeneralGeneral Financial Markets: General (includes Measurement and Data)Institutional InvestorsIntangible CapitalIntangible capitalInvestment & securitiesInvestmentInvestments: GeneralInvestments: StocksMacroeconomicsNational accountsNational incomeNon-bank Financial InstitutionsPension FundsSaving and investmentSecuritiesStocks332.60971Belhocine Nazim1087661International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910828553803321The Stock of Intangible Capital in Canada4117241UNINA