In Figure 3, we show that the market value of NYSE companies was roughly 69 percent of the total value of all domestic corporations during the entire post-World War II period. Here, we plot the market value of all domestic corporations in the United States relative to . GNP as reported in the Flow of Funds Accounts for the United States (Federal Reserve Board 1945—2000). The Federal Reserve’s measure includes the total value of equity of all publicly traded and closely held domestic corporations plus the value of their net debt (debt liabilities less debt assets). Prior to 1974 net debt is a small share of.
