The Old population in the Cold War period is that of the Developed area, and as a whole they possess 100 million PSV assets. The Young population trades 473 million units of consumption goods for 100 million PSV assets that the Old population possesses. Consequently, the price of PSV assets is about 4.73 units of consumption goods in Period 1.
A similar situation holds true in the pre-globalization period, where the price of PSV assets is about 5.90 units of consumption goods. Consequently, the asset price inflation rate in the pre-globalization period is 0.89% per annum. Then, consider globalization. The Emerging area (that is, Russia and China) is incorporated into the market-economy world in the globalization period (Period 3).