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Three essays on the size and contribution of intangible investment to the overall capital stock

Belhocine, Nazim
Fonte: Quens University Publicador: Quens University
Tipo: Tese de Doutorado Formato: 1019870 bytes; application/pdf
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This thesis aims to contribute to a better understanding of the overall magnitude of intangible investment and the impact of this intangible investment on the behavior of the capital stock and on the value of capital goods. I begin by constructing a data set to document firms’ expenditures on an identi- fiable list of intangible items in Canada. I then examine the implications of treating intangible spending as the acquisition of final (investment) goods on estimates of GDP growth for Canada. I find that investment in intangible capital by 2002 is almost as large as the investment in physical capital. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period. I proceed by measuring the size of the stock of the 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, the R&D reported by national accounts makes up only 23%. These results imply that official Canadian statistics failed to account for 26% of the value of the capital stock in their 2005 quarterly data collection. Finally...