Capital Productivity and the Nature of Competition

  title={Capital Productivity and the Nature of Competition},
  author={Axel B{\"o}rsch-Supan},
This paper measures capital productivity in West Germany, Japan and the United States and links capital productivity to financial performance. We show that West Germany and Japan have significantly lower levels of capital productivity than the United States, mainly due to lower capital utilization but also because less productive capacity was created per unit of physical assets. On a higher level of causality, we show that this mainly comes from less pressure from product market competition and… CONTINUE READING
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