| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14468 |
| DP14468 The Big Bang: Stock Market Capitalization in the Long Run | |
| Dmitry Kuvshinov; Kaspar Zimmermann | |
| 发表日期 | 2020-03-04 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies trends and drivers of long-run stock market growth. Between 1870 and 1990, advanced-economy stock market capitalization grew in line with GDP. But over recent decades, a historically unprecedented expansion saw market cap to GDP ratios triple and remain persistently high. While most historical stock market growth was driven by issuances, this recent expansion was fuelled by rising equity prices. We show that the key driver of this structural break was a profit shift towards listed firms, with listed firm profit shares in both GDP and capital income doubling and reaching their highest levels in 146 years. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Stock market capitalization Equity issuance Corporate profits Wealth-to-income ratios Long-run trends |
| URL | https://cepr.org/publications/dp14468-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543366 |
| 推荐引用方式 GB/T 7714 | Dmitry Kuvshinov,Kaspar Zimmermann. DP14468 The Big Bang: Stock Market Capitalization in the Long Run. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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