Macroeconomics of the Franco-Prussian War Indemnity

Hong Kong Institute for Monetary Research
Appendix B: Data Sources and Definitions
France
Annual data for France are from Lévy-Leboyer and Bourguignon (1990). The following table gives the
precise Definitions of the measures we use, with the corresponding source in their monograph:
Measure Table Series
nominal GDP A-III 1
net exports A-III 5+6-7
investment A-III 4+8
consumption A-III 2
government spending A-III 3
net foreign income A-I 8
import prices A-VI 4
export prices A-VI 5
cost of living A-IV 13
real wage A-IV 14
Annual estimates of French population are from Mitchell (1998, table A5). These coincide with the
quinqennial censuses and also reffect the loss of Alsace and Lorraine.
Germany
Annual data for Germany are from Hoffmann (1965) and Spree (1977). The real capital stock (in 1913
marks) is from Hoffmann, table 39. Real consumption, net investment, and government spending (1913
marks) are from Hoffmann, table 249. Real, net national product is from table 103, measured as the sum
of output in different sectors. This series is rescaled by splicing it to the series on NNP, measured as the
sum of expenditures, from table 249, which begins in 1880. Net investment and NNP are made gross by
adding 10 percent of the capital stock series. Real net exports are then found from the national incomeexpenditure
identity.
The real wage index (1900=100) and the index of German share prices are from Spree’s tables A3 and
A16 respectively.
Volume indexes of exports and imports are found in Hoffmann (tables 129 and 131) and Spree (tables
A39 and A40). While these series differ, they both show sharp deteriorations in the volume of net exports
after 1871, consistent with the receipt of a transfer.
39