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RBA Glossary definition for capital market

capital market – A market for medium to long-term financial instruments. Financial instruments traded in the capital market include shares, and bonds issued by the Australian Government, State governments, corporate borrowers and financial institutions.

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Data

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
These are used to construct measures of firm output, inputs and capital stocks. ... We focus on the non-financial market sector, as is common in the literature, given the difficulty measuring capital and outputs in the finance sector and complexities
https://www.rba.gov.au/publications/rdp/2023/2023-03/data.html

Understanding the Slowdown

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
Table 5: Capital Reallocation by Financial Dependence Regression. Growth in non-current assets. ... Where mark-ups and market power increase, the relationship between productivity and capital reallocation weakens, as with employment growth.
https://www.rba.gov.au/publications/rdp/2023/2023-03/understanding-the-slowdown.html

Read me file

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
ipds.xlsx – example files. Suggest updating with new ABS data for consistent capital, GFCF (investment) deflators etc). ... Reference. Hambur J (forthcoming), ‘Product Market Competition and Its Implications for the Australian Economy’, Economic
https://www.rba.gov.au/publications/rdp/2023/2023-03/read-me.html

Appendix A: Data and Sample Statistics

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
Wage rate: labour expense divided by FTE. Capital: book value of non-current assets. ... t1. is disposals in t 1 deflated using the lagged capital stock deflator.
https://www.rba.gov.au/publications/rdp/2023/2023-03/appendix-a.html

Conclusion

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
In terms of what has caused this, we find evidence that increasing market power has played a role, muting incentives for better firms to invest and grow their capital stock. ... We also find evidence that the slowdown was worse in more debt-dependent
https://www.rba.gov.au/publications/rdp/2023/2023-03/conclusion.html

Doing Less, with Less: Capital Misallocation, Investment and the Productivity Slowdown in Australia

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
e61 2022). Firms and product markets have become more stagnant: firms are less likely to enter and exit, the largest firms in industries have become more entrenched, and market concentration and ... Where mark-ups and market power increase, the
https://www.rba.gov.au/publications/rdp/2023/2023-03/full.html

Introduction

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
e61 2022). Firms and product markets have become more stagnant: firms are less likely to enter and exit, the largest firms in industries have become more entrenched, and market concentration and ... In Section 5 we dig into the potential causes for the
https://www.rba.gov.au/publications/rdp/2023/2023-03/introduction.html

References

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
Hambur J (forthcoming), ‘Product Market Competition and Its Implications for the Australian Economy’, Economic Record. ... La Cava G (2019), ‘The Labour and Capital Shares of Income in Australia’, RBA Bulletin, March.
https://www.rba.gov.au/publications/rdp/2023/2023-03/references.html