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Measuring the Functional Efficiency of Capital Markets

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Author Info

  • Johan E. Eklund

    () (Jönköping International Business School)

  • Sameeksha Desai

    (Max Planck Institute of Economics, Jena, Germany)

Abstract

We apply the accelerator principle to measure the functional efficiency of capital markets. We estimate the elasticity of capital with respect to output using a panel of firms across 44 countries, and compare the results with existing approaches. Furthermore, we correlate our measure with corporate governance institutions.

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File URL: http://zs.thulb.uni-jena.de/receive/jportal_jparticle_00102482
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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2008-051.

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Date of creation: 18 Jun 2008
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Handle: RePEc:jrp:jrpwrp:2008-051

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Keywords: Allocation of capital; accelerator principle; functional efficiency;

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