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"State-directed capital flows concentrated in a small number of financial institutions and corporations hamper growth....When control over capital is shifted from a few financial institutions to many, it results in an immediate increase in people looking for new businesses to finance."
--From "Capital Access Index: Emerging and Submerging Markets," a Milken Institute policy brief by economists Glenn Yago and David Goldman.
Using 17 indicators, including government debt
as a percentage of GDP, allowed foreign ownership, and capital
gains tax rates, the authors assess emerging economies in terms of
capital access, which they consider "the most salient dimension of
a country's economic environment that allows it to realize its
growth potential." Singapore tops their list, while Bulgaria brings
up the rear. Available on the Web at
www.milken-inst.org/mod18/capacc_contents. html or
by calling 310-998-2600.
For related measures of economic freedom and competitiveness,
check out the Fraser Institute's "Economic Freedom of the World"
(www.fraserinstitute.
ca/books/econ_free/contents.html), the Heritage
Foundation's 1998 Index of Economic Freedom
(www.heritage.org/
index), and the World Economic Forum's "Global
Competitiveness Report"
(www.weforum.org/
publications/gcr/).
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