Working Paper No. 121. A Methodological Note on Measuring the Functional Efficiency of Capital Markets
Working Paper No. 121.
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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.
Eklund, J.E. & Desai, S. (2008). A Methodological Note on Measuring the Functional Efficiency of Capital Markets. Ratio Working Paper No. 121.