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to extrapolate the market capitalization. I hence multiply the stock market index with the related correlation coefficient. So as to give evidence of the accuracy of this calculation Figure Ap 1 compares the assessed market capitalization series with Rajan and Zingales (2003) series for Germany, the UK, Italy and the Netherlands. 4 Series is close for Germany and Italy. Rajan and Zingales series tends to be more volatile in the case of the UK and the Netherlands. However, trends are similar in both cases. Other series Four other series are used in the study: compensations, interest rates, inflation and the deregulation index. European countries compensation series is available in EU-KLEMS from Wages series for the UK is also available on the ONS web site till 1955, Nominal interest rate is from Schularick and Taylor, 1970. ,
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