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The World Markets for Stocks and Bonds

In: The New International Money Game

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  • Robert Z. Aliber

    (University of Chicago)

Abstract

One way to answer these questions is to rely on anecdotes, and particularly the stories of the market participants. An alternative approach is to rely on the data. The answers to both questions are more ambiguous than they seem. Consider the answer to the second question at the end of 1989. Investors who owned Japanese shares had a higher rate of return higher than investors who owned shares of firms in other industrial countries over the previous 10 years, the previous 20 years, and even the previous 30 years. The high rates of return on Japanese stocks reflected both the sharp increase in stock prices in terms of yen (in the 1980s stock prices in yen terms increased by a factor of six) and the fact that over the previous 20 years the yen had appreciated by 4 or 5 percent a year.

Suggested Citation

  • Robert Z. Aliber, 2002. "The World Markets for Stocks and Bonds," Palgrave Macmillan Books, in: The New International Money Game, edition 0, chapter 19, pages 294-306, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50097-6_19
    DOI: 10.1057/9780230500976_19
    as

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