Financing the Future: Canada's Capital Markets in the Eighties

Front Cover
From the back cover: In this study, Arthur Donner examines seven capital market issues that have signigicant economic impact and are affected by public policy. Interest rates, inflation and energy are at the centre of the issues he discusses: -- the impact of central bank monetarism on capital markets; -- the problems of raising sufficient capital in Canada to finance energy megaprojects; -- the barriers to "Canadianization" of the oil and gas industry ceated by Canada's weak balance of payments situtation; -- the shift of economic power to western Canada and the prospect of increased competition among provinces for new investment. Also examined are the financing of pension funds, the state of housing finance and the interaction between inflation and capital markets. Donner finds that at the root of all capital market problems are the same factors - high inflation, high and volatile interest rates, and saving and investment distortions caused by the interaction of inflation and the tax system.
 

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Contents

Capital Markets and Financing Investment in the 1980s
1
Inflation and its Impact on the Canadian Capital Markets
22
Central Bank Monetarism and the Capital Markets
33
Energy Financing and the Megaprojects
47
Canadianization Policies and the NEP
60
The Westward Shift of Finance and Industry
76
The 1970s and Prospects for the 1980s
97
Table 73 Comparison of Incomes Required to Afford
106
Table 81 The Impact of Inflation on the Real Returns
116
Table 83 Social Security Savings and Government Sav
122
Conclusion
137
A Postscript on the Balance of Payments Constraint
153
Table A1 The Canadian Balance of International Indebted
154
Table A4 The Balance of Payments on Capital Account
160
Notes
163
Copyright

Pension Policies and the Canadian Capital Markets
112

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About the author (1982)

ARTHUR DONNER, once an economist with the Bank of Nova Scotia is now a widely-known economic consultant specializing in financial markets.

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