Stats › Rendements de long terme › Rendements de long terme
Across sixteen countries and 145 years, equities returned 4.64 per cent real and nobody reports a standard error
| Actif | Arithmetic 1870 to 2015 | Standard deviation | Geometric | Geometric after 1950 |
|---|---|---|---|---|
| Bills | 0.98% | 6.01 | 0.78% | 0.81% |
| Obligations | 2.50% | 10.74 | 1.94% | 2.30% |
| Equities | 6.89% | 21.94 | 4.64% | 5.54% |
| Housing | 7.05% | 9.98 | 6.61% | 7.10% |
Real total returns across sixteen advanced economies, equally weighted, 1,739 country years in the full sample and 1,016 after 1950. Hyperinflations are excluded from this table and the paper does not list which country years were dropped. The parentheses in the source's other tables contain standard deviations, not standard errors, a distinction frequently misread. No significance statistic of any kind appears in the paper.
Global real geometric returns from 1870 to 2015 are 0.78 per cent for bills, 1.94 for bonds, 4.64 for equities and 6.61 for housing. The source reports no standard errors, no t statistics and no confidence intervals for any of them.
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