Macroeconomics of the Franco-Prussian War Indemnity

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Hong Kong Institute for Monetary Research Figure 12. German Expenditure Shares 60 consumption and investment (percent) 55 50 45 40 consumption investment 1860 1865 1870 Year 1875 1880 8 government spending and net exports (percent) 6 4 government spending 2 0 net exports -2 1860 1865 1870 1875 1880 Year 37
Working Paper No.2/2004 Appendix A: Terms of the Treaty of Frankfurt Article VII A payment of five hundred million francs will take place within the thirty days following the re-establishment of the French government’s authority in Paris. A billion francs shall be payable within the current year, and a half-billion at 1 May 1872. The remaining three billion francs will be payable by 2 March 1874, as stipulated in the preliminary peace treaty. After 2 March of the current year, the interest on these three billion francs will be payable on 3 March each year, at a rate of five percent per year. Any part of the remaining three billion francs that is paid in advance will cease to accrue interest from the date of the payment. All payments may be made only in the major commercial cities of Germany and are payable in gold, silver, notes of the central banks of England, Prussia, the Netherlands, or Belgium, bills of exchange, or cashable notes. In France, the German government has fixed the value of the Prussian thaler at 3.75 francs. The French government accepts the conversion of the two countries’ currencies at this rate. [Translated by the authors. Our calculations include the separate Paris indemnity but not the interest payments at 5 percent, for the latter were roughly offset by a payment to France for railways in Alsace and Lorraine.] 38
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Macroeconomics of the Franco-Prussian War Indemnity

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