How Intensive Is Competition In The Emerging Markets An Analysis Of Corporate Rates Of Return From Nine Emerging Markets

Download or read book How Intensive Is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets written by Mr.Jack D. Glen and published by International Monetary Fund. This book was released on 1999-03-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This large empirical study of corporate profitability in emerging markets during the 1980s and 1990s measures the intensity of competition. Data on corporate rates of return, profit margins, and output-capital ratios reveal that the recent liberalization has been associated with reduced corporate profit margins and improved capital utilization efficiency. The paper also analyzes persistency in corporate profitability and finds that competitiveness was no less intense in developing countries than in advanced countries. Although the paper is not directly concerned with the Asian crisis, it provides evidence on important structural hypotheses about the crisis.