- • Bills of Exchange and Advances (Central Bank): Series reported in Statistisches Reichsamt (1937, p. 134) and Statistisches Reichsamt (1936, p. 385) differ slightly in their definition and were hence linked via re-basing them to a common base year.
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- • Bonds Returns: From 1934 on, new calculation method, but no apparent break in the series.
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- • Central Bank - Currency in Circulation: Excludes 10 and 20 Crowns bills from 1932 on.
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- • Clearings (Madrid): series exhibits stark (positive) break in the first quarter of 1927. This is most likely due to speculation in favour of the Peseta (see IAES - events), which led to the influx of money.
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- • Clearings: From May 1931 on, clearings declined rapidly. However, there are no comments on the series that indicate that it is not valid anymore.
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- • Clearings: Includes 32 cities from 1931 on; before only 29–31.
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- • Coal Production (State-owned Mines): Excludes mines other than the one in Pernik from 1934 on. However, those mines produced negligible amounts.
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- • Commercial Banks series: Series from the two editions of the STATI differ marginally for 1932–1934. The ones taken from 1937 edition adjust for the value of foreign deposits.
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- • Compositions: Last three values for 1925 were recorded as a quarterly sums and were simply split in monthly data.
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- • Currency in Circulation (Central Bank): From 1932 on slight change in the composition of the series, but still broadly consistent.
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- • Deposits (Central Bank): Strong increase in 1933, possibly due to change in accounting.
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- • Employment (Mining and Industry): Values for June - December 1926 have been linearly interpolated.
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- • Exports - Light Bulbs: Tenfold increase from 1928 on.
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- • Exports Wool: For January–March 1929, there was only quarterly data available. Hence monthly values have been assumed to be 1/3 of the quarterly value for each month.
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- • Gold Stock (Central Bank): Little variation until 1930.
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- • Gold stock / Foreign Exchange; Values for September–December 1936 have been converted to the old parity.
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- • Gold Stock: Data after September 1931 was transcribed from Howson (1980, p. 80) and includes the Holdings of the Exchange Equalisation Fund.
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- • Gold Stock: From March 1933: with gold abroad (earmarked gold).
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- • Gold Stock: shows little variation from 1932 on, which might be due to new regulation.
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- • Gold Stock: Values for November and December 1936 have been converted to the old parity: 0.009 vs the new one: 0.00625174 (Statistisches Reichsamt, 1937, p. 98).
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- • Hourly Wages in Types of Business (All Types of Workers): No variation from June 1933 on.
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- • Indicators of Commercial Banks (of the Federal Reserve System): Series comprises 101 Cities until December 1931, 90 thereafter. Series have been linked via indexing. A very small break occurs in some series.
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- • Interest - Trade Bills: Little variation from 1933 on • Stock Emissions: Values for 1925 were recorded in quarterly sums and were simply split in monthly data.
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- • Interest Rate - One-Month Money: Little variation from 1934 on.
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- • Kantonalbanken - all series: new accounting principles from 1932 on, which does however, not lead to the inconsistency of the series.
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- • Nominal Wages: Two indices have been linked via re-basing. Value for December 1936 was assumed to equal the one of November 1936.
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- • Pig Iron - Production: Values for March - May 1933 were missing and assumed to be 0.
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- • Prices of Industrial Inputs and Food Prices: Value for December of 1935 was assumed to take the one of November 1935.
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- • Protested Bills of Exchange: Big outlier in May 1932.
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- • Railways Series: Values for 1932: Thirteen 4-week values were given. Hence the 7th value was taken, divided by 12 and added to the other months.
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- • Real Interest on Government Bonds: Values for November and December 1936 were missing and assumed to take those of October 1936.
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- • Real Interest Rate Fixed-yield Investments: From 1934 on, the series does not take foreign treasury bills into account, which lowers its value by around 2 %.
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- • Series of the Joint-Stock Banks: Values for January 1925 were missing and assumed to take those of February 1925.
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- • Shoes - Production: New Composition from 1935 on, but series are broadly consistent. • Prices - Construction : Two series were linked.
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- • Stock and Security Market Indices: Until 1926 beginning of the month, thereafter end of the week averages.
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- • Stock Companies - New Investments & Stock Companies - Lost Capital: Values for November/December 1935 assumed to equal those of October. • There are some production indices in the IAES, but they cannot be linked in a sensible manner. Hence, they were excluded from the sample.
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- • Stock Market: the value for December 1936 was missing and assumed to take the same value as the one for November 1936. • Wholesale Prices: Quarterly series was converted into monthly frequency by employing a cubic spline.
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- • Stock Yields: Change of the composition of the series is reported for 1934. However, no structural break appears.
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- • Stocks - Fully-manufactured Goods (Iron and Steel Products) & Stocks - Fully-manufactured Goods (Textiles): Values for November & December 1936 are assumed to take those of October 1936.
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- • Stocks - Wheat Flower: Values for October, November & December 1936 are assumed to take those of September 1936.
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- • Stocks: Values for December 1926, 1927, 1928, 1930 were missing and therefore linearly interpolated.
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- • Transported Goods (Railway): Value for December 1936 was missing and assumed to take the same value as in November.
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- • Turnover Bonds: There is a strong increase in 1936, but it does not seem to be a mis-recording of data.
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- • Unemployed - Registered Job Seekers: Values for January and February 1925 were missing and assumed to take those of March 1925.
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- • Unemployed (Recipients of Unemployment Insurance): From October 1936 on, recipients of the Krisenfüürsorge are counted in in the original series. We deducted its last available value from it (454,000) for the last quarter of this series.
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- • We link two unemployment series by rebasing them to a common year. Last two values for the later series are assumed to take the value of October 1936.
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- • Whole Sale Prices: As data for wholesale prices becomes only available in 1928, we chained retail prices for 1926–1927 from League of Nations (1928, p. 219) into the series.
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- • Wholesale Prices - General: New composition from 1932 on, but no apparent change in the series.
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- • Wholesale Prices - Petroleum (for lamps): Value for December 1935 was assumed to take the one of November 1935. • Consumer Prices - General, Consumer Prices - Foodstuffs, Consumer Prices - Property & Consumer Prices -Clothes : Slightly different numbers in the two publications, the latter were assumed to be correct.
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- • Wholesale Prices: 1927 based on consumer prices from the STATI, which are – as the wholesale prices – based on 1913. This is an imperfect solution, but no wholesale prices have been calculated for the period prior to 1928 at any frequency.
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- • Wholesale Prices: The Values for 1927–1929 are based on Retail Prices from the League of Nations (1929, p.
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- • Wholesale Prices: Three indices have been chained together via re-basing; for 1925–1926: League of Nations (1926, p. 172), for 1926–1934: Statistisches Reichsamt (1936), and for 1932–1936: Statistisches Reichsamt (1937).
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- • Wholesale Prices: Three series were linked. The first two refer two wholesale prices for petroleum, wheat, and wood, whereas the third is more general, but was only available for 1935 and 1936.
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- • Workers in Saltpetre Industry: Value for February 1934 was missing and linearly interpolated, • Retail Sales (Santiago): Two indices were linked via re-basing. One is based on 20 companies and their branches, the other on 18.
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- Accominotti, O., 2012. Asymmetric propagation of financial crises during the Great Depression. Modern and comparative economic history seminar, January 26, 2012, London School of Economics and Political Science.
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Almunia, M., Bénétrix, A., Eichengreen, B., O’Rourke, K., Rua, G., 2010. From Great Depression to great credit crisis: Similarities, differences and lessons. Economic Policy 25 (62), 219–265.
- Appendices A. Dating the Depression This section provides the plots from our dating procedure for each country’s “trade and economic activity†index scaled to the respective standard deviation of annual industrial production (missing countries are due to the lack of annual industrial production data). Shaded areas indicate recessions and the black vertical bars mark October 1929 (stock market crash) and September 1931 (Britain leaves the gold standard) respectively. All indices are based on the same year (1929 = 100) and the graphs show the smoothed series, the original series and the recession dating. Table 2 compares our results with the ones by Romer (2004).
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- Archer, S., 1989. Industrial protection and employment creation in South Africa during the inter-war years. South African Journal of Economic History 4 (2), 5–24.
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Bénétrix, A. S., O’Rourke, K. H., Williamson, J. G., 2012. The spread of manufacturing to the periphery 1870-2007: Eight stylized facts. NBER Working Paper no. 18221.
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- Board of Governors of the Federal Reserve System, 1943. Banking and Monetary Statistics 1914–1941. Federal Reserve Bank of St. Louis).
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Bordo, M. D., Landon-Lane, J. S., 2010. The global financial crisis of 2007-08: Is it unprecedented? Tech. rep., NBER Working Paper no. 16589.
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Campa, J., 1990. Exchange rates and economic recovery in the 1930s: An extension to Latin America. The Journal of Economic History 50 (3), 677–682.
Choudhri, E. U., Kochin, L. A., 1980. The exchange rate and the international transmission of business cycle disturbances: Some evidence from the Great Depression. Journal of Money, Credit and Banking 12 (4), 565–574.
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Harding, D., Pagan, A., 2002. Dissecting the cycle: a methodological investigation. Journal of Monetary Economics 49 (2), 365–381.
Hodrick, R. J., Prescott, E. C., 1997. Postwar US business cycles: an empirical investigation. Journal of Money, Credit, and Banking 29 (1), 1–16.
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- League of Nations, 1945. Industrialization and Foreign Trade. League of Nations and League of Nations. Economic, Financial, and Transit Dept.
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Ritschl, A., Sarferaz, S., 2014. Currency versus banking in the financial crisis of 1931. International Economic Review 55 (2), 349–373.
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- The Lat was devalued by 40 % (Karnups, 2012, p. 56). See also “Goldwert der Valuta†series (Statistisches Reichsamt, 1937, p. 70).
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