BIS central bankers’ speeches  5  Consequently, the price of PSV assets is about 21.4 units of consumption goods in the globalization period (Period 3), a huge increase from 5.90 in the previous period.
The price of PSV assets is nearly four times higher in the globalization period (Period 3) than in the pre-globalization period (Period 2), leading to asset price inflation of 5.28% per annum. The number of young people in the market-economy world, who are saving for future retirement, increases substantially in the period of globalization.