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Measuring the Functional Efficiency of Capital Markets

Author

Listed:
  • 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.

Suggested Citation

  • Johan E. Eklund & Sameeksha Desai, 2008. "Measuring the Functional Efficiency of Capital Markets," Jena Economics Research Papers 2008-051, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2008-051
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    File URL: https://oweb.b67.uni-jena.de/Papers/jerp2008/wp_2008_051.pdf
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    More about this item

    Keywords

    Allocation of capital; accelerator principle; functional efficiency;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General

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