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Typescript (photocopy). / Digitized by Kansas Correctional Industries

The objective of this study was to determine what impact, if any, interest rate subsidies have on the price of farmland in Canada. The basic capitalization model is used as a starting point for the development of several models. These econometric models are then estimated, using data from four provinces: Quebec, New Brunswick, Manitoba and Saskatchewan. The time period studied is 1972 to 1991. The findings indicate that interest subsidies do in fact affect land values, however the effect is relatively small. There are large differences between provinces in terms of subsidy amount and consequently in terms of the effect of the subsidy programs on the value of land in each province.

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Public concern for the intergenerational transfer of natural resources has generated an interest in sustainable development and sustainable agriculture. Policy makers have a new mandate to insure the promotion of sustainable agriculture. At the same time these policy makers must also reduce public expenditures in agriculture. These two conflicting mandates can only be accomplished when private market values for various soil conservation investments are known. Once this market information is known, policy makers can formulate appropriate policies to achieve both goals. / The focus of this research is to measure the significant factors affecting land values in the study area. The sample farm sales data used were drawn from four of Quebec's twelve agricultural regions. Two of these regions are among Quebec's most productive. These data were used in conjunction with a Hedonic Pricing Model for the analysis. / This research seeks to quantify the implied price paid for land characteristics, soil conservation and capital improvement investments. The research should determine whether the studied land market provides adequate price incentives for private market implementation of soil conservation and capital improvement investments. These investments are necessary to achieve a sustainable agriculture scheme.

The choice between purchasing land or entering into a long-term lease is analyzed using a deterministic cash analysis both from the tenant's and landlord's perspective. It is less financially stressful to start farming through a lease agreement than by purchasing the assets. The lease period of landlord indifference between these choices is determined for each combination of input variables. / Land value and income forecasting models are developed and presented. These models are based on two similar but conceptually different statistical tests. Each test results in different forecasting models which has implications for the use of such models in the future. / Consumption-based asset pricing models are tested using agricultural rental income. These models, although appealing both intuitively and theoretically are found wanting in terms of their formulation as the model results are highly sensitive to the data employed. This concern increases with the level of data aggregation.

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