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Ajit Singh, Mr. Rudolph Matthias, and Mr. Jack D. Glen
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.
Ajit Singh, Mr. Rudolph Matthias, and Mr. Jack D. Glen

sustained record of fast economic growth have come to grief because of fundamental flaws in their corporate, financial and governance systems. Specifically, it is suggested that the crisis was in part caused by over-investment which in turn resulted from a poor competitive environment and disregard for profits in corporate investment decisions. 1 Although this paper does not directly address the question of the east Asian economic crisis, 2 it provides important evidence on the nature and intensity of competition in these economies. For a large majority of developing

International Monetary Fund

evaluating the degree of competition in Hong Kong SAR’s industries. While prices have historically adjusted much more rapidly in response to shocks in Hong Kong SAR than in OECD economies ( Box I.1 ), many observers in recent years have raised questions about the degree of domestic competitiveness, particularly in light of the economy becoming increasingly dominated by service industries. 2 2. This chapter estimates quantitative, industry-level measures of the intensity of competition and compares them both across industries and between Hong Kong SAR and OECD countries

International Monetary Fund

evaluating the degree of competition in Hong Kong SAR’s industries. While prices have historically adjusted much more rapidly in response to shocks in Hong Kong SAR than in OECD economies ( Box I.1 ), many observers in recent years have raised questions about the degree of domestic competitiveness, particularly in light of the economy becoming increasingly dominated by service industries. 2 2. This chapter estimates quantitative, industry-level measures of the intensity of competition and compares them both across industries and between Hong Kong SAR and OECD countries