KUVSHINOV

I have been awarded a 2023 ERC Starting Grant for the project SAFECRISES (Safety, Liquidity, and Crises) which studies the contribution of safe assets and liquidity to financial crises and macro-financial risk (details)... We use new long-run data to document the rates of return on four major asset classes - equity, housing, bonds, and bills - in 16 advanced economies, and study their statistical properties... We document a structural break in the long-run evolution of stock market growth across 17 advanced economies. Between 1870 and the 1980s, market growth was driven by equity issuances and broadly tracked that of GDP. After the 1980s, stock markets grew much faster than GDP, driven by higher stock prices and rising listed firm profit shares.