I guess these would have to be included: https://en.wikipedia.org/wiki/List_of_former_stock_exchanges_in_the_Americas …
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Serious question: across all the stock markets that have ever existed, across all the countries that have ever had stock markets -- _including countries & stock markets that no longer exist_ -- what's the true average rate of return? There must be econ papers on this
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And some of the stock markets in former/defunct sovereign states like these? https://en.wikipedia.org/wiki/List_of_former_sovereign_states …
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This is really a question about survivorship bias, obvs. But I guess we'd need to weight by inflation-adjusted market cap somehow.
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This is considered one of the most important papers on the subject: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=891620 …
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Thank you!
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The ancient Assyrians averaged 4.8%
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Which beat corn inflation.
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This is a very good and recent paper on the subject:https://academic.oup.com/qje/article/134/3/1225/5435538 …
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On a long enough time line, the average rate of return approaches zero.pic.twitter.com/Fj906wPImZ
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It would be hard to define what an answer to this question would be, even given the data. You're dealing with many different currencies, each with their own patterns of inflation over centuries. (The first modern stock market was founded in Amsterdam in 1611.)
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Inflation is hard to objectively measure even in the U.S. over recent decades. Yes, there are official numbers, but there are also multiple measures and debates as to which is best. The core problem is that the goods one can buy greatly change, so how does one commensurate?
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