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How Intensive Is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets

Author

Listed:
  • Ajit Singh
  • Mr. Rudolph Matthias
  • Mr. Jack D. Glen

Abstract

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.

Suggested Citation

  • Ajit Singh & Mr. Rudolph Matthias & Mr. Jack D. Glen, 1999. "How Intensive Is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets," IMF Working Papers 1999/032, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1999/032
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    Citations

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    Cited by:

    1. Uma Kambhampati & Ashok Parikh, 2003. "Disciplining firms: the impact of trade reforms on profit margins in Indian industry," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 461-470.
    2. Maruyama, Nobuhiro & Odagiri, Hiroyuki, 2002. "Does the 'persistence of profits' persist?: a study of company profits in Japan, 1964-97," International Journal of Industrial Organization, Elsevier, vol. 20(10), pages 1513-1533, December.
    3. Cook, Paul, 2002. "Competition Policy, Market Power and Collusion in Developing Countries," Centre on Regulation and Competition (CRC) Working papers 30681, University of Manchester, Institute for Development Policy and Management (IDPM).

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