| Description |
1 online resource (34 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/04/112 |
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IMF working paper ; WP/04/112
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| Contents |
""Contents""; ""I. INTRODUCTION""; ""II. RELATED LITERATURE""; ""III. THE MODEL""; ""IV. DISPERSION IN TOBIN�S Q AS A MEASURE OF ALLOCATIVE EFFICIENCY""; ""V. DATA DESCRIPTION""; ""VI. DESCRIPTIVE STATISTICS""; ""VII. PANEL REGRESSIONS""; ""VIII. CONCLUSION""; ""APPENDIX I. Measuring Dispersion in Q: Four Inequality Indices""; ""REFERENCES"" |
| Summary |
The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Financial services industry -- Deregulation -- Developing countries
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Stocks -- Developing countries -- Rate of return
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Asset allocation -- Developing countries
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Investments -- Developing countries.
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Asset allocation
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Financial services industry -- Deregulation
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Investments
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Stocks -- Rate of return
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Developing countries
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| Form |
Electronic book
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| Author |
Oomes, Nienke, author
|
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Ueda, Kenichi, author
|
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International Monetary Fund. Research Department, issuing body
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| ISBN |
1451899068 |
|
9781451899061 |
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9781451853636 |
|
1451853637 |
| ISSN |
2227-8885 |
|
