Macroeconomics of the Franco-Prussian War Indemnity
Macroeconomics of the Franco-Prussian War Indemnity
Macroeconomics of the Franco-Prussian War Indemnity
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Hong Kong Institute for Monetary Research<br />
Figure 10. Productivity Shocks in Non-traded Goods<br />
15<br />
8<br />
10<br />
6<br />
GDP%<br />
5<br />
0<br />
-5<br />
Terms <strong>of</strong> trade %<br />
4<br />
2<br />
0<br />
-10<br />
-2<br />
-15<br />
1868 1870 1872<br />
1874 1876 1878 1868 1870 1872<br />
-4<br />
1874 1876 1878<br />
Year<br />
History<br />
z and g shocks<br />
transfer, z, and g shocks<br />
Year<br />
4<br />
10<br />
3<br />
2<br />
5<br />
1<br />
0<br />
-1<br />
-2<br />
-3<br />
Consumption %<br />
0<br />
-5<br />
-10<br />
-4<br />
-15<br />
1868 1870 1872<br />
1874 1876 1878 1868 1870 1872<br />
1874 1876 1878<br />
Year<br />
Year<br />
35