GDP: GDP data from 1850 to 1900 are from Lévy-Leboyer and "Bourguignon (1985, T. A-III, series 1, pp. 329-332), produit" "interieur brut, millions de francs courants. Data from 1901 to" "1944 are from Villa (1993, p. 459, series PIBQ), Production" Interieure Brute en valuer - en gros francs courants. Capital Formation: Capital formation data from 1850 to 1900 are equal to gross fixed capital formation plus changes in stocks. Capital "formation data are from Lévy-Leboyer and Bourguignon (1985, T." "A-III, series 4, pp. 329-332), investissements, bruts (gross" "fixed capital formation), millions de francs courants. Changes" in stocks data from 1850 to 1900 are from Lévy-Leboyer and "Bourguignon (1985, T. A-III, series 8, pp. 329-332)," "variations des stocks (change in stocks), millions de francs" courants. Capital formation data from 1901 to 1944 are are "equal to gross fixed capital formation plus changes in stocks. Capital formation data are from Villa (1993, p. 439, series" "IE, IG, IM), Investissement des Entreprises, Investissement" "des Administrations, Investissement des Menages, en valeur, en" "gros francs courants (sum of investment by businesses," "government, households). Changes in stocks data are from Villa" "(1993, p. 457, series DS), variations de stocks en valeur - en" gros francs courants (changes in stocks). Current Account: Current account data from 1850 to 1900 are from Lévy-Leboyer "and Bourguignon (1985, T. A-III, series 5, 6, and 7, pp." "329-332), exportations (exports) plus gains invisibles" "(invisible earnings) minus importations (imports), millions de" francs courants. Current account data from 1901 to 1923 are "from Villa (1993, p. 437: series EXPORT, plus p. 448: series" "SUS, plus p. 438: series IDVX, plus p. 435: series DREX, plus" "p. 435: series DOMX, minus p. 439: series IMPORT minus p." "444: series ODRX), exportations en valeur (exports), plus" "solde des utilisations de services (balance of services), plus" interets et dividendes verses par l'exterieur (interest and "dividends), plus depenses et recettes exterieurs (external" "expenditures and revenues), plus dommages de guerre verses par" "l'exterieur (war reparations), minus importations en valeur" "(imports), minus operations diverses de rapartitions exterieur" "(sundry external transactions), all en gros francs courants." "Current account data from 1924 to 1944 are from Villa (1993," "p. 436, series EBX), epargne brute de l'exterieur - en gros" francs courants. "According to Annuaire Statistique (1952, p. 195)," "external trade data exclude gold, silver, and copper coin, raw" "gold and silver, gold and silver in bars, ingots, and powder." "On this basis, the current account data excluding gold were" assumed to equal the original current account data. Gold: Data on net exports of gold and silver for 1850 to 1875 are "from the United States Annual Report of the Mint (1900, pp. " 424-425). U.S. dollar values are converted to French francs at the par exchange rate of 0.193 U.S. dollars per franc. Data on net exports of gold from 1876 to 1914 are from "the NBER Macrohistory Database (series 14114), excess of gold" "exports over imports, sum of 12 months data. Data for 1915 to" "1930 are from the League of Nations (1924, 1927, 1931, 1932)," gold bullion and specie exports less gold bullion and specie imports. Data from 1931 to 1944 are from Annuaire Statistique "(1966, Ch. 40, T. I, p. 365), mouvements d'or, million de" francs 1928. The figures for net exports of gold include gold and silver from 1850 to 1870. Estimates of the French monetary gold stock for 1850 to "1878 are reported by Flandreau (1995, p. 308). (Indeed, his" estimates reach back to 1840.) According to him (see his "footnote 54), the figures includes gold holdings of the Bank" of France. Data from 1879 to 1913 are estimated using data "from Sicsic (1989, T. 4, p. 728, and T. 11, p. 732). Sicsic" "provides revised estimates of the monetary gold stock," "apparently including bank of France holdings, in 1878, 1885," "1891, 1897, 1903, and 1909. These estimates are regressed on a" constant and the annual monetary gold stock data for the corresponding years as calculated by J. Denuc (method of M. "Pupin), which Sicsic reports in his T. 4. The coefficients" from this regression are then used the Denuc-Pupin annual data to arrive at predicted figures for the monetary gold stock from 1878 to 1913. To avoid a discontinuity in 1879 from "changing over from Flandreau’s data to Sicsic’s, the change in" the monetary gold stock for 1879 is calculated as the "difference between our predicted 1879 value based in the Denuc-Pupin data Sicsic reports, and Sicsic’s own estimate for" 1878 Data on the monetary gold stock from 1913 to 1927 are "from Annuaire Statistique (1966, T. III, p. 517), Banque de" "France encaisse d'or (Bank of France gold holdings, annual" average). Data from 1928 to 1945 are from Annuaire Statistique "(1966, T. II, p. 562), Banque de France encaisse d'or (Bank of" "France gold holdings, year end), multiplied by the price of" "gold from Annuaire Statistique (1966, T. II, p. 562), cours de" "l'or à Paris, cours d'achat par la Banque de France. Price" "data from 1938 to 1945 are from Annuaire Statistique (1952, p." "503), cours de l'or à Paris et à Londres depuis 1938, end of" December figures. Refs: "Villa, Pierre (1993), Une Analyse Macroeconomique de la France au XXe Siecle," "Monographies D'Econometrie, CNRS Editions, Paris." "France, Ministere des Finances et des Affaires Economiques (1952, 1966)," "Annuaire Statistique, Institut National de la Statistique et de Etudes Economiques, " "Imprimerie Nationale, Paris." "Levy-Leboyer, Maurice and Bourguignon, François (1985), l'Economie Française au XIXe siècle: Analyse macro-économique, Economica, Paris."