2026-04-17T21:29:57Zhttps://recercat.cat/oai/requestoai:recercat.cat:10230/531362025-12-22T13:30:45Zcom_2072_6col_2072_452952
RECERCAT
author
Kuvshinov, Dmitry
author
Zimmermann, Kaspar
2022-05-18T09:26:03Z2022-05-18T09:26:03Z2022
Supplemental material file: online appendixWe study trends and drivers of long-run stock market growth in 17 advanced economies. Between 1870 and the 1980s, stock market capitalization grew in line with GDP. But over subsequent decades, an 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 fueled 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 to reach their highest levels in 146 years.This work was supported by the German Federal Research Ministry (BMBF) grant number 01UF1505.
© 2021 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess
Stock market capitalization
Equity issuance
Corporate profits
Wealth-to-income ratios
Long-run trends
The big bang: stock market capitalization in the long run
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion