GDP: "GDP data from 1850 to 1944 are from Hansen (1977, T. 5, pp." "261-263), gross factor incomes (bruttofaktorindkomst) plus net" import of goods and services (netto import af varer og tjenester) plus indirect taxes less subsidies (indirekte "afgifter - pristilskud), equaling disposal of merchandise and" "services (varer og tjenester til radighed), current market" "prices (lobende markedspriser), millions of kroner. " Capital Formation: Capital formation data from 1850 to 1944 are from Hansen "(1977, T. 6, pp. 264-266, col. 2), gross investment" "(brutto-investering), current prices, millions of kroner. Data" do not include stocks. Current Account: Current account data from 1874 to 1944 are from Bjerke and "Ussing (1958, T. VI, pp. 152-153, col. 4), net imports of" "goods and services, millions of kroner. According to the" League of Nations Memorandum on Balance of Payments and "Foreign Trade Balances 1911-1925, vol. II, p. 85, Danish trade" statistics exclude gold bullion and all specie. Silver bullion is included in merchandise trade. Thus the current account data should not include gold trade. Gold: Data on the monetary gold stock from 1874 to 1906 are from the U.S. Annual Report of the Director of the Mint (various years). Data on the gold stock for 1875 and 1894 are calculated by adding net exports data for the following year to gold stock figures for the previous year. Data on the gold "stock for 1877, 1886-1888 are calculated by subtracting net" exports data for the year from the gold stock figures for the previous year. Data on the gold stock for 1874 and 1878 are calculated as the average of the preceding and following years. US dollar values are converted to kroner at the exchange rate of 0.268 US dollars per krone. Data on the gold holdings of the central bank (Danmarks Nationalbank) from 1907 to 1944 are from Statistisk Arbog Danmark (Statistical Yearbook) (various years). The change in the monetary gold stock is assumed to equal the change in the gold holdings of the central bank. Data on gold exports and imports for 1874 to 1906 are from the U.S. Annual Report of the Director of the Mint (various years). Data on gold imports and exports from 1910 to 1930 are from the League of Nations Memorandum on the Balance "of Payments (1924, 1927, 1931, 1932), bullion and specie" "import, bullion and specie export, then gold import and export. The figures for bullion and specie import include some" "non-gold coin. However, there is a close correspondence" between gold bullion and specie trade and total bullion and specie trade from the League of Nations figures for the years "with overlapping data (1922-1930), suggesting that the" non-gold element of bullion and specie trade was small. On "this basis, the figures for total bullion and specie trade" "were used from 1910 to 1921, then gold bullion and gold " specie trade figures were used from 1922 to 1930. Net exports of gold from 1907 to 1909 and from 1931 to 1934 are assumed to "equal minus the change in the monetary gold stock (i.e., an" increase in the monetary gold stock implies and equal amount of gold imports). Data on monetary gold exports for 1935 to "1944 are from Statistisk Arbog Danmark (Statistical Yearbook)," "various years. Again due to lack of data, total net exports" of gold for 1935 to 1944 are assumed to equal monetary gold exports. Refs: "Bjerke, Kjeld and Ussing, Niels (1958), Studier over Danmarks " "Nationalprodukt 1870-1950, Copenhagen." "Hansen, Svend AAge (1977), Okonomisk vaekst i Danmark, Bind II: 1914-1975," "Kobenhavns Universitet Institut for Okonomisk Historie, Publikation nr. 6," "AKademisk Forlag, Copenhagen." "League of Nations (1924), Memorandum on Balance of Payments and Foreign Trade" "Balances 1910-1923, vol. II Trade Statistics of Forty-Two Countries," Geneva. "League of Nations (1927), Memorandum on Balance of Payments and Foreign Trade" "Balances 1911-1925, vol. II Trade Statistics of Sixty-Three Countries," Geneva. "League of Nations (1931), Memorandum on International Trade and " "Balance of Payments 1927-1929, vol. III Trade Statistics of Sixty-Four Countries," Geneva. "League of Nations (1931), Memorandum on Trade and " "Balance of Payments 1927-1929, vol. III, International Trade Statistics," Geneva. "Statistisk Arbog Danmark (various years), Danmarks Statistik, Copenhagen."