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Title:Measuring the functional efficiency of capital markets PDF Logo
Authors:Eklund, Johan E.
Desai, Sameeksha
Issue Date:2008
Series/Report no.:Jena economic research papers 2008,051
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.
Subjects:Allocation of capital
accelerator principle
functional efficiency
JEL:C00
G32
P00
Document Type:Working Paper
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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