- Thursday, July 5
- 12:15 PM
- Kaiserplatz 7-9, 4th floor, Room 4.006
The Big Bang, joint with Dmitry Kuvshinov
This paper presents for the first time annual stock market capitalization data for 17 advanced economies from 1870 to today. We show that long-run trends and fluctuations over the last 150 years are eclipsed by a more recent observation. Market capitalization relative to GDP skyrocketed in 1980s and 1990s. This paper sheds light on the underlying drivers of this remarkable structural break, and analyses its contribution to the changing structure of wealth and finance.