Johan E Eklund
() and Sameeksha Desai
Johan E Eklund: JIBS and CESIS
Sameeksha Desai: Max Planck Institute of Economics
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.
11 pages, June 9, 2008
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