基本財産の長期的成長

—アメリカの大学を例としての30年間（1977年～2007年）—

抄録

Endowments for American colleges and universities have shown steady growth for 30 years from 1977 to 2007. This study analyzes the long-term growth of endowments in 90 colleges and universities in New England comparing with the relevant consumer price index and different types of institution.

The growth rate of endowments across the types is higher than the consumer price index for every 5-year period except the first that is 1977 to 1982. The growth of endowments for major private universities and national liberal arts colleges is sometimes lower than that of other types of institutions such as land-grant universities and regional Catholic colleges. Over 30 years, the annual growth rate of the Yale endowment has continuously resembled that of the New York Stock Exchange index rather than that of the 10-year Treasury bond.