GDP: "GDP data from 1850 to 1939 are from Hoffman (1965, T. 248," "col. 5, pp. 825-826), Nettosozialprodukt zu Markt-preisen (NNP" "at market prices), mill mark, raised 8.4% to approximate GDP" following procedure in Maddison (1991). Capital Formation: Capital formation data from 1850 to 1939 from Hoffman et al. "(1965, T. 248, col. 2, pp. 825-826), Nettoinvestitionen (net" investment). Data include stocks. Hoffman et al. (1965) report "separate inventory figures only for the years 1924-39 and 1950-59; see Hoffman et al. (1965, T. 32, col. 4, p. 237)," "Investitionen der Landwirtschaft, Vorrate (investment in" "agriculture, stocks), plus T. 36, col. 3, p. 247," "Investitionen im Gewerbe, Vorrate, (investment in trade/industry, stocks). Our pre-1913 numbers on stocks in" trade and industry (used only for illustrative purposes in Appendix A) are estimated by calculating the average of stocks "to the sum of fixed investment and stocks for the years 1924-1939, 1950-1959, and multiplying that average by the annual" sum data on total investment. Current Account: Current account data from 1860 to 1938 are from Hoffman et al. "(1965, pp. 825-826, col. 4), Saldo der Leistungsbilanz. The" current account data exclude net exports of precious metals. The current account excluding gold is calculated by adding net exports of precious metal to the current account and subtracting net exports of gold. Gold: "Exports data from 1872 to 1942 from Germany, Deutsche" "Bundesbank (1976), T. J 1.03, p. 324, col. 11, Ausfuhr," "darunter gold (exports of gold) and col. 13, Einfuhr, darunter" gold (imports of gold). Exports data for 1872 to 1879 are estimated by taking the average of gold exports to total exports of precious metal for the period 1880 to 1913 and multiplying by the figure for corresponding figure for total precious metal exports. Imports data for 1872 to 1875 are estimated by taking the average of gold imports to total imports of precious metal for the period 1876 to 1913 and multiplying by the figure for corresponding figure for total precious metal imports. Gold holdings of the Reichsbank "for 1876-1945 from Germany, Deutsche Bundesbank (1976), T. C" "1.01, p. 36, col. 2, Aktiva: Gold in Barren and Munzen (gold" "in bars and coin). Data for 1878, 1879, 1883, 1887, 1888, 1890" "are not shown separately, but data are given for sum of Gold" in Barren und Munzen and Deutsche Scheidemunzen (total gold in "bars and coin and German subsidiary coin), Data for 1878," "1879, 1883, 1887, 1888, 1890 are estimated by taking the ratio" for the previous year of gold in bars and coin to the sum of "gold in bars and coin plus subsidiary coin, and multiplying by" the corresponding sum for the missing year. Gold coin in "circulation from 1876 to 1913 from Deutsche Bundesbank (1976)," "T. B 1.01, p. 14, Munzen, Goldmunzen (coin, gold coin), col." 7. The monetary gold stock is calculated as the sum of gold coin in circulation plus the gold holdings of the Reichsbank. Refs: "Deutsche Bundesbank (1976), Deutsches Geld- und Bankwesen in Zahlen 1876-1975," "Herausgeber: Deutsche Bundesbank, Frankfurt am Main, Verlag: Fritz Knapp GmbH, Frankfurt." "Hoffman, Walther G. (1965), Das Wachstum der Deutschen Wirtschaft seit der" "mitte des 19 Jahrhunderts, Springer Verlag, Berlin." Refs: "Deutsche Bundesbank (1976), Deutsches Geld- und Bankwesen in Zahlen 1876-1975," "Herausgeber: Deutsche Bundesbank, Frankfurt am Main, Verlag: Fritz Knapp GmbH, Frankfurt." "Hoffman, Walther G. (1965), Das Wachstum der Deutschen Wirtschaft seit der" "mitte des 19 Jahrhunderts, Springer Verlag, Berlin."