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I guess these would have to be included: https://en.wikipedia.org/wiki/List_of_former_stock_exchanges_in_the_Americas …
And some of the stock markets in former/defunct sovereign states like these? https://en.wikipedia.org/wiki/List_of_former_sovereign_states …
This is really a question about survivorship bias, obvs. But I guess we'd need to weight by inflation-adjusted market cap somehow.
Again you asked about average, but weighted how? Equal weighted per country, or market cap weight? If market cap most markets that imploded are irrelevant
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