USA

Spliced Series
Gross
Domestic
Product

1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899

Spliced
($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
5979.0000
5881.5000
6383.0000
7491.5000
8241.0000
7263.0000
7360.0000
7803.0000
7993.0000
8586.5000
8284.5000
10688.0000
10795.0000
11704.0000
12012.5000
11313.5000
10717.0000
11323.5000
11731.5000
12049.5000
12651.0000
13306.0000
13720.5000
14463.0000
14024.0000
12793.0000
14104.0000
13464.5000
14789.5000
15562.5000
17546.0000

Gross
Domestic
Capital
Formation
Spliced
($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
1314.0000
1268.0000
1055.0000
1991.0000
1972.0000
1514.0000
1568.0000
1455.0000
1541.0000
1572.0000
1614.0000
2118.0000
2155.0000
2391.0000
2322.0000
2214.0000
1968.0000
2455.0000
2541.0000
2572.0000
2027.0000
2788.0000
2537.0000
3128.0000
2574.0000
2356.0000
2508.0000
2209.0000
2392.0000
2347.0000
2583.0000

Change
in
Stocks
Spliced
($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
350.0000
120.0000
450.0000
450.0000
380.0000
350.0000
220.0000
550.0000
350.0000
380.0000
500.0000
470.0000
500.0000
400.0000
280.0000
350.0000
170.0000
450.0000
200.0000
180.0000
231.0000
283.0000
257.0000
310.0000
113.0000
91.0000
403.0000
173.0000
391.0000
284.0000
612.0000

Current
Account
Original
Data

CA
Excluding
All Gold
Flows

Net
Exports
Gold

($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-52.0000
-6.0000
-61.5000
-85.0000
-77.0000
-120.0000
-109.0000
-124.0000
-137.5000
-100.5000
-171.5000
-204.5000
-119.5000
-92.5000
-52.0000
49.0000
148.0000
200.5000
152.0000
121.0000
32.0000
-51.0000
-58.5000
-49.0000
-60.0000
-145.0000
-220.5000
-233.0000
-202.5000
-167.5000
-107.0000
-118.5000
-59.5000
-69.0000
-98.5000
38.0000
245.5000
379.5000
367.0000

($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-55.0000
-44.5000
-134.5000
-156.0000
-134.5000
-162.5000
-155.5030
-175.3130
-155.6240
-143.1700
-210.5740
-261.9620
-124.4590
-118.2200
-81.0650
21.4430
100.6470
152.3220
119.6550
94.5810
7.7940
-74.3180
-82.4930
-70.9910
-83.7690
-168.9750
-246.7560
-256.5650
-226.4270
-183.3330
-118.1170
-136.5800
-72.5140
-100.6270
-134.0720
0.4730
196.2450
323.5200
311.9560

($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
46.5030
51.3130
18.1240
42.6700
39.0740
57.4620
4.9590
35.7200
39.0650
7.5570
7.3530
-1.8220
-74.6550
-70.5810
-57.7940
25.3180
-16.0070
12.9910
-12.2310
-0.0250
-35.7440
23.5650
38.9270
3.8330
34.1170
59.0800
7.0140
80.6270
70.5720
-46.4730
0.2550
-142.0200
-5.9560

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

18878.0000
20860.0000
21739.0000
23051.0000
23058.0000
25318.0000
28929.0000
30647.0000
27962.0000
32417.0000
33628.0000
34568.0000
37597.0000
39347.0000
36649.0000
38824.0000
49786.0000
59900.0000
76094.0000
79362.0000
89059.0000
74107.0000
73777.0000
85770.0000
87303.0000
90969.0000
97322.0000
95895.0000
97724.0000
102668.0000
89997.0000
75573.0000
57846.0000
55486.0000
64970.0000
72016.0000
82409.0000
90353.0000
84497.0000
90367.0000
99556.0000
125279.0000
163880.0000
204153.0000
223830.0000
218655.0000

3092.0000
3337.0000
3860.0000
3822.0000
3614.0000
4074.0000
4963.0000
5389.0000
4393.0000
5177.0000
5377.0000
4877.0000
5591.0000
6199.0000
4405.0000
4329.0000
5922.0000
6431.0000
6360.0000
8313.0000
10123.0000
7753.0000
9547.0000
12693.0000
13167.0000
14409.0000
15481.0000
14690.0000
14456.0000
16200.0000
10100.0000
5600.0000
1000.0000
1400.0000
3300.0000
6400.0000
8500.0000
11800.0000
6500.0000
9300.0000
13100.0000
17900.0000
9800.0000
5700.0000
7100.0000
10600.0000

426.0000
658.0000
391.0000
431.0000
199.0000
516.0000
831.0000
453.0000
-264.0000
989.0000
647.0000
481.0000
840.0000
848.0000
19.0000
167.0000
1495.0000
599.0000
729.0000
4054.0000
7361.0000
63.0000
530.0000
2992.0000
-936.0000
1752.0000
1523.0000
407.0000
-379.0000
1700.0000
-400.0000
-1100.0000
-2500.0000
-1600.0000
-700.0000
1100.0000
1300.0000
2500.0000
-900.0000
400.0000
2200.0000
4500.0000
1800.0000
-600.0000
-1000.0000
-1000.0000

412.0000
334.0000
153.0000
225.0000
142.0000
165.0000
149.0000
119.0000
235.0000
-161.0000
-158.0000
50.0000
45.0000
167.0000
-114.0000
1598.0000
2952.0000
3270.0000
2190.0000
3824.0000
2844.0000
1613.0000
645.0000
477.0000
987.0000
684.0000
445.0000
716.0000
1012.0000
771.0000
690.0000
197.0000
169.0000
150.0000
429.0000
-54.0000
-93.0000
62.0000
1109.0000
888.0000
1509.0000
1274.0000
77.0000
-1869.0000
-1690.0000
-1072.0000

334.6130
266.9770
92.1630
178.9220
77.5940
96.4990
92.8700
54.1820
155.0610
-233.7950
-228.5530
-17.7380
-17.8770
93.9070
-171.2300
1134.0000
2942.0000
3140.0000
2211.0000
3673.0000
3059.0000
1530.0000
613.0000
461.0000
965.0000
659.0000
463.0000
783.0000
890.0000
766.0000
710.0000
482.0000
-258.0000
76.0000
223.0000
-195.0000
-127.0000
108.0000
1422.0000
1362.0000
1883.0000
1386.0000
413.0000
-1080.0000
-1175.0000
-568.0000

-12.6130
3.0230
-8.1630
-20.9220
36.4060
-3.4990
-108.8700
-88.1820
30.9390
88.7950
-0.4470
-20.2620
-19.1230
28.0930
165.2300
-26.0000
-530.0000
-180.0000
-21.0000
291.0000
-95.0000
-667.0000
-238.0000
-294.0000
-258.0000
135.0000
-98.0000
-7.0000
392.0000
-175.0000
-280.0000
-145.0000
447.0000
174.0000
-1134.0000
-1739.0000
-1116.0000
-1586.0000
-1973.0000
-3574.0000
-4744.0000
-982.0000
-316.0000
-69.0000
845.0000
106.0000

Change
in Monetary
Gold
Stock
($ m)
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-5.0000
-20.0000
-15.0000
0.0000
-10.0000
-10.0000
20.0000
40.0000
50.0000
107.0000
97.0000
82.0000
-2.0000
40.0000
9.0000
36.0000
24.0000
62.0000
0.0000
-15.0000
12.0000
-23.0000
-41.0000
6.0000
-49.0000
-35.0000
84.0000
49.0000
198.0000
61.0000

90.0000
64.0000
69.0000
67.0000
28.0000
72.0000
165.0000
153.0000
49.0000
-16.0000
71.0000
88.0000
82.0000
45.0000
-108.0000
490.0000
540.0000
310.0000
0.0000
-140.0000
-120.0000
750.0000
270.0000
310.0000
280.0000
-110.0000
80.0000
-60.0000
-270.0000
180.0000
260.0000
-140.0000
-20.0000
-100.0000
1340.0000
1880.0000
1150.0000
1540.0000
1660.0000
3100.0000
4370.0000
870.0000
-20.0000
-720.0000
-1360.0000
-610.0000

USA

Kuzn

1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899

GNP

GNP
5 Yr MA
Variant III

GNP
5 Yr MA
Variant I

GNP
Unraveled

Gross
Capital
Formation

Gross
Capital
Formation
5 Yr MA

$bn

$bn

$bn

$bn

$bn

$bn

12.2
12.6
13.2
13.6
13.5
12.3
13.2
13.2
14.2
15.1
16.7

6.71
6.96
7.25
7.53
7.63
7.7
7.91
8.58
9.18
9.92
10.6
11.2
11.2
11.3
11.3
11.3
11.5
11.9
12.3
12.7
13.1
13.1
13.2
13.1
13.2
13.5
14.4
15.3
16.8

6.64
6.88
7.17
7.44
7.53
7.58
7.78
8.44
9.04
9.77
10.5
11
11
11.1
11.1
11.1
11.3
11.7
12.1
12.5
12.8
12.8
13
12.9
12.9
13.2
14.1
15
16.4

5.9
5.8
6.3
7.4
8.15
7.15
7.25
7.7
7.9
8.5
8.2
10.6
10.7
11.6
11.9
11.2
10.6
11.2
11.6
11.9
12.2
12.6
13.2
13.6
13.5
12.3
13.2
13.2
14.2
15.1
16.7

2.43
3.18
3.03
3.58
2.94
2.72
2.98
2.82
3.2
3.42
3.82

1.34
1.4
1.47
1.59
1.55
1.52
1.58
1.72
1.86
2.01
2.13
2.22
2.18
2.21
2.24
2.26
2.31
2.56
2.69
2.92
3.04
3.1
3.06
3.01
2.91
3
3.22
3.48
3.89

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

18.3
19.9
20.9
22.1
22.2
24.2
27.5
29.4
27.1
31.3
32.4
32.2
33.9
36.1
35.7
39.6
48.6
60.4
66.7
75
86.8
71.1
71.8
83.7
85
88.5
95
93.4
95.5
101.5
87.5
71.5
53.4
51
59.5
67.3
77.9
85.8
79.9
85.1
93.6
112.5
123
132.8
141.9
149.6

18.1
19.6
20.7
21.9
23.5
25.2
26.1
27.9
29.5
30.4
31.7
34
34.7
35.7
38.9
43.4
49.2
57.2
67.1
71.6
74.3
77.7
79.7
80
84.8
89.1
91.5
94.8
94.6
89.9
81.9
73
64.6
60.5
61.8
68.3
74.1
79.2
84.5
91.4
98.8
109.4
120.7
131.9
147

17.7
19.2
20.2
21.4
22.9
24.6
25.4
27.2
28.7
29.6
30.9
33.1
33.8
34.7
37.7
42.2
48
56
65.9
70.2
72.6
75.8
77.3
77.5
82.1
86.3
88.5
91.8
92.2
87.8
80
71.7
63.7
58.9
59.4
65.3
70.5
75.3
80.7
88.1
95.9
106.6
117.9
129.1
143.9
161.8

18.3
19.9
20.9
22.1
22.2
24.2
27.5
29.4
27.1
31.3
32.4
32.2
33.9
36.1
35.7
39.6
48.6
60.4
66.7
75
86.8
71.1
71.8
83.7
85
88.5
95
93.4
95.5
101.5
87.5
71.5
53.4
51
59.5
67.3
77.9
85.8
79.9
85.1
93.6
112.5
123
132.8
141.9
149.6

4.41
4.71
4.87
5.03
4.54
5.33
6.54
6.77
5.24
6.81
6.77
6.19
7.04
7.89
5.53
7.75
11.9
13.8
14.6
20.4
23.1
12.2
13.4
19.1
16.3
20.3
21
19.5
19
21.1
15.1
9.32
3.48
3.89
6.77
9.93
13.9
16.5
13.2
15.9
19.9
28.6
30.9
29.6
29.3
24.9

4.23
4.56
4.71
4.91
5.29
5.67
5.69
6.14
6.42
6.35
6.48
7.11
6.84
6.94
8.05
9.22
10.5
13.5
16.7
16.7
16.7
17.6
16.8
16.2
18
19.2
19.2
20.2
19.2
16.8
13.6
10.6
7.72
6.68
7.6
10.2
12.1
13.9
15.9
18.8
21.7
25
27.7
28.7
30.5

Kuznets (1961) data

Gross
Gross
Capital
Capital
Formation
Formation
5 Yr MA
Unraveled
Excluding Foreign Claims
$bn
$bn

1.52
1.56
1.62
1.7
1.61
1.53
1.55
1.66
1.8
1.97
2.12
2.24
2.21
2.27
2.3
2.35
2.41
2.67
2.79
3.01
3.1
3.15
3.11
3.04
2.9
2.9
3.06
3.22
3.58

1.13
1.08
0.93
1.73
1.83
1.43
1.43
1.53
1.53
1.68
1.73
2.13
2.23
2.28
2.28
2.18
1.93
2.38
2.43
2.38
2.43
3.18
3.03
3.58
2.94
2.72
2.98
2.82
3.2
3.42
3.82

Net
Change in
Inventories

Net
Change in
Inventories
5 Yr MA

Net
Change in
Inventories
Unraveled

Net
Change in
Claims Against
Foreigners

$bn

$bn

$bn

$bn

0.35
0.35
0.37
0.39
0.37
0.37
0.4
0.45
0.44
0.45
0.43
0.4
0.34
0.33
0.29
0.27
0.25
0.26
0.24
0.25
0.24
0.21
0.24
0.22
0.23
0.27
0.37
0.38
0.47

0.35
0.12
0.45
0.45
0.38
0.35
0.22
0.55
0.35
0.38
0.5
0.47
0.5
0.4
0.28
0.35
0.17
0.45
0.2
0.18
0.25
0.22
0.35
0.25
0.13
0.1
0.37
0.25
0.3
0.33
0.6

0.139
0.408
0.266

3.91
4.28
4.45
4.7
5.12
5.51
5.53
6.04
6.38
6.33
6.48
7.12
6.84
6.59
7.12
7.64
8.52
10.73
13.68
13.95
14.48
15.72
15.49
15.32
17.35
18.54
18.43
19.47
18.47
16.12
13.03
10.2
7.39
6.5
7.48
10.1
11.81
13.52
15.2
17.83
20.73
24.62
27.84
29.36
30.44

4.41
4.71
4.87
5.03
4.54
5.33
6.54
6.77
5.24
6.81
6.77
6.19
7.04
7.89
5.53
7.75
11.9
13.8
14.6
20.4
23.1
12.2
13.4
19.1
16.3
20.3
21
19.5
19
21.1
15.1
9.32
3.48
3.89
6.77
9.93
13.9
16.5
13.2
15.9
19.9
28.6
30.9
29.6
29.3
24.9

3.95
7.27
0.15
0.6
3.05
-0.89
1.75
1.55
0.45
-0.34
1.7
-0.35
-1.24
-2.51
-1.52
-0.93
1.28
1.35
2.37
-0.59
0.62
2.4
4.69
1.72
-0.96
-1.16
-1.28

0.47
0.5
0.42
0.44
0.47
0.49
0.35
0.5
0.53
0.46
0.54
0.76
0.57
0.47
0.67
0.63
0.6
1.39
2.81
2.54
2.54
3.01
2.04
0.93
1.21
1.18
0.5
1.02
0.6
0.04
-0.55
-0.78
-1.31
-0.98
-0.47
0.51
0.7
1
1.23
1.9
1.77
1.69
1.34
0.6
0.85

0.42
0.7
0.3
0.48
0.2
0.52
0.85
0.4
-0.22
0.95
0.67
0.5
0.8
0.88
0
0.17
1.5
0.6
0.73
3.95
7.27
0.15
0.6
3.05
-0.89
1.75
1.55
0.45
-0.34
1.7
-0.35
-1.24
-2.51
-1.52
-0.93
1.28
1.35
2.37
-0.59
0.62
2.4
4.69
1.72
-0.96
-1.16
-1.28

0.412
0.334
0.153
0.225
0.152
0.165
0.149
0.119
0.235
-0.161
-0.158
0.05
0.045
0.167
-0.114
1.598
2.952
3.295
2.19
3.82
2.84
1.61
0.64
0.48
0.99
0.68
0.44
0.72
1.01
0.77
0.69
0.2
0.17
0.15
0.43
-0.05
-0.09
0.06
1.11
0.89
1.51
1.27
0.08
-1.87
-1.69
-1.07

Kuznets Spliced Series

Net
Net
GNP
Change in
Change in
Claims Against Foreigners
Claims Against Foreigners
5 Yr MA
Foreigners
Unraveled
$bn
$bn
$bn

-0.18
-0.16
-0.15
-0.11
-0.06
-0.01
0.03
0.06
0.06
0.04
0.01
-0.02
-0.03
-0.06
-0.06
-0.09
-0.1
-0.11
-0.1
-0.09
-0.06
-0.05
-0.05
-0.03
0.01
0.1
0.16
0.26
0.31

-0.184
-0.188
-0.125
-0.261
-0.142
-0.084
-0.138
0.075
-0.011
0.108
0.116
0.012
0.075
-0.111
-0.042
-0.034
-0.038
-0.075
-0.111
-0.192
-0.084
-0.088
-0.025
-0.061
-0.042
-0.034
-0.088
0.075
0.139
0.408
0.266

5.9
5.8
6.3
7.4
8.15
7.15
7.25
7.7
7.9
8.5
8.2
10.6
10.7
11.6
11.9
11.2
10.6
11.2
11.6
11.9
12.2
12.6
13.2
13.6
13.5
12.3
13.2
13.2
14.2
15.1
16.7

Gross
Capital
Formation

Current
Account

Net
Change
in
Inventories

$bn

$bn

$bn

1.314
1.268
1.055
1.991
1.972
1.514
1.568
1.455
1.541
1.572
1.614
2.118
2.155
2.391
2.322
2.214
1.968
2.455
2.541
2.572
2.514
3.268
3.055
3.641
2.982
2.754
3.068
2.745
3.061
3.012
3.554

-0.184
-0.188
-0.125
-0.261
-0.142
-0.084
-0.138
0.075
-0.011
0.108
0.116
0.012
0.075
-0.111
-0.042
-0.034
-0.038
-0.075
-0.111
-0.192
-0.084
-0.088
-0.025
-0.061
-0.042
-0.034
-0.088
0.075
0.139
0.408
0.266

0.35
0.12
0.45
0.45
0.38
0.35
0.22
0.55
0.35
0.38
0.5
0.47
0.5
0.4
0.28
0.35
0.17
0.45
0.2
0.18
0.25
0.22
0.35
0.25
0.13
0.1
0.37
0.25
0.3
0.33
0.6

0.32
0.28
0.26
0.21
0.17
0.16
0.16
0.1
0.04
0.02
0
-0.01
0
0.35
0.93
1.58
1.98
2.77
3.02
2.75
2.22
1.88
1.31
0.88
0.65
0.66
0.77
0.73
0.73
0.68
0.57
0.4
0.33
0.18
0.12
0.1
0.29
0.38
0.7
0.97
0.97
0.38
-0.14
-0.66
0.06

0.412
0.334
0.153
0.225
0.152
0.165
0.149
0.119
0.235
-0.161
-0.158
0.05
0.045
0.167
-0.114
1.598
2.952
3.295
2.19
3.82
2.84
1.61
0.64
0.48
0.99
0.68
0.44
0.72
1.01
0.77
0.69
0.2
0.17
0.15
0.43
-0.05
-0.09
0.06
1.11
0.89
1.51
1.27
0.08
-1.87
-1.69
-1.07

18.3
19.9
20.9
22.1
22.2
24.2
27.5
29.4
27.1
31.3
32.4
32.2
33.9
36.1
35.7
39.6
48.6
60.4
66.7
75
86.8
71.1
71.8
83.7
85
88.5
95
93.4
95.5
101.5
87.5
71.5
53.4
51
59.5
67.3
77.9
85.8
79.9
85.1
93.6
112.5
123
132.8
141.9
149.6

3.998
4.376
4.717
4.805
4.388
5.165
6.391
6.651
5.005
6.971
6.928
6.14
6.995
7.723
5.644
6.152
8.948
10.505
12.41
16.58
20.26
10.59
12.76
18.62
15.31
19.62
20.56
18.78
17.99
20.33
14.41
9.12
3.31
3.74
6.34
9.98
13.99
16.44
12.09
15.01
18.39
27.33
30.82
31.47
30.99
25.97

0.412
0.334
0.153
0.225
0.152
0.165
0.149
0.119
0.235
-0.161
-0.158
0.05
0.045
0.167
-0.114
1.598
2.952
3.295
2.19
3.82
2.84
1.61
0.64
0.48
0.99
0.68
0.44
0.72
1.01
0.77
0.69
0.2
0.17
0.15
0.43
-0.05
-0.09
0.06
1.11
0.89
1.51
1.27
0.08
-1.87
-1.69
-1.07

0.42
0.7
0.3
0.48
0.2
0.52
0.85
0.4
-0.22
0.95
0.67
0.5
0.8
0.88
0
0.17
1.5
0.6
0.73
3.95
7.27
0.15
0.6
3.05
-0.89
1.75
1.55
0.45
-0.34
1.7
-0.35
-1.24
-2.51
-1.52
-0.93
1.28
1.35
2.37
-0.59
0.62
2.4
4.69
1.72
-0.96
-1.16
-1.28

Kendrick (1961) Data

Gross
National
Product

Gross Private
Domestic
Investment

Changes in
Business
Inventories

Net Foreign
Investment

$m

$m

$m

$m

7409
7409
7409
7409
7409
7409
7409
7409
7409
7409
11211
11211
11211
11211
11211
11211
11211
11211
11211
11211
12485
13129
13530
14273
13849
12619
13928
13295
14617
15388
17356

1030
1030
1030
1030
1030
1030
1030
1030
1030
1030
1685
1685
1685
1685
1685
1685
1685
1685
1685
1685
2027
2788
2537
3128
2574
2356
2508
2209
2392
2347
2583

361
361
361
361
361
361
361
361
361
361
349
349
349
349
349
349
349
349
349
349
231
283
257
310
113
91
403
173
391
284
612

-94
-94
-94
-94
-94
-94
-94
-94
-94
-94
-40
-40
-40
-40
-40
-40
-40
-40
-40
-40
-90
-115
-26
-53
-41
2
-126
86
139
408
266

18684
20668
21554
22864
22850
25116
28720
30404
27699
32166
33360
34268
37311
39067
36424
38738
49768
59945
76176
78907
88856
73938
73990
86115
87561
91308
97694
96279
98164
104436

3092
3337
3860
3822
3614
4074
4963
5389
4393
5177
5377
4877
5591
6199
4405
4329
5922
6431
6360
8313
10123
7753
9547
12693
13167
14409
15481
14690
14456
14557

426
658
391
431
199
516
831
453
-264
989
647
481
840
848
19
167
1495
599
729
4054
7361
63
530
2992
-936
1752
1523
407
-379
1674

412
334
153
225
152
165
149
119
235
-161
-158
50
45
167
-114
1598
2952
3295
2190
3824
2844
1613
645
477
987
684
445
716
1012
771

USA
Department of Commerce (USHS) data
Gross
National
Product
F47
$ Billion
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899

Total Gross
Private
Domestic
Investment
F52
$ Billion

Net Change
in Business
Inventories

Net Exports
Goods &
Services

F60
$ Billion

F63
$ Billion

Balance
on Goods
& Services
Fiscal Year
U15
$ Million

Balance
on Goods
& Services
Calendar Year
U15
$ Million

-103
0
-15
-114
-64
-91
-149
-77
-172
-101
-101
-246
-181
-61
-99
20
102
218
202
114
137
-55
-12
-59
12
-77
-157
-226
-166
-150
-90
-20
-119
98
-127
34
132
444
427

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

429

103.1
90.4
75.8
58
55.6
65.1
72.2
82.5
90.4
84.7
90.5
99.7
124.5
157.9
191.6
210.1
211.9

16.2
10.1
5.6
1
1.4
3.3
6.4
8.5
11.8
6.5
9.3
13.1
17.9
9.8
5.7
7.1
10.6

1.7
-0.4
-1.1
-2.5
-1.6
-0.7
1.1
1.3
2.5
-0.9
0.4
2.2
4.5
1.8
-0.6
-1
-1

1.1
1
0.5
0.4
0.4
0.6
0.1
0.1
0.3
1.3
1.1
1.7
1.3
0
-2
-1.8
-0.6

507
438
258
340
279
298
296
296
427
26
46
274
257
374
56
1748
3102
3475
2458
4868
3523
2122
997
842
1351
1087
826
1073
1377
1148
1032
516
407
358
601
128
115
297
1291
1066
1719
2410
6413
11038
12452
6041

Department of Commerce (USHS) data

Income on
Investments
Abroad: Private
Calendar Year
U5
$ Million

Income on
Investments
Abroad: Public
Calendar Year
U6
$ Million

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Income on
Income on
GDP
Foreign Investments
Foreign Investments
(GNP - Net
in US
in US
Income from
Fiscal Year
Calendar Year
Abroad U13
U13
Net Transfers)
$ Million
$ Million
$ Million

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

24
30
31
34
45
51
58
67
69
80
84
86
99
102
99
96
86
76
78
79
88
84
89
90
86
93
98
107
118
125
134
143
139
113
126
122
127
133
124

27
30.5
32.5
39.5
48
54.5
62.5
68
74.5
82
85
92.5
100.5
100.5
97.5
91
81
77
78.5
83.5
86
86.5
89.5
88
89.5
95.5
102.5
112.5
121.5
129.5
138.5
141
126
119.5
124
124.5
130
128.5
119

5979
5881.5
6383
7491.5
8241
7263
7360
7803
7993
8586.5
8284.5
10688
10795
11704
12012.5
11313.5
10717
11323.5
11731.5
12049.5
12651
13306
13720.5
14463
14024
12793
14104
13464.5
14789.5
15562.5
17546

Net Private
Unilateral
Transfers
Fiscal Year
U16
$ Million

-1
0
3
3
5
-4
4
4
4
1
0
4
-2
-11
-14
-11
-13
-11
-8
-4
-5
-13
-22
-24
-27
-28
-28
-30
-44
-45
-50
-54
-44
-54
-55
-49
-41
-44
-48

38
47
57
67
70
76
86
87
89
100
108
114
123
137
145
200
250
350
450
544
588
405
544
676
602
752
793
821
922
982
876
674
460
417
437
521
567
576
583
539
561
535
496
497
556
572

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
175
8
40
126
164
160
160
160
160
158
157
164
92
67
20
0
0
2
1
2
2
3
9
18
12
17
17

114

137
135
137
139
141
145
148
153
160
164
172
190
197
210
200
136
118
100
100
130
120
105
105
130
140
170
200
240
275
330
295
220
135
115
135
155
270
295
200
230
210
187
158
155
161
231

18878
20860
21739
23051
23058
25318
28929
30647
27962
32417
33628
34568
37597
39347
36649
38824
49786
59900
76094
79362
89059
74107
73777
85770
87303
90969
97322
95895
97724
102668
89997
75573
57846
55486
64970
72016
82409
90353
84497
90367
99556
125279
163880
204153
223830
218655

-54

of Commerce (USHS) data

Net Private
Unilateral
Transfers
Calendar Year
U16
$ Million

-0.5
1.5
3
4
0.5
0
4
4
2.5
0.5
2
1
-6.5
-12.5
-12.5
-12
-12
-9.5
-6
-4.5
-9
-17.5
-23
-25.5
-27.5
-28
-29
-37
-44.5
-47.5
-52
-49
-49
-54.5
-52
-45
-42.5
-46
-51

Net Government
Unilateral
Transfers
Fisc/Cal Year
U17
$ Million

-7

16

-20

Gold
Exports

Gold
Exports

Gold
Imports

Gold
Imports

Fiscal Year
U197
$ Million

Calendar Year
U197
$ Million

Fiscal Year
U198
$ Million

Calendar Year
U198
$ Million

27
35
62
101
58
71
39
72
36
34
67
50
45
34
67
31
27
9
5
4
3
33
12
41
8
43
10
18
60
17
86
50
109
77
66
112
40
15
38

42
14
6
11
6
8
17
9
14
12
7
9
9
20
14
8
26
13
6
81
100
34
18
23
27
21
43
44
10
13
18
50
21
72
36
34
85
120
89

-95
-104
-105
-115
-127
-133
-147
-177
-192
-187
-204
-224
-212
-207
-170
-150
-150
-180
-268
-832
-634
-450
-314
-328
-339
-373
-361
-355
-346
-343
-306
-279
-217
-191
-162
-162
-176
-175
-153
-151
-178
-179
-123
-249
-357
-473

-10

-25
0
-212
-45
-59
-38
-37
-25
-30
-20
-2
-19
-34
-36
-40
-21
-17
-10
-20
-32
-60
-29
-27
-32
-957
-6213
-12658
-13785
-6640

48
53
49
47
81
93
39
51
72
92
119
23
57
78
112
24

146
156
372
41
368
322
24
37
29
62
263
116
201
561
117
116
467
810
367
53
2
28
46
6
1
5
0
0
33
959
200

45
66
52
45
99
54
96
115
148
44
43
74
49
69
67
307

172
686
552
62
77
417
691
275
323
320
128
214
208
169
292
396
612
363
193
1187
1741
1144
1632
1979
3575
4749
982
316
102
114
94

Gold
Stock

Monetary Gold
Stock

End of Period
X438
$ Million

Annual Average
X417
$bn

0.15
0.16
0.14
0.12
0.11
0.12
0.09
0.1
0.13
0.18
0.23
0.33
0.44
0.47
0.5
0.51
0.54
0.56
0.61
0.65
0.64
0.64
0.62
0.6
0.56
0.56
0.53
0.53
0.6
0.74
0.87

1526
2025
2556
2868
2873
2707
2639
3373
3642
3957
4212
4112
4205
4092
3854
3997
4306
4173
4226
4036
8258
10125
11423
12790
14592
17800
22042
22762
22739
21981
20631
20083

0.93
1.02
1.07
1.14
1.21
1.24
1.35
1.49
1.64
1.65
1.66
1.76
1.82
1.88
1.88
2
2.48
3.11
3.16
3.13
2.88
3.29
3.8
4.06
4.44
4.38
4.45
4.56
4.21
4.28
4.47
4.7
4.24
4.35
7.74
9.06
10.58
12.15
13.25
16.08
19.85
22.54
22.73
22.37
21.21
20.25

USA
NBER Macro History Database
Monetary
Gold Stock
End Dec
Series: 14076
$ bn
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899

0.195
0.302
0.399
0.481
0.479
0.519
0.528
0.564
0.588
0.65
0.65
0.635
0.647
0.624
0.583
0.589
0.54
0.505
0.589
0.638
0.836
0.897

Monetary
Gold Stock
End Dec
Series: 14076
$ bn

Monetary
Gold Stock
End Jun
Series: 14076
$ bn

0.176
0.21
0.316
0.439
0.463
0.497
0.499
0.541
0.541
0.601
0.651
0.625
0.64
0.587
0.598
0.519
0.547
0.547
0.502
0.591
0.754
0.859

Mon

Net Gold
Exports
12 month
End June
$000

63990
22004
21579
59800
40832
36111
14533
53284
23182
336
-4127
-1038
-77121
-97464
-1789
-6134
18251
-18215
22208
-33209
-25557
49666
4330
68130
496
87507
4330
30084
78887
-44652
-104985
-51483

Net Gold
Exports
12 month sum
Series: 14112
$ 000

46503
51313
18124
42670
39074
57462
4959
35720
39065
7557
7353
-1822
-74655
-70581
-57794
25318
-16007
12991
-12231
-25
-35744
23565
38927
3833
34117
59080
7014
80627
70572
-46473
255
-142020
-5956

Jan-67
Feb-67
Mar-67
Apr-67
May-67
Jun-67
Jul-67
Aug-67
Sep-67
Oct-67
Nov-67
Dec-67
Jan-68
Feb-68
Mar-68
Apr-68
May-68
Jun-68
Jul-68
Aug-68
Sep-68
Oct-68
Nov-68
Dec-68
Jan-69
Feb-69
Mar-69
Apr-69
May-69
Jun-69
Jul-69
Aug-69
Sep-69
Oct-69
Nov-69
Dec-69
Jan-70
Feb-70
Mar-70
Apr-70
May-70
Jun-70
Jul-70
Aug-70
Sep-70
Oct-70
Nov-70
Dec-70
Jan-71
Feb-71

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

0.987
1.051
1.12
1.187
1.215
1.287
1.452
1.605
1.654
1.638
1.709
1.797
1.879
1.924
1.816

1.53
2.02
2.56
2.87
2.87
2.73
2.61
3.36
3.63
3.94
4.22
4.11
4.19
4.13
3.86
4.04
4.3
4.16
4.14
4.04
8.19
10.07
11.22
12.76
14.42
17.52
21.89
22.76
22.74
22.02
20.66
20.05
20.49

0.916
1.001
1.067
1.122
1.198
1.226
1.342
1.466
1.618
1.642
1.636
1.753
1.818
1.871
1.891

3694
-12865
-3452
2108
-17598
38943
-57647
-63111
-75904
47528
75224
-51096
8391
8570
45500

-12613
3023
-8163
-20922
36406
-3499
-108870
-88182
30939
88795
-447
-20262
-19123
28093
165230

Mar-71
Apr-71
May-71
Jun-71
Jul-71
Aug-71
Sep-71
Oct-71
Nov-71
Dec-71
Jan-72
Feb-72
Mar-72
Apr-72
May-72
Jun-72
Jul-72
Aug-72
Sep-72
Oct-72
Nov-72
Dec-72
Jan-73
Feb-73
Mar-73
Apr-73
May-73
Jun-73
Jul-73
Aug-73
Sep-73
Oct-73
Nov-73
Dec-73
Jan-74
Feb-74
Mar-74
Apr-74
May-74
Jun-74
Jul-74
Aug-74
Sep-74
Oct-74
Nov-74
Dec-74
Jan-75
Feb-75
Mar-75
Apr-75
May-75
Jun-75
Jul-75
Aug-75
Sep-75
Oct-75
Nov-75
Dec-75
Jan-76
Feb-76

Mar-76
Apr-76
May-76
Jun-76
Jul-76
Aug-76
Sep-76
Oct-76
Nov-76
Dec-76
Jan-77
Feb-77
Mar-77
Apr-77
May-77
Jun-77
Jul-77
Aug-77
Sep-77
Oct-77
Nov-77
Dec-77
Jan-78
Feb-78
Mar-78
Apr-78
May-78
Jun-78
Jul-78
Aug-78
Sep-78
Oct-78
Nov-78
Dec-78
Jan-79
Feb-79
Mar-79
Apr-79
May-79
Jun-79
Jul-79
Aug-79
Sep-79
Oct-79
Nov-79
Dec-79
Jan-80
Feb-80
Mar-80
Apr-80
May-80
Jun-80
Jul-80
Aug-80
Sep-80
Oct-80
Nov-80
Dec-80
Jan-81
Feb-81

Mar-81
Apr-81
May-81
Jun-81
Jul-81
Aug-81
Sep-81
Oct-81
Nov-81
Dec-81
Jan-82
Feb-82
Mar-82
Apr-82
May-82
Jun-82
Jul-82
Aug-82
Sep-82
Oct-82
Nov-82
Dec-82
Jan-83
Feb-83
Mar-83
Apr-83
May-83
Jun-83
Jul-83
Aug-83
Sep-83
Oct-83
Nov-83
Dec-83
Jan-84
Feb-84
Mar-84
Apr-84
May-84
Jun-84
Jul-84
Aug-84
Sep-84
Oct-84
Nov-84
Dec-84
Jan-85
Feb-85
Mar-85
Apr-85
May-85
Jun-85
Jul-85
Aug-85
Sep-85
Oct-85
Nov-85
Dec-85
Jan-86
Feb-86

Mar-86
Apr-86
May-86
Jun-86
Jul-86
Aug-86
Sep-86
Oct-86
Nov-86
Dec-86
Jan-87
Feb-87
Mar-87
Apr-87
May-87
Jun-87
Jul-87
Aug-87
Sep-87
Oct-87
Nov-87
Dec-87
Jan-88
Feb-88
Mar-88
Apr-88
May-88
Jun-88
Jul-88
Aug-88
Sep-88
Oct-88
Nov-88
Dec-88
Jan-89
Feb-89
Mar-89
Apr-89
May-89
Jun-89
Jul-89
Aug-89
Sep-89
Oct-89
Nov-89
Dec-89
Jan-90
Feb-90
Mar-90
Apr-90
May-90
Jun-90
Jul-90
Aug-90
Sep-90
Oct-90
Nov-90
Dec-90
Jan-91
Feb-91

Mar-91
Apr-91
May-91
Jun-91
Jul-91
Aug-91
Sep-91
Oct-91
Nov-91
Dec-91
Jan-92
Feb-92
Mar-92
Apr-92
May-92
Jun-92
Jul-92
Aug-92
Sep-92
Oct-92
Nov-92
Dec-92
Jan-93
Feb-93
Mar-93
Apr-93
May-93
Jun-93
Jul-93
Aug-93
Sep-93
Oct-93
Nov-93
Dec-93
Jan-94
Feb-94
Mar-94
Apr-94
May-94
Jun-94
Jul-94
Aug-94
Sep-94
Oct-94
Nov-94
Dec-94
Jan-95
Feb-95
Mar-95
Apr-95
May-95
Jun-95
Jul-95
Aug-95
Sep-95
Oct-95
Nov-95
Dec-95
Jan-96
Feb-96

Mar-96
Apr-96
May-96
Jun-96
Jul-96
Aug-96
Sep-96
Oct-96
Nov-96
Dec-96
Jan-97
Feb-97
Mar-97
Apr-97
May-97
Jun-97
Jul-97
Aug-97
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01

Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06

Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11

Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16

Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21

Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26

Mar-26
Apr-26
May-26
Jun-26
Jul-26
Aug-26
Sep-26
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
May-27
Jun-27
Jul-27
Aug-27
Sep-27
Oct-27
Nov-27
Dec-27
Jan-28
Feb-28
Mar-28
Apr-28
May-28
Jun-28
Jul-28
Aug-28
Sep-28
Oct-28
Nov-28
Dec-28
Jan-29
Feb-29
Mar-29
Apr-29
May-29
Jun-29
Jul-29
Aug-29
Sep-29
Oct-29
Nov-29
Dec-29
Jan-30
Feb-30
Mar-30
Apr-30
May-30
Jun-30
Jul-30
Aug-30
Sep-30
Oct-30
Nov-30
Dec-30
Jan-31
Feb-31

Mar-31
Apr-31
May-31
Jun-31
Jul-31
Aug-31
Sep-31
Oct-31
Nov-31
Dec-31
Jan-32
Feb-32
Mar-32
Apr-32
May-32
Jun-32
Jul-32
Aug-32
Sep-32
Oct-32
Nov-32
Dec-32
Jan-33
Feb-33
Mar-33
Apr-33
May-33
Jun-33
Jul-33
Aug-33
Sep-33
Oct-33
Nov-33
Dec-33
Jan-34
Feb-34
Mar-34
Apr-34
May-34
Jun-34
Jul-34
Aug-34
Sep-34
Oct-34
Nov-34
Dec-34
Jan-35
Feb-35
Mar-35
Apr-35
May-35
Jun-35
Jul-35
Aug-35
Sep-35
Oct-35
Nov-35
Dec-35
Jan-36
Feb-36

Mar-36
Apr-36
May-36
Jun-36
Jul-36
Aug-36
Sep-36
Oct-36
Nov-36
Dec-36
Jan-37
Feb-37
Mar-37
Apr-37
May-37
Jun-37
Jul-37
Aug-37
Sep-37
Oct-37
Nov-37
Dec-37
Jan-38
Feb-38
Mar-38
Apr-38
May-38
Jun-38
Jul-38
Aug-38
Sep-38
Oct-38
Nov-38
Dec-38
Jan-39
Feb-39
Mar-39
Apr-39
May-39
Jun-39
Jul-39
Aug-39
Sep-39
Oct-39
Nov-39
Dec-39
Jan-40
Feb-40
Mar-40
Apr-40
May-40
Jun-40
Jul-40
Aug-40
Sep-40
Oct-40
Nov-40
Dec-40
Jan-41
Feb-41

Mar-41
Apr-41
May-41
Jun-41
Jul-41
Aug-41
Sep-41
Oct-41
Nov-41
Dec-41
Jan-42
Feb-42
Mar-42
Apr-42
May-42
Jun-42
Jul-42
Aug-42
Sep-42
Oct-42
Nov-42
Dec-42
Jan-43
Feb-43
Mar-43
Apr-43
May-43
Jun-43
Jul-43
Aug-43
Sep-43
Oct-43
Nov-43
Dec-43
Jan-44
Feb-44
Mar-44
Apr-44
May-44
Jun-44
Jul-44
Aug-44
Sep-44
Oct-44
Nov-44
Dec-44
Jan-45
Feb-45
Mar-45
Apr-45
May-45
Jun-45
Jul-45
Aug-45
Sep-45
Oct-45
Nov-45
Dec-45
Jan-46
Feb-46

"c
c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c

Mar-46
Apr-46
May-46
Jun-46
Jul-46
Aug-46
Sep-46
Oct-46
Nov-46
Dec-46
NBER SERIES: 140
MONETARY GOLD S
UNITS: BILLIONS O
SEASONAL ADJUST
SOURCE: DATA FO
SERIES IN REPORT
FOLLOWING; 1878,
FOLLOWING; 1909,
FOLLOWING; ALSO
1887, P. 86; 1907, PP
U.S. TREASURY DE
MONEY", MONTHLY
NOTES: SERIES 14
VARIABLES--(1)--OR
1914-1946 (3)--ORIG
FIGURES REFLE
DATA EXCLUDE

"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c
"c

FIGURES FOR 19
FOR AUGUST 1917FIGURES IN THIS
VARIABLES COVER
TO EXCLUDE GOLD
RESERVE BANKS, E
BETWEEN JANU
STOCK WAS INCRE
BILLION WAS THE I
WEIGHT OF THE GO
HAD BEEN PURCHA
TO THE GOLD STO

Monthly Series
Monetary
Gold Stock
End Dec
Series: 14076
$ bn

Monetary
Gold Stock
End Dec
Series: 14076
$ bn

Net Gold
Exports
12 month sum
Series: 14112
$ 000
948
1226
1462
2102
6908
6501
13124
948
2111
1357
1704
8112
5698
2451
880
3947
14389
9269
8799
2863
115
925
667
1310
2627
1919
563
-2690
2591
2315
6086
3269
-248
-569
928
1333
1660
744
-246
1112
2757
4753
17403
9548
3437
2034
-940
408
226
1621

2820
7916
8364
6963
7152
606
1340
572
760
734
1231
457
2020
620
14235
11105
15880
4469
810
1257
2846
2532
5172
1061
116
138
-129
1959
7432
1089
262
-8861
-2034
-1246
666
573
1213
213
8802
6424
918
5232
-628
-200
2836
9671
8081
1332
-113
3936
7160
15059
3960
1683
-976
-629
-654
226
163
3131

1E-37
1E-37
1E-37
1E-37
1E-37
0.176
0.179
0.181
0.184
0.189
0.192
0.195
0.198
0.201
0.204
0.206
0.208
0.21
0.212
0.221
0.251
0.273
0.293
0.302
0.305
0.307
0.308
0.311
0.313
0.316
0.318
0.33
0.351
0.369
0.38
0.399
0.406
0.408

3750
2789
7249
2490
6721
-136
-1465
-3352
-3456
-10327
-607
66
-460
504
8872
3976
453
-604
-2338
-846
-1038
-625
-583
-2637
1935
2860
-317
-387
-23
288
-489
-2118
44
-395
71
-22
-112
255
165
1298
98
-6373
-27396
-18893
-17318
-6428
-569
-315
274
-77
-17
-107
-182
-9054
-18766
-16086
-9335
-16347
-4709
-306

0.418
0.435
0.437
0.439
0.442
0.449
0.462
0.472
0.476
0.481
0.484
0.479
0.478
0.478
0.467
0.463
0.461
0.462
0.464
0.471
0.474
0.479
0.482
0.484
0.49
0.493
0.494
0.497
0.498
0.501
0.505
0.511
0.517
0.519
0.521
0.52
0.51
0.494
0.495
0.499
0.502
0.506
0.51
0.514
0.524
0.528
0.531
0.533
0.536
0.538
0.539
0.541
0.541
0.543
0.548
0.551
0.558
0.564
0.565
0.561

-7009
-15263
-701
294
-638
-5249
-10512
-8119
-2962
-2620
-1032
6763
2389
1791
13085
5315
4592
1212
-906
-3731
-2189
-1971
-1276
455
-2961
-261
703
199
-329
-1845
-2037
-4129
-3960
-566
-372
2989
11321
18037
1085
-1943
-2124
-2583
-1400
-2259
-7749
-2011
-629
-252
-924
375
829
512
741
-375
-2835
-1185
-4658
-3830
876
4668

0.554
0.552
0.547
0.541
0.542
0.549
0.556
0.564
0.575
0.588
0.594
0.595
0.596
0.598
0.602
0.601
0.605
0.61
0.628
0.64
0.644
0.65
0.651
0.653
0.654
0.656
0.651
0.651
0.65
0.652
0.655
0.657
0.655
0.65
0.651
0.651
0.65
0.651
0.643
0.625
0.621
0.625
0.627
0.629
0.631
0.635
0.636
0.637
0.638
0.639
0.641
0.64
0.636
0.633
0.637
0.638
0.642
0.647
0.649
0.648

9081
4462
7146
8117
593
-4828
-4686
-5149
-8955
-11350
-2907
1534
1867
1165
-608
115
-1682
-5737
-13913
-12577
-1562
-1439
229
653
-157
210
7557
2861
3483
-17
-952
-536
3415
6819
548
661
3712
2370
12691
17472
4425
-78
-2120
1436
-1198
-992
-599
-306
-166
574
8
3346
10665
411
-1144
-2196
-1359
-5401
-670
3445

0.643
0.63
0.602
0.587
0.584
0.586
0.591
0.609
0.616
0.624
0.628
0.626
0.624
0.616
0.615
0.598
0.592
0.588
0.585
0.589
0.59
0.583
0.572
0.557
0.556
0.542
0.532
0.519
0.53
0.571
0.582
0.585
0.589
0.589
0.591
0.595
0.593
0.588
0.564
0.547
0.538
0.535
0.541
0.542
0.546
0.54
0.518
0.521
0.532
0.535
0.543
0.547
0.551
0.539
0.522
0.527
0.518
0.505
0.505
0.518

4542
13930
30368
15539
5634
-1223
-7106
-16088
-8490
-5764
-306
3680
3226
7035
3263
16635
10240
5717
2324
-2634
-1439
11339
12214
12988
1505
18345
15206
1702
-5776
-40623
-5242
-1073
-4140
1908
564
1034
2883
9400
23097
22298
12752
1841
-468
-594
-1551
9371
24906
-4142
-4227
-2177
-3463
-2164
3124
15007
16507
-123
13256
14068
25
-9468

0.522
0.526
0.509
0.502
0.496
0.504
0.541
0.57
0.583
0.589
0.594
0.599
0.601
0.603
0.597
0.591
0.591
0.597
0.607
0.623
0.632
0.638
0.644
0.65
0.684
0.725
0.747
0.754
0.759
0.772
0.789
0.812
0.823
0.836
0.845
0.851
0.858
0.864
0.869
0.859
0.861
0.873
0.882
0.896
0.899
0.897
0.904
0.906
0.914
0.924
0.922
0.916
0.933
0.928
0.938
0.959
0.977
0.987
0.99
0.995

-355
2513
18399
5934
10263
-2317
-34253
-27826
-7019
-2369
-501
-477
-864
5660
8517
6534
4524
-2737
-4580
-11462
-2355
-2004
-3835
-5132
-29980
-31256
-13213
-2955
-1145
-13341
-13706
-15458
-4411
-7588
-4637
-4581
-2078
-1320
-1021
17803
-289
-3292
-1975
-8163
-2640
6237
3699
-507
-840
-1427
8526
4365
-7991
13847
-7055
-10289
-11965
-2976
3956
-1442

1.001
1.006
1.001
1.001
1.012
1.024
1.036
1.05
1.047
1.051
1.056
1.053
1.053
1.058
1.059
1.067
1.068
1.078
1.089
1.104
1.115
1.12
1.126
1.131
1.135
1.14
1.134
1.122
1.128
1.14
1.149
1.154
1.17
1.187
1.199
1.209
1.22
1.223
1.184
1.198
1.212
1.22
1.221
1.232
1.22
1.215
1.21
1.2
1.206
1.212
1.22
1.226
1.236
1.248
1.255
1.272
1.279
1.287
1.29
1.284

-2030
2668
8328
2084
-1201
-3340
-11742
-5072
8861
1953
568
6969
1797
979
471
-3695
6290
-2838
-4451
-9658
-5261
666
-1925
-311
-3525
356
13025
9740
4487
-7764
-4187
-4674
-10378
-15766
-7634
-4302
-5792
9180
32596
-3364
-7842
2998
-1497
-4190
16086
10167
14932
12601
-2741
-1277
-2176
1882
-3814
-2939
-4131
-10411
-4065
-1360
3136
6407

1.284
1.299
1.333
1.342
1.362
1.374
1.406
1.432
1.442
1.452
1.463
1.47
1.476
1.483
1.484
1.466
1.474
1.473
1.483
1.49
1.562
1.605
1.629
1.636
1.643
1.639
1.616
1.618
1.63
1.642
1.644
1.649
1.659
1.654
1.649
1.657
1.645
1.649
1.645
1.642
1.638
1.636
1.647
1.649
1.645
1.638
1.64
1.642
1.649
1.621
1.627
1.636
1.652
1.676
1.683
1.693
1.701
1.709
1.719
1.73

288
-12456
-29189
887
-8532
-7375
-29152
-20176
-6972
-5736
-820
-2203
-2920
-2755
1823
21707
4068
1373
-1255
-796
-62960
-43444
-10355
-880
-2202
11915
23455
5177
1896
2296
-793
-1833
58
2205
4445
5284
16091
2992
8908
5979
13392
3882
5195
2345
11786
8496
4032
-126
-2558
34183
-2425
-2978
-9454
-9668
-1370
-3500
-2937
-3646
-8617
-5381

1.738
1.745
1.753
1.753
1.764
1.775
1.783
1.792
1.798
1.797
1.803
1.795
1.798
1.811
1.813
1.818
1.824
1.832
1.841
1.857
1.867
1.879
1.876
1.867
1.859
1.867
1.861
1.871
1.873
1.881
1.895
1.902
1.917
1.924
1.917
1.92
1.927
1.943
1.931
1.891
1.887
1.845
1.862
1.835
1.817
1.816

1.64
1.63
1.64
1.66
1.64
1.6
1.57
1.57
1.56
1.52
1.52
1.53
1.54
1.55
1.58
1.61
1.64
1.7
1.72
1.79
1.84
1.91
1.97
2.02
2.04
2.04

-3613
-3019
1802
-1693
-417
-3625
-2351
-118
10483
-3713
-3226
7652
3118
-2076
1104
1560
3517
-3078
-3632
-11557
-1765
-10740
11027
7017
13696
-1003
7906
-2818
794
-4609
-4131
-4907
-378
5499
-3528
5870
-5210
-3053
14863
44290
30278
15080
19126
44357
7135
-3978

2.04
2.03
2.05
2.16
2.22
2.26
2.34
2.43
2.45
2.56
2.64
2.71
2.82
2.85
2.85
2.93
2.9
2.88
2.86
2.87
2.87
2.87
2.86
2.87
2.88
2.88
2.88
2.88
2.87
2.87
2.87
2.86
2.87
2.87
2.87
2.88
2.87
2.88
2.89
2.88
2.8
2.83
2.86
2.83
2.78
2.73
2.67
2.62
2.57
2.53
2.55
2.57
2.58
2.57
2.56
2.57
2.59
2.61
2.64
2.69

2.75
2.83
2.91
2.97
3.02
3.1
3.19
3.26
3.31
3.36
3.38
3.42
3.45
3.47
3.48
3.49
3.52
3.55
3.57
3.6
3.61
3.63
3.66
3.67
3.68
3.69
3.71
3.75
3.77
3.81
3.84
3.87
3.9
3.94
3.98
4.02
4.05
4.1
4.15
4.18
4.22
4.23
4.23
4.22
4.23
4.22
4.18
4.1
4.05
4.05
4.07
4.07
4.07
4.08
4.1
4.1
4.12
4.11
4.12
4.14

4.16
4.16
4.15
4.15
4.17
4.18
4.18
4.18
4.19
4.19
4.24
4.29
4.31
4.31
4.36
4.32
4.29
4.3
4.3
4.28
4.2
4.13
4.09
4.09
4.05
4
3.92
3.83
3.83
3.83
3.84
3.85
3.86
3.86
3.83
3.86
3.88
3.94
4
4.02
4.05
4.06
4.08
4.09
4.09
4.04
4
4.03
4.11
4.16
4.22
4.24
4.24
4.21
4.22
4.23
4.27
4.3
4.34
4.37

4.4
4.42
4.48
4.58
4.67
4.69
4.66
4.16
4.08
4.16
4.16
4.1
4.08
4.09
3.99
3.67
3.65
3.74
3.85
3.94
4
4.14
4.26
4.2
3.97
4.01
4.03
4.03
4.03
4.04
4.04
4.04
4.04
4.04
4.04
7.14
7.6
7.74
7.76
7.82
7.89
7.97
7.97
7.99
8.05
8.19
8.28
8.46
8.55
8.64
8.76
9.02
9.13
9.18
9.25
9.54
9.78
10.07
10.16
10.16

10.17
10.2
10.32
10.51
10.63
10.67
10.76
10.98
11.12
11.22
11.31
11.4
11.5
11.69
11.9
12.19
12.4
12.51
12.65
12.78
12.79
12.76
12.76
12.77
12.78
12.83
12.89
12.95
12.98
13.06
13.44
13.94
14.16
14.42
14.6
14.78
15.01
15.51
15.88
16.03
16.18
16.39
16.82
17
17.22
17.52
17.8
18.06
18.31
18.61
18.97
19.56
20.26
20.72
21.06
21.39
21.66
21.89
22.06
22.14

22.32
22.44
22.55
22.6
22.65
22.7
22.74
22.78
22.79
22.76
22.74
22.73
22.7
22.68
22.71
22.72
22.74
22.74
22.75
22.75
22.74
22.74
22.71
22.65
22.62
22.51
22.45
22.41
22.36
22.3
22.21
22.14
22.09
22.02
21.93
21.8
21.64
21.49
21.34
21.21
21.08
20.98
20.87
20.75
20.71
20.66
20.58
20.52
20.45
20.4
20.32
20.26
20.2
20.12
20.09
20.05
20.03
20.05
20.11
20.2

20.24
20.25
20.25
20.27
20.27
20.27
20.29
20.33
20.44
20.49
NBER SERIES: 14076
MONETARY GOLD STOCK
UNITS: BILLIONS OF DOLLARS
"
SEASONAL ADJUSTMENT: NONE
"
SOURCE: DATA FOR 1878-JUNE 1907: ESTIMATED FROM MONTHLY "
SERIES IN REPORTS OF THE TREASURER, 1891, PP. 159 AND
"
FOLLOWING; 1878, PP. 109 AND FOLLOWING; 1903, PP. 205 AND "
FOLLOWING; 1909, PP. 190 AND FOLLOWING; 1915, PP. 339 AND "
FOLLOWING; ALSO ANNUAL REPORTS OF THE DIRECTOR OF THE MINT, "
1887, P. 86; 1907, PP. 87 AND 92. DATA FOR JULY 1907-1914: "
U.S. TREASURY DEPARTMENT,"CIRCULATION STATEMENT OF U.S.
"
MONEY", MONTHLY.
"
NOTES: SERIES 14076 IS PRESENTED HERE AS THREE
"
VARIABLES--(1)--ORIGINAL DATA, 1878-1914 (2)--ORIGINAL DATA, "
1914-1946 (3)--ORIGINAL DATA, 1947-1970.
"
FIGURES REFLECT END OF MONTH DATA.
"
DATA EXCLUDE ACTIVE PORTION OF EXCHANGE STABLE FUND. "
FIGURES FOR 1914-JULY 1917 ARE END OF MONTH DATA. DATA "
FOR AUGUST 1917-1946 ARE MONTHLY AVERAGES OF DAILY FIGURES. "
FIGURES IN THIS VARIABLE DIFFER FROM THOSE IN PREVIOUS "
VARIABLES COVERING 1878-1914 BY THE AMOUNT OF REVISION MADE "
TO EXCLUDE GOLD COIN OUTSIDE THE TREASURY AND FEDERAL
"
RESERVE BANKS, ESTIMATED TO BE $287,000,000.
"
BETWEEN JANUARY 31, 1934 AND FEBRUARY 1, 1934, THE GOLD "
STOCK WAS INCREASED 2.98 BILLION DOLLARS, OF WHICH 2.81
"
BILLION WAS THE INCREMENT RESULTING FROM REDUCTION IN THE "
WEIGHT OF THE GOLD DOLLAR AND THE REMAINDER WAS GOLD WHICH "
HAD BEEN PURCHASED BY THE TREASURY PREVIOUSLY BUT NOT ADDED "
TO THE GOLD STOCK.
"

c <TITLE>EXCESS O
c
NBER SERI
c
AREA COVE
c
UNITS: THO
c
ANNUAL CO
c
QUARTERL
c
MONTHLY
c
SEASONAL
c
SOURCE: F
c
BUREAU O
c
FINANCE, D
c
BUREAU O
c
SUMMARY
c
c
CHECKED M
c

TLE>EXCESS OF GOLD EXPORTS OVER GOLD IMPORTS</TITLE>

NBER SERIES: 14112
AREA COVERED: U.S.
UNITS: THOUSANDS OF DOLLARS
ANNUAL COVERAGE: NONE
QUARTERLY COVERAGE: NONE
MONTHLY COVERAGE: 01/1867-12/1914
SEASONAL ADJUSTMENT: NONE
SOURCE: FOR 1867-1911 DEPARTMENT OF COMMERCE AND LABOR,
BUREAU OF STATISITCS, MONTHLY SUMMARY OF COMMERCE AND
FINANCE, DECEMBER 1911, PP. 1068-1070; FOR 1912-1914:
BUREAU OF FOREIGN AND DOMESTIC COMMERCE, MONTHLY
SUMMARY OF FOREIGN COMMERCE, DECEMBER 1914, P.514.
CHECKED MANUALLY; CORRECTED 4/23/94.

USA
Simon (1960) Data
Net Gold
Movements
Adjusted
Series
Fiscal Year
$m
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899

Bullock (1919) data

Net Gold
Movements
Official
Series
Fiscal Year
$m

-14
23.6
57.6
89.6
53.8
63.9
25.1
66.7
25.3
23.2
59.8
40.8
36.2
14.5
53.4
23.2
0.8
-4.1
-0.7
-76.9
-97.5
-1.8
-6.1
18.3
-17.2
23.1
-32.9
-23.6
50.2
5.2
69.8
0.6
87.9
4.5
30.1
78.9
-44.7
-105
-51.4

-14.9
21.5
56.6
89.5
51.9
63
22
63.7
21.9
21.6
59.8
40.8
36.2
14.5
53.3
23.2
0.3
-4.1
-1
-77.1
-97.5
-1.8
-6.1
18.3
-18.2
22.2
-33.2
-25.6
49.7
4.3
68.1
0.5
87.5
4.5
30.1
78.9
-44.7
-105
-51.4

Trade
Balance
Fiscal
Year

Net Movement
Gold &
Silver
Fiscal Year

Net Gold
Movement
Fiscal
Year

Change in
Net Foreign
Investment

$m

$m

$m

$m

101
75
131
43
77
182
120
43
-2
97
166
266
270
169
266
35
110
84
182
56
33
-15
15
82
44
216
-1
274
103
135
318
640
556

-16.5
20.5
54.6
92.3
57.8
75.3
38.8
79.6
37.3
31.7
77.2
66.1
63.1
14.5
53.3
23.2
0.3
-4.1
-1
-77.1
-97.5
-1.8
-6.1
18.3
-18.2
22.2
-33.2
-24.6
49.7
4.3
68.1
0.5
87.5
4.5
30.1
78.9
-44.7
-105
-51.4

139
408
266

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

3.7

3.7

566
692

3.7
-12.9

412
334
153
225
152
165
149
119
235
-161
-158
50
45
167
-114
1598
2952
3295
2190
3824
2844
1613
645
477
987
684
445
716
1012
771
690
197
169
150
429
-54
-93
62
1109
888
1509
1274
77
-1869
-1690
-1072
4811
8895

Goldsmith (1955) data

Imported
Gold
Stock

Total
Gold
Stock
Changes

$m

$m

-5
137
-5

Current
Account
Original
Data
Fiscal Year
$m

49
194
66

Current
Account
Original
Data
Calendar Year
$m

-104
0
-12
-111
-59
-95
-145
-73
-175
-100
-101
-242
-167
-72
-113
9
89
207
194
110
132
-68
-34
-83
-15
-105
-185
-256
-210
-195
-140
-74
-163
44
-182
-15
91
400
359

-52
-6
-61.5
-85
-77
-120
-109
-124
-137.5
-100.5
-171.5
-204.5
-119.5
-92.5
-52
49
148
200.5
152
121
32
-51
-58.5
-49
-60
-145
-220.5
-233
-202.5
-167.5
-107
-118.5
-59.5
-69
-98.5
38
245.5
379.5
367

Current
Account
Excluding
Gold
Fiscal Year
$m

Current
Account
Excluding
Gold
Calendar Year
$m

-89
-21
-68
-201
-111
-158
-167
-136
-197
-122
-161
-283
-203
-96
-136
-24
58
161
161
81
106
-91
-62
-103
-38
-127
-212
-280
-234
-214
-155
-85
-172
11
-212
-48
47
342
305

-55
-44.5
-134.5
-156
-134.5
-162.5
-151.5
-166.5
-159.5
-141.5
-222
-243
-149.5
-116
-80
17
109.5
161
121
93.5
7.5
-76.5
-82.5
-70.5
-82.5
-169.5
-246
-257
-224
-184.5
-120
-128.5
-80.5
-100.5
-130
-0.5
194.5
323.5
310

13
-3
8
21
-36
3
109
88
-31
-89
0
20
19
-28
-165
421
524
233
-26
-164
-50
686
235
295
216
-102
72
-154
-272
120
278
-176
11
-173
1178
1720
1147
1271
1657
3018
4095
572
-115
-735
-1305
-463
708
2143

91
61
71
71
25
71
171
154
44
-18
71
90
81
25
-100
499
531
312
5
-166
-68
735
269
315
256
-100
93
-113
-238
143
310
-133
53
-131
1266
1822
1272
1364
1799
3174
4243
719
-23
-757
-1350
-548
623
2162

375

412
334
153
225
142
165
149
119
235
-161
-158
50
45
167
-114
1598
2952
3270
2190
3824
2844
1613
645
477
987
684
445
716
1012
771
690
197
169
150
429
-54
-93
62
1109
888
1509
1274
77
-1869
-1690
-1072

315

334.613
266.977
92.163
178.922
77.594
96.499
92.87
54.182
155.061
-233.795
-228.553
-17.738
-17.877
93.907
-171.23
1134
2942
3140
2211
3673
3059
1530
613
461
965
659
463
783
890
766
710
482
-258
76
223
-195
-127
108
1422
1362
1883
1386
413
-1080
-1175
-568

Spliced Data
Current Account
Excluding Gold
Calendar
Year
Version 2

-55
-44.5
-134.5
-156
-134.5
-162.5
-155.503
-175.313
-155.624
-143.17
-210.574
-261.962
-124.459
-118.22
-81.065
21.443
100.647
152.322
119.655
94.581
7.794
-74.318
-82.493
-70.991
-83.769
-168.975
-246.756
-256.565
-226.427
-183.333
-118.117
-136.58
-72.514
-100.627
-134.072
0.473
196.245
323.52
311.956

Net Gold
Exports

Net Gold
Exports

Change in
Monetary Gold
Stock

Change in
Monetary Gold
Stock

Fiscal Year
$m

Calendar Year
$m

Fiscal Year
$m

Calendar Year
$m

63.99
22.004
21.579
59.8
40.832
36.111
14.533
53.284
23.182
0.336
-4.127
-1.038
-77.121
-97.464
-1.789
-6.134
18.251
-18.215
22.208
-33.209
-25.557
49.666
4.33
68.13
0.496
87.507
4.33
30.084
78.887
-44.652
-104.985
-51.483

46.503
51.313
18.124
42.67
39.074
57.462
4.959
35.72
39.065
7.557
7.353
-1.822
-74.655
-70.581
-57.794
25.318
-16.007
12.991
-12.231
-0.025
-35.744
23.565
38.927
3.833
34.117
59.08
7.014
80.627
70.572
-46.473
0.255
-142.02
-5.956

10
-20
-20
-10
10
-30
10
30
50
34
106
123
24
34
2
42
0
60
50
-26
15
-53
11
-79
28
0
-45
89
163
105

-5
-20
-15
0
-10
-10
20
40
50
107
97
82
-2
40
9
36
24
62
0
-15
12
-23
-41
6
-49
-35
84
49
198
61

334.613
266.977
92.163
178.922
77.594
96.499
92.87
54.182
155.061
-233.795
-228.553
-17.738
-17.877
93.907
-171.23
1134
2942
3140
2211
3673
3059
1530
613
461
965
659
463
783
890
766
710
482
-258
76
223
-195
-127
108
1422
1362
1883
1386
413
-1080
-1175
-568

3.694
-12.865
-3.452
2.108
-17.598
38.943
-57.647
-63.111
-75.904
47.528
75.224
-51.096
8.391
8.57
45.5

-12.613
3.023
-8.163
-20.922
36.406
-3.499
-108.87
-88.182
30.939
88.795
-0.447
-20.262
-19.123
28.093
165.23
-26
-530
-180
-21
291
-95
-667
-238
-294
-258
135
-98
-7
392
-175
-280
-145
447
174
-1134
-1739
-1116
-1586
-1973
-3574
-4744
-982
-316
-69
845
106

57
85
66
55
76
28
116
124
152
24
-6
117
65
53
20

90
64
69
67
28
72
165
153
49
-16
71
88
82
45
-108
490
540
310
0
-140
-120
750
270
310
280
-110
80
-60
-270
180
260
-140
-20
-100
1340
1880
1150
1540
1660
3100
4370
870
-20
-720
-1360
-610

GDP:
Data for 1869 to 1888 from Kuznets (1961), T. R-25, pp.
561-562, col. 3, GNP, Variant III, five-year centred moving
average and T. R-23, pp. 557-558, col. 1, B. Variant III,
billions of dollars. Using annual data from 1889-1892, the
five-year moving average number for 1890 is used to deduce the
level of GNP in 1888 as five times the five-year centred
moving average for 1890 less the actual levels for 1889-1892. Using a similar procedure, the annual data for 1869-1888 are
derived by disaggregating the five-year moving averages. Data
for 1889 to 1928 are from Kendrick (1961), T. A-IIb, col. 11,
pp. 296-297, Gross National Product, Commerce concept,
millions of dollars. Data from 1929 to 1945 are from United
States, Bureau of the Census (1975), Series F47, Gross
National Product, current prices, p. 229. GDP data are
calculated by subtracting net income from investments abroad
and, net unilateral transfers from abroad from the figures for
GNP. The data on income on investments abroad are from United
States, Bureau of the Census (1975, series U13, p. 865 then
series U5, U6, and U13, p. 864), income on investments abroad,
private and public (U5 + U6) less income on foreign
investments in US (U13). The data on unilateral transfers are
from United States, Bureau of the Census (1975, series U16 and
U17, pp. 866-867), unilateral transfers, net private (U16)
plus unilateral transfers, net public (U17).
Capital Formation:
Data for 1869 to 1888 from Kuznets (1961). Kuznets figures on
capital formation include net changes in claims against
foreign countries, so we subtract changes in those claims to
get our own figure for gross capital formation. Thus, our
capital formation figures are calculated as Kuznets (1961, T.
R-29, pp. 572-574, col. 1), gross capital formation, five-year
centered moving average, less col. 3 from T. R-34, pp.
599-600, net changes in claims against foreign countries, five-year centred moving average. Annual data are derived from
the five-year centred moving average using the same procedure
that was applied to the GNP series. Data from 1889 to 1928 are
from Kendrick (1961, T. AIIb, col. 7, pp. 296-297), gross
private domestic investment, Commerce basis, millions of
dollars. Data from 1929 to 1945 are from United States, Bureau
of the Census (1975, Series F52, p. 229), gross private
domestic investment, current prices. Data on stocks for 1869
to 1888 from Kuznets (1961, T. R-34, pp. 599-600, col. 1), net
changes in inventories, current prices, five-year centered
moving average, and T. R-4, p. 490, col. 3, net changes in
inventories, billions of dollars. Annual data are derived from
the five-year centred moving average using the same procedure
that was applied to the GNP series, except the data are
unscrambled from 1920 backwards. Data from 1889 to 1928 are
from Kendrick (1961, T. AIIb, col. 8, pp. 296-297), change in
business inventories, millions of dollars. Data from 1929 to
1945 are from United States, Bureau of the Census (1975,
Series F60, p. 230), total net change in business inventories,
current prices.
Current Account:
Data for 1869 to 1945 from United States, Bureau of the Census
(1975), balance on goods and services, series U15, pp.
866-868, plus series U16 and U17, net private and government
unilateral transfers. Data from 1869 to 1899 are for fiscal
year ended June. Data are converted to calendar year basis by
adding each year to subsequent year and dividing by two. For

instance, fiscal year data for 1869 are added to fiscal year
1870 and divided by two, yielding calendar year 1869. Data
from 1900 are for calendar year. Data to 1873 include exports
and imports of gold. Data from 1874-1945 include nonmonetary
gold exports. Data for nongold current account for 1869-1873
are calculated by taking the current account balance less net
exports of gold. Data for nongold current account for 1874-1945 are calculated by taking the current account balance less
net exports of gold less change in the monetary gold stock
(equivalent to subtracting nonmonetary gold exports).
Gold:
Exports: Data for 1869 to 1914 are from NBER Macrohistory
Database, series 14112 net gold exports, thousands of dollars,
monthly data. Annual data are derived by adding the sum of
monthly net exports for each year (fiscal or calendar). Data
from 1915 to 1945 from United States, Bureau of the Census
(1975), series U197 less U198, gold exports less imports, pp.
884-885, calendar year, millions of dollars.
Monetary gold stock data for 1869 to 1878 are from United
States, Bureau of the Census (1975, series X417, p. 993),
billions of dollars, annual average. Monthly data from 1879 to
1945 are supplied by the NBER Macrohistory Database, series
14076, billions of dollars. To construct our own annual data
we select the December level of the monetary gold stock.
Refs:
Kendrick, John W. (1961), Productivity Trends in the United States,
National Bureau of Economic Research Number 71, General Series,
Princeton University Press, Princeton NJ.
Kuznets, Simon (1961), Capital in the American Economy Its Formation and Financing
National Bureau of Economic Research Studies in Capital Formation and Financing
Number 9, Princeton University Press, Princeton NJ.
US Bureau of the Census (1975),
Historical Statistics of the United States, Colonial Times to 1970, Bicentennial
Edition, US Government Printing Office, Washington DC.

1888 are

ed from