The Global Capital Stock. A Proxy for the Unobservable Global Market Portfolio
20 Pages Posted: 13 Jul 2016 Last revised: 12 Oct 2016
Date Written: October 3, 2016
This article summarizes our attempt to measure the current economic stock of a broad universe of risky assets worldwide. Therefore, by measuring the global capital stock of assets, financial and non-financial ones, we intend to provide a proxy for the global market portfolio. We compute the market value of global assets included in 11 asset classes for the period 2005-2015. Despite the lack of data for non-financial assets, we consider our methodologies sound and feel strongly optimistic about future development, which will further reduce the margin of error and then provide a more accurate benchmark for multi-asset portfolios.
Keywords: global capital stock, global market portfolio, alternative assets
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