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Equity risk premium API

Read the equity risk premium and country risk premium of a country by REST or MCP: the latest figure, its history, or every country at once. Each part carries its basis.

First request

Quickstart →
curl -H "Authorization: Bearer $NARWHAL_API_KEY" \
  "https://api.narwhalapi.com/v1/economics/ITA/equity-risk-premium"
Example response Illustrative response · not a live request
{
  "country": "ITA",
  "as_of": "2026-10-28",
  "unit": "percent",
  "mature_erp": "3.2230",
  "country_default_spread": "0.8881",
  "volatility_ratio": "2.0310",
  "country_risk_premium": "1.8037",
  "total_erp": "5.0267",
  "basis": {
    "mature_erp": "observed",
    "country_default_spread": "observed",
    "volatility_ratio": "modelled",
    "country_risk_premium": "modelled",
    "total_erp": "modelled"
  },
  "methodology_url": "https://narwhalapi.com/methodology/equity-risk-premium"
}

Endpoints

GETGet a country's equity risk premium/v1/economics/{country}/equity-risk-premium

The latest equity risk premium of one country, or the latest on or before `date`: the mature market premium, the country default spread, the volatility ratio, the country risk premium and the total, each with its basis.

country
date

MCP · economics_get_equity_risk_premium

API reference →
GETGet equity risk premium history/v1/economics/{country}/equity-risk-premium/history

The equity risk premium of one country by date, oldest first, paged with `next_cursor`.

country
start
end
limit
cursor

MCP · economics_get_equity_risk_premium_history

API reference →
GETList equity risk premiums for all countries/v1/economics/equity-risk-premium

The latest equity risk premium of every country that has one, sorted by country.

MCP · economics_list_equity_risk_premium

API reference →

How the data works

Parts that add up

The total is the mature market premium plus the country risk premium, and the country risk premium is the default spread times the volatility ratio.

Read the methodology →

A basis on every part

Each figure is marked observed, modelled or table, so you can see what was measured and what was estimated.

REST and MCP

Use one API key for REST or MCP. The latest figure, history and the list are free on every plan.

Coverage

Every country with a row has a latest figure and a history. The United States and most euro-area countries are Narwhal's own estimates; other countries take their country premium from a published country risk table, marked with the basis table.

Explore related pages

Economic data API

Official indicators for prices, labour, output, trade, and rates.

Explore the API →

Common questions

What is the equity risk premium?

It is the extra return investors expect from shares over a risk-free government bond. The total for a country is the mature market premium plus a country risk premium.

What does the basis mean?

Observed means worked out from market or official data for that country. Modelled means estimated from other countries' data. Table means taken from a published country risk table, which we cite.

Is it free?

Yes. The latest figure, the history and the list of every country are included on every plan, including Free.

Can I use it in a cost of equity calculation?

Yes. Add the total premium, times your beta, to a risk-free rate. The figures are in US dollar terms, so add the inflation difference for another currency.