A Methodological Note on Measuring the Functional Efficiency of Capital Markets

Johan Eklund () and Sameeksha Desai ()

No 132, Working Paper Series in Economics and Institutions of Innovation from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

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 (search for similar items in EconPapers)
JEL-codes: C00 G32 P00 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2008-06-09
New Economics Papers: this item is included in nep-cfn and nep-fmk
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Working Paper: A Methodological Note on Measuring the Functional Efficiency of Capital Markets (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:cesisp:0132

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