KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
Johan E Eklund
A Methodological Note on Measuring the Functional Efficiency of Capital Markets
() and Sameeksha Desai
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.
Keywords: Allocation of capital; accelerator principle; functional efficiency; (follow links to similar papers)
JEL-Codes: C00; G32; P00; (follow links to similar papers)
11 pages, June 9, 2008
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