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What are the factors behind current high stock market valuations?
[Quelles sont les sources de la forte valorisation des marchés d’actions ?]

Author

Listed:
  • Nicolas Châtelais
  • Arthur Stalla-Bourdillon

Abstract

Despite the corrections at the end of 2018 and the Covid-19 shock, price-earnings ratios remain at high levels, particularly in the United States. However, based on indices adjusted for expected growth and the level of interest rates, this trend does not appear to be the result of irrational exuberance like in previous speculative episodes. Malgré les corrections de fin 2018 et le choc lié au Covid-19, les indicateurs prix/bénéfices se maintiennent à des niveaux élevés, notamment aux États-Unis. Cependant, si l’on en juge par des indices corrigés des anticipations de croissance et du niveau des taux d’intérêt, cette évolution ne relèverait pas de l’exubérance irrationnelle ayant caractérisé des épisodes spéculatifs antérieurs.

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Handle: RePEc:bfr:econot:189
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