Measuring the Functional Efficiency of Capital Markets

Johan Eklund () and Sameeksha Desai ()

No 2008-051, Jena Economics Research Papers from Friedrich-Schiller-University Jena

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)
Date: 2008-06-18
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