Farm settlement with imperfect capital markets: a life-cycle application to Upper Canada, 1826-1851

Frank Lewis

Canadian Journal of Economics, 2001, vol. 34, issue 1, 174-195

Abstract: Farm settlement, where borrowing is constrained, is addressed with a life-cycle model. Because a pioneer farm must be cleared before becoming productive, the settler first accumulates in order to purchase supplies and maintain consumption during the initial years. Implications of the model are explored using data from Upper Canada, 1826-1851: age at settlement is delayed. Settlers eventually receive higher incomes than those who do not settle; rising life expectancy contributes to settlement; an immediate income is a prerequisite to settlement. Such findings conform to the experience of Upper Canada and other pioneer areas and may also illuminate aspects of migration.

JEL-codes: J61 N31 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (4)

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