Source: Reinhart, Camen M. and Kenneth S.

Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Country
1 Finland
2 France
3 Germany
4 Ghana
5 Greece
6 Guatemala
7 Honduras
8 Hungary
9 Iceland
10 India
11 Indonesia
12 Ireland
13 Italy
14 Japan
15 Kenya
16 Korea
17 Malaysia
18 Mauritius
19 Mexico
20 Morocco

Debt- to-GDP ratios, (in percent)
Coverage
1914-2010
1880-2010
1880-2010
1911-2010
1848-2010
1921-2010
1914-2010
1880-2010
1908-2010
1835-2010
1911-2010
1924-2010
1861-2010
1872-2010
1911-2010
1913-2010
1949-2010
1970-2008
1872-2010
1965-2008

Comment
continuous (less than 5 observations missing)
near-continuous (less than 15 observations missing)
gaps
near-continuous (less than 15 observations missing)
near-continuous (less than 15 observations missing)
continuous (less than 5 observations missing)
continuous (less than 5 observations missing)
gap
continuous (less than 5 observations missing)
continuous (less than 5 observations missing)
gap between 1946 and 1969
continuous (less than 5 observations missing)
continuous (less than 5 observations missing)
near-continuous (less than 15 observations missing)
gap between 1939 and 1961
gap between 1939 and 1969
near-continuous (less than 15 observations missing)
continuous (less than 5 observations missing)
continuous (less than 5 observations missing)
continuous (less than 5 observations missing)

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

servations missing)
n 15 observations missing)

n 15 observations missing) 1938-1951
n 15 observations missing) WWI and WWII
servations missing)
servations missing)

servations missing)
servations missing)

servations missing)
servations missing)
n 15 observations missing) 1941-1952

n 15 observations missing) 1958-1969
servations missing)
servations missing)
servations missing)

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
1860--1994
Nominal GDP
Hjerppe, R. (1985) and (19
1950-2010
Nominal GDP
International Monetary Fun
1980-2010
Total gross general government debt
International Monetary Fun
1970-2002
Gross external debt liabilities: portfolio debt + other investment
Lane, Philip R. and Gian M
League of Nations ,Vario
1926-1944
Total gross central government debt
1860-2005
Nominal GDP
Smits, J., P.J. Woltjer and D
State Treasury Finland, h
1978-2010
Total gross central government debt
United Nations, Departm
1914-1946
Total gross central government debt
United Nations ,Various
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
World Bank, Various years
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1914-1949) data and scaled by average exports/GDP
1914-2010
1980-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross general government
debt/GDP
debt/GDP
1914
11.4
1915
12.0
1916
12.0
1917
10.4
1918
28.2
1919
34.2
1920
23.7
1921
14.9
1922
12.3
1923
14.6
1924
13.1
1925
13.3
1926
14.2
1927
12.8
1928
12.5
1929
12.0
1930
12.5
1931
14.7
1932
17.6
1933
17.5
1934
16.0
1935
13.4
1936
12.5
1937
12.6
1938
10.4
1939
16.0
1940
48.7
1941
68.5

1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

77.1
90.1
90.9
101.3
70.6
52.5
39.0
26.6
25.5
19.2
13.1
18.3
18.9
17.0
16.6
16.9
16.1
15.1
12.8
10.1
11.5
13.4
13.6
14.2
15.2
15.8
15.7
12.1
10.2
8.9
7.3
4.9
3.3
3.7
4.3
5.7
8.4
9.0
9.2
10.0
12.2
13.8
14.3
13.9
14.5
15.0
13.1

11.0
11.7
14.0
15.6
15.4
16.1
16.7
18.0
16.8

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

10.7
10.3
16.9
34.0
51.8
58.8
62.7
66.6
64.9
59.6
55.7
47.9
44.4
41.3
43.5
41.9
38.2
35.6
31.2
29.5
37.6
39.7

14.6
14.1
22.3
40.2
55.3
57.7
56.6
56.8
53.9
48.6
46.6
43.8
42.5
41.5
44.5
44.4
41.7
39.7
35.2
34.7
43.9
50.0

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Hjerppe, R. (1985) and (1996) The Finnish Economy 1860-1985: growth and structural change, Helsinki: Bank of Finland; R. Hjerppe, Fin
nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates of Foreign A

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.

Smits, J., P.J. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Time-Series Perspecti

State Treasury Finland, http://www.treasuryfinland.fi/Public/default.aspx?contentid=11055&nodeid=18401
United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
d by average exports/GDP.
1970-2009
Total (public plus private)
gross external
Debt/GDP

44.7
44.1
39.9
31.8
29.3
29.1
31.8
33.7
35.0
32.4
32.0
33.9
36.2
40.1
43.4
48.0
42.0
48.3
44.0

47.4
55.7
64.0
71.1
88.7
88.3
67.2
66.3
65.0
68.8
64.7
81.3
86.4
110.7
112.9
120.3
111.6
126.9
128.5
127.7
169.3
159.8

f Finland; R. Hjerppe, Finland's Historical National Accounts 1860-1994: Calculation Methods and Statistical Tables, Jyväskylän yliopisto
shington DC.

ed Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and Policies, Was

: A Time-Series Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groningen: University of Gron

bles, Jyväskylän yliopisto historian laitos, Suomen historian julkaisuja 24, Jyväskylä: Kopi-Jyvä Oy.

Crises, and Policies, Washington DC: International Monetary Fund.

ningen: University of Groningen".

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
Flandreau, Marc and Fre
1880-1913
Total gross central government debt
Flandreau, Marc and Fre
1880-1913
Nominal GDP
Institut National de la Sta
1978-2010
Total gross central government debt
1950-2010
Nominal GDP and GNP
International Monetary Fun
1980-2010
Total gross general government debt
International Monetary Fun
1970-2002
Gross external debt liabilities: portfolio debt + other investment
Lane, Philip R. and Gian M
League of Nations ,Vario
1926-1944
Total gross central government debt
1815-1932
Nominal GDP
Smits, J., P.J. Woltjer and
1815-1932
Nominal GDP
Toutain, J,C.,(1987), "Le p
United Nations, Departm
1914-1946
Total gross central government debt
United Nations ,Various
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
World Bank, Various years
Notes: External debt data for 2010 are through the first quarter.
1880-2010
1980-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross general government
debt/GDP
debt/GDP
1880
95.6
1881
95.5
1882
90.1
1883
97.0
1884
105.1
1885
112.6
1886
113.9
1887
117.1
1888
116.4
1889
109.6
1890
104.0
1891
103.9
1892
106.7
1893
110.2
1894
109.4
1895
114.5
1896
105.1
1897
98.9
1898
93.9
1899
92.3
1900
91.7
1901
98.1
1902
95.2
1903
89.6
1904
92.1
1905
92.4

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
1946
1947
1948
1949
1950
1951
1952

85.2
77.9
81.4
82.0
79.6
72.6
66.6
66.3

185.5
258.4
261.8
231.6
196.2
199.5
144.1
151.4
140.6
139.9
142.9
160.6

28.6
27.4
22.8
23.5

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

25.8
24.8
23.7
23.2
24.1
27.3
27.1
22.1
19.3
20.4
19.7
17.5
15.2
14.7
15.2
15.3
14.5
12.4
10.8
8.8
12.0
18.0
22.0
25.0
19.7
21.1
21.0
20.9
22.0
25.4
26.7
29.1
30.6
31.1
33.3
33.3
34.0
35.2
36.0
39.8
46.2
49.4
55.4
58.0
59.3
59.4
58.8

19.7
21.1
21.0
20.7
22.0
25.3
26.7
29.1
30.6
31.1
33.3
33.2
34.0
35.2
36.0
39.7
46.2
49.4
55.5
58.0
59.3
59.4
58.8

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

57.3
56.9
58.8
62.9
65.0
66.4
63.6
63.8
67.5
77.3
78.5

57.3
56.9
58.8
62.9
64.9
66.4
63.7
63.8
67.5
78.1
84.2

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).
Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).
nstitut National de la Statistique et des Études Économiques: INSEE http://www.insee.fr/en/insee-statistique-publique/default.as

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates of Foreign A

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.

Smits, J., P.J. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Time-Series Perspecti
Toutain, J,C.,(1987), "Le produit interieur brut de la France de 1789 á 1982" Économies et Société, Grenobles.

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
1970-2010
Total (public plus private)
gross external
Debt/GDP

13.5
15.9
16.5
17.0
17.6
16.5
19.8
23.4
23.8
24.4
27.0
32.6
36.9
40.6
42.7
45.2
36.7
39.4
35.7
44.6
49.5
51.7
50.0
58.1
58.8
58.7
56.3
62.4
67.1
69.8

83.5
94.0
118.0
127.5
138.4
142.1
168.2
186.4
169.6
194.5
192.0

ique-publique/default.asp

shington DC.

ed Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and Policies, Was

: A Time-Series Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groningen: University of Gron

Crises, and Policies, Washington DC: International Monetary Fund.

ningen: University of Groningen".

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
Series
1950-2010
Total gross central government debt
1880-1913
Total gross central government debt
1880-1913
Nominal GDP
1951-2010
Nominal GDP and GNP
1970-2002
Gross external debt liabilities: portfolio debt + other investment
1926-1944
Total gross central government debt
1850-1959
Nominal GDP
1914-1946
Total gross central government debt
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
Notes: External debt data for 2010 are through the first quarter.
1880-2010
1880-2010
Total (domestic plus external)
Total (domestic plus external)
gross central (federal) government
gross government
debt/GDP
debt/GDP
1880
1.3
36.5
1881
1.5
40.6
1882
1.8
41.9
1883
1.9
43.3
1884
2.0
46.0
1885
2.2
49.0
1886
2.3
49.5
1887
2.5
49.5
1888
3.5
48.4
1889
3.9
44.9
1890
4.7
47.2
1891
5.8
53.2
1892
7.0
52.5
1893
7.1
53.3
1894
7.9
54.8
1895
8.2
53.5
1896
7.9
50.7
1897
7.5
48.1
1898
7.0
44.7
1899
7.2
44.6
1900
7.1
44.0
1901
7.6
46.8
1902
8.8
48.4
1903
8.2
45.7
1904
8.6
44.7
1905
8.2
42.3
1906
8.7
41.9
1907
9.3
41.8

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
1946
1947
1948
1949
1950
1951
1952
1953
1954

10.0
11.0
10.6
10.0
9.4
9.2

43.7
46.0
46.6
44.7
41.7
42.1

4.2
12.0
10.0
9.3
11.3
14.4
20.7
23.9
22.6
22.2
19.8
19.9
19.3
20.1

6.1
6.3
7.3
11.3

17.5
17.6
19.7
22.6

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

11.1
10.0
9.1
9.3
8.9
8.7
9.4
8.3
8.4
8.2
7.6
7.8
9.4
9.5
8.4
6.8
6.4
6.4
6.0
6.7
9.9
10.7
11.9
13.3
14.0
14.9
16.7
18.3
19.4
19.8
20.4
20.4
21.1
21.6
20.9
21.2
19.5
18.8
20.7
20.5
20.9
22.7
24.0
24.8
35.2
34.7
33.0

23.1
22.0
21.0
20.3
19.9
18.8
18.9
17.7
17.9
18.2
18.4
19.2
22.2
22.4
20.3
17.4
17.5
18.1
17.4
18.3
23.4
25.0
26.1
27.7
28.5
30.0
33.2
36.1
38.0
38.7
39.3
39.2
40.5
40.9
39.4
41.0
39.5
42.1
45.8
48.0
55.6
58.4
59.7
60.3
60.9
59.7
58.8

2002
2003
2004
2005
2006
2007
2008
2009
2010

33.6
35.5
36.7
39.5
39.6
38.7
38.7
43.8
44.4

60.4
63.9
65.7
68.0
67.6
65.0
66.0
73.2
78.8

s,” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Sources:
Finance Ministry, http://www.bundesfinanzministerium.de/ and http://www.bundesbank.de/statistik/statistik_eszb_neuesfenste

Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).
Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).

International Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.

Smits, J., P.J. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Time-Ser
and
Development
Centre Research
Memorandum
GD-107,
Groningen:
University
of Groningen".
United
Nations, Department
of Economic
Affairs.
1948.
Public Debt,
1914–1946.
New York: United Nations.

United Nations ,Various years. Yearbook, New York: United Nations.
World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
1970-2010
Total (public plus private)
gross external
Debt/GDP

14.3
15.9
14.8
14.7
14.9
15.5
19.0
20.5
22.2
22.8
22.8
27.4
28.7
26.5
26.9
36.3
35.2
36.7
32.0
38.6
38.4
36.8
37.0
45.6
48.9
52.4
56.1
59.4
75.8
79.1
95.4
115.2

135.9
136.0
137.4
128.1
144.9
153.7
140.4
153.2
149.1

statistik_eszb_neuesfenster_tabelle.php?stat=debt_securities&lang=.en

ris:OECD).
ris:OECD).

Outlook, Washington DC.
vised Extended Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and P

a. 1870-1950: A Time-Series Perspective', Groningen Growth

: United Nations.

ges: Trends, Crises, and Policies, Washington DC: International Monetary Fund.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
2002-2010
Total gross central government debt
Bank of Ghana http://www
Frankel, S. Herbert. 193
1901-1935
Total gross central government debt
1963-2010
Nominal GDP
International Monetary Fu
1990-2010
Total gross general government debt
International Monetary Fu
1990-2008
Total gross central government debt
Jaimovich, D.and Ugo Pa
United Nations ,Variou
1952-1984
Total gross central government debt
1970-2008
Total external debt and GNP
World Bank. Various yea
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1938) data and scaled by average exports/GDP.
1911-1984
1911-2009
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1911
1.3
0.4
1912
9.7
3.2
1913
7.7
2.5
1914
11.5
3.7
1915
9.6
3.1
1916
9.6
3.1
1917
8.6
2.8
1918
12.1
3.9
1919
10.4
3.4
1920
9.3
3.0
1921
72.0
23.3
1922
47.8
15.5
1923
42.7
13.8
1924
85.8
27.8
1925
78.1
25.3
1926
70.2
22.7
1927
69.7
22.6
1928
98.3
31.8
1929
106.6
34.5
1930
149.7
48.5
1931
181.7
58.8
1932
202.4
65.5
1933
213.8
69.2
1934
211.9
68.6
1935
183.1
59.3
1936
141.4
45.8
1937
108.5
35.1
1938
1939
1940
1941
1942

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989

141.3
152.7
230.8
303.5
297.7
253.5
221.0
257.8
579.1
861.4
1687.3
280.0
143.2
248.4
358.8
262.2
311.1
230.0
237.8
211.6
182.1
174.3
180.5
200.3
236.0
239.7
210.5
257.2
366.3
642.6
210.9
181.4
119.9

45.8
64.0
69.9
84.8
84.7
78.7
69.5
73.7
153.0
212.7
369.1
58.3
55.1
59.1
57.9
59.1
61.0
53.8
37.0
49.1
49.4
42.2
36.4
36.3
42.2
35.3
27.5
31.5
25.0
21.3
25.0
18.7
32.4
34.0
34.3
48.4
44.7
49.2

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

39.1
42.3
50.3
64.0
111.9
87.0
79.0
84.0
82.0
87.0
131.9
138.9
128.9
118.9
93.6
77.2
37.4
38.8
48.0
52.9

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Bank of Ghana http://www.bog.gov.gh/index1.php?linkid=175

Frankel, S. Herbert. 1938. Capital Investment in Africa: Its Course and Effects. London: Oxford University Press

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
aimovich, D.and Ugo Panizza, (2010), "Public Debt Around the World: A New Data Set of Central Government Debt," Applied Economics

United Nations ,Various years. Yearbook, New York: United Nations.

World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.
by average exports/GDP.
1990-2010
1970-2008
Total (domestic plus external)
Total (public plus private)
gross general government
gross external
debt/GDP
Debt/GDP

25.8
22.6
28.7
25.1
18.7
16.0
12.2
11.0
10.7
12.5
8.9
5.5
4.5
7.6
24.7
33.7
45.5
64.1
55.5
59.0

43.3
44.9
56.5
83.1
124.8
123.7
103.8
116.0
105.8
142.2
182.2
142.0
133.3
121.4
94.1
77.9
42.0
51.9
59.2
66.5
69.0

56.4
56.7
62.7
76.6
93.8
85.1
83.5
82.9
84.4
83.3
122.8
119.4
113.0
99.2
79.4
62.7
25.0
29.7
30.8

shington DC.

Debt," Applied Economics Letters, Routledge

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
Flandreau, Marc and Fred
1880-1913
Total gross central government debt
Kostelenos, George, S. Pe
1830-1939
Nominal GDP
1970-2002
Gross external debt liabilities: portfolio debt + other investment
Lane, Philip R. and Gian Ma
1848-1939
Domestic central government debt
Lazaretou, Sophia (2005) “G
1821-1898
External government bond issuance
Levandis, John Alexander, T
1948-2010
Nominal GDP
International Monetary Fund
United Nations, Departme
1914-1946
Total gross central government debt
United Nations ,Various y
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
World Bank, Various years.
Notes: External debt data for 2010 are through the first quarter.
1848-2010
1970-2010
Total (domestic plus external)
Total (public plus private)
gross central government
gross external
debt/GDP
Debt/GDP
1848
408.8
1849
396.9
1850
358.7
1851
344.2
1852
289.7
1853
312.6
1854
270.7
1855
292.7
1856
212.2
1857
220.7
1858
235.9
1859
193.6
1860
211.4
1861
214.4
1862
208.8
1863
202.0
1864
173.0
1865
177.7
1866
167.0
1867
143.4
1868
151.6
1869
171.7
1870
143.8
1871
126.6
1872
150.8
1873
137.7
1874
129.5
1875
129.8
1876
134.9

1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

123.1
124.0
120.0
120.1
111.9
99.4
95.1
77.0
69.4
66.3
98.9
134.9
139.7
159.2
161.3
160.2
176.1
218.6
221.8
215.8
223.1
193.2
210.0
206.2
190.3
198.5
204.2
213.0
189.7
161.9
135.2
133.0
121.8
119.8
89.6
100.7
112.0

64.2
54.9
65.3
68.5
51.4

1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970

44.8
41.1
38.6
34.1
110.0
117.4
124.2
138.8
130.1
112.5
101.4
101.1
101.4
87.7
92.3
95.1

11.3
15.0
18.3
15.9
13.7
12.2
11.2
7.5
8.4
10.4
10.2
11.1
13.1
19.2
18.5
19.1
16.0
17.9
19.3
21.3
18.8

11.1

1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

19.0
20.1
16.6
17.5
18.2
20.8
23.2
23.7
23.1
24.6
28.8
29.6
34.0
40.5
47.1
47.7
53.0
62.7
65.8
89.1
91.1
97.6
97.6
103.2
104.8
108.1
105.2
103.7
103.6
108.9
106.3
109.8
106.5
108.8
110.9
108.0
106.3
109.7
126.8
144.0

12.4
13.9
13.4
15.0
16.5
17.4
18.3
19.6
18.4
21.3
26.9
28.3
34.9
38.7
48.1
49.5
50.3
43.2
43.3
37.2
37.2
35.9
39.9
40.4
39.0
38.5
45.1
49.6
52.3
66.3
74.8
99.3
104.9
109.6
108.0
124.8
146.3
143.4
178.0
171.5

” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).
Kostelenos, George, S. Petmezas, D. Vasileiou, E. Kounaris, and M. Sfakianakis. 2007. Gross Domestic Product, 1830–1939.

Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates of Foreign A
Lazaretou, Sophia (2005) “Greek Monetary Economics in Retrospect: The Adventures of the Drachma," Economic Notes by Banca Monte d
Levandis, John Alexander, The Greek Foreign Debt and the Great Powers, 1821-1898, (New York: Columbia University Press, 1944).
International Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank

Product, 1830–1939. Sources of Economic History of Modern Greece. Athens:

ed Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and Policies, Wa
c Notes by Banca Monte dei Paschi di Siena Vol. 34, No. 3, 331–370.
niversity Press, 1944).
shington DC.

, Crises, and Policies, Washington DC: International Monetary Fund.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
1980-2010
Total gross central government debt
1950-2010
Nominal GDP
1926-1944
Total gross central government debt and exports
1914-1946
Total gross central government debt
1945-1984
Total gross central government debt
1970-2008
Total external debt/GNP
2003-2010
Total gross external debt
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1921-1949) data and scaled by average exports/GDP.
External debt data for 2010 are through the first quarter.
1921-2007
1921-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
1920
debt/exports
debt/GDP
1921
1922
117.5
14.5
1923
117.5
14.5
1924
102.0
12.6
1925
62.1
7.7
1926
1927
67.6
8.4
1928
54.7
6.8
1929
62.9
7.8
1930
62.4
7.7
1931
87.0
10.8
1932
139.3
17.2
1933
193.6
23.9
1934
219.6
27.2
1935
147.3
18.2
1936
185.0
22.9
1937
118.8
14.7
1938
102.2
12.6
1939
92.2
11.4
1940
64.2
7.9
1941
95.8
11.9
1942
80.0
9.9
1943
55.5
6.9
1944
56.0
6.9
1945
25.8
3.2
1946
13.3
1.6
1947
10.3
1.3
1948
8.5
1.0
1949
13.4
1.7
1950
28.1
3.5

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

25.0
27.3
18.3
40.8
33.5
32.6
41.3
62.7
61.1
60.4
67.8
77.5
60.5
62.2
75.1
64.9
82.0
80.4
73.6
75.3
82.3
92.8
81.5
78.5
80.3
69.1
57.2

2.8
3.5
2.2
5.0
4.1
4.2
4.8
6.6
6.0
6.5
6.9
7.4
7.3
7.9
10.5
10.5
11.2
11.3
11.0
11.5
11.7
14.5
13.8
14.2
13.7
12.0
12.1

60.2
96.4
187.3
269.2
202.4
227.2
278.5
305.5
363.9
362.9
368.7
329.0
290.1
306.2
318.5
286.6
227.6
212.8

10.8
18.6
26.7
34.6
25.9
27.1
26.3
50.3
50.7
48.8
58.6
55.9
37.2
38.7
38.6
33.6
32.1
27.3

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

177.7
168.3
187.3
176.8
205.7
216.6
219.0
206.6
152.0
109.9
68.5

24.3
23.8
27.0
24.8
27.6
25.7
26.6
24.7
19.4
13.4
9.1
9.9
22.2

t Crisis,” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Sources:
Banco de Guatemala, http://www.banguat.gob.gt/inc/ver.asp?id=/pim/pim16&e=36440 AND http://www.banguat.gob.gt/inc/ve
International Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
and scaled by average exports/GDP.

tic plus external)
government

1970-2010
Total (public plus private)
gross external
Debt/GDP

8.4
9.0
8.8
8.6
8.2
8.8
8.8
12.0
13.5
15.2
16.1
16.0
19.2
21.7
27.0
25.8
50.0
42.9
37.0
32.1
40.3
32.2
28.8
27.6
26.2
24.6
23.6
21.4

21.0
22.9
22.4
22.9
21.3
23.2
40.6
40.4
40.7
42.7
40.6
37.3
39.8

ww.banguat.gob.gt/inc/ver.asp?id=/pim/pim17.htm
Outlook, Washington DC.

: United Nations.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
Cowan, Kevin, Eduardo
1980-2005
Total gross central government debt
1950-2010
Nominal GDP
International Monetary Fun
League of Nations ,Vario
1926-1944
Total gross central government debt and exports
Republica de Honduras S
2004-2020
Total gross central government debt
United Nations, Departm
1914-1946
Total gross central government debt
United Nations ,Various
1945-1984
Total gross central government debt
World Bank. Various yea
1970-2008
Total external debt/GNP
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1914-1949) data and scaled by average exports/GDP.
1914-2007
1914-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1914
862.5
222.7
1915
841.5
217.3
1916
692.0
178.7
1917
536.1
138.4
1918
625.7
161.5
1919
478.5
123.5
1920
514.7
132.9
1921
560.0
144.6
1922
663.4
171.3
1923
339.2
87.6
1924
452.4
116.8
1925
323.5
83.5
1926
94.5
24.4
1927
79.1
20.4
1928
64.9
16.8
1929
63.7
16.4
1930
53.8
13.9
1931
68.7
17.7
1932
86.3
22.3
1933
113.7
29.4
1934
137.0
35.4
1935
161.2
41.6
1936
202.3
52.2
1937
187.9
48.5
1938
190.2
49.1
1939
41.1
10.6
1940
39.5
10.2
1941
41.0
10.6
1942
41.7
10.8
1943
95.6
24.7
1944
34.6
8.9

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991

25.1
22.5
14.9
11.3
11.9
9.1
6.8
11.6
10.3
13.0
15.0
15.5
21.3
38.6
47.8
40.1
40.6
44.8
47.3
35.8
36.5
37.5
34.9
52.1
69.5
81.3

6.5
5.8
3.9
2.9
3.1
2.2
1.9
2.9
2.6
2.8
2.6
3.9
4.6
0.0
8.1
9.0
8.2
8.5
9.1
9.8
9.0
9.5
9.7
9.7
13.0
17.2
19.8

151.9
208.0
293.0
349.1
353.5
377.4
373.3
453.9
440.4
475.9
460.4
440.1

49.1
56.1
99.8
109.0
110.5
134.3
125.6
123.3
148.3
174.0
209.0
133.6

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

494.8
524.5
527.6
371.3
332.6
293.8
281.4
401.1
347.4
382.9
405.4
436.1
394.9
314.8
208.8
144.5

128.7
143.0
144.7
124.9
117.9
90.7
84.4
105.8
68.1
68.2
70.2
71.6
70.0
54.4
36.9
25.0
26.8
25.6
24.7

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Cowan, Kevin, Eduardo Levy-Yeyati, Ugo Panizza, and Federico Sturzenegger. 2006. “Sovereign Debt in the Americas: New Da

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
Republica de Honduras Secretaria de Finanzas, http://www.sefin.gob.hn/portal_prod/index.php?option=com_frontpage&Itemid=
United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

d by average exports/GDP.
1970-2008
Total (public plus private)
gross external
Debt/GDP

13.7
16.6
17.8
19.3
24.5
31.5
26.0
44.9
48.4
53.5
48.1
50.7
53.2
57.9
57.7
62.9
65.5
66.6
59.9
54.9
102.2
92.8

95.4
104.2
115.4
103.9
98.6
87.8
81.2
83.6
76.0
65.4
68.0
67.3
69.1
54.0
38.8
26.7
24.5

n the Americas: New Data and Stylized Facts.” Working Paper 577. Research Department, Inter-American Development Bank, W

shington DC.

om_frontpage&Itemid=149

an Development Bank, Washington, D.C. Available at http://www.iadb.org/res/pub_desc.cfm?pub_id=DBA-007.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
Series
1950-2010
Total gross central government debt
1880-1913
Total gross central government debt
1880-1913
Nominal GDP
1970-2010
Nominal GDP and GNP
1980-2005
Total gross central government debt
1982-2002
Gross external debt liabilities: portfolio debt + other investment
1924-1944
Total gross central government debt
2000-2010
Total gross central government debt
1938-1991
Nominal GDP
1924-1946
Total gross central government debt
2003-2010
Total gross external debt
Notes: External debt data for 2010 are through the first quarter.
1880-2010
1982-2010
Total (domestic plus external)
Total (public plus private)
gross central (federal) government
gross external
debt/GDP
Debt/GDP
1880
69.6
1881
72.1
1882
72.6
1883
73.6
1884
75.2
1885
79.6
1886
84.1
1887
83.2
1888
82.7
1889
86.0
1890
85.2
1891
86.2
1892
90.2
1893
90.0
1894
87.8
1895
83.5
1896
85.7
1897
86.9
1898
81.5
1899
78.2
1900
81.1
1901
82.8
1902
79.2
1903
76.3
1904
78.4
1905
69.5
1906
65.4

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
1946
1947
1948
1949
1950
1951
1952
1953

63.9
62.8
60.8
67.1
64.6
61.4
63.3

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

156.2
153.7
172.0
134.1
130.3
109.3
92.3
89.2
86.4
74.1

39.6
45.9
48.5
60.8
64.0
67.4
61.7
62.8
57.6
60.8
53.1
56.8
61.3
63.7
54.2
48.3
52.6
54.3
56.0

2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

63.1
61.4
60.9
55.7
58.1
61.9
61.3
68.2
72.9
72.6

52.3
60.5
69.2
73.9
72.0
110.7
122.4
140.8
176.3
154.1

Crisis,” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Sources:
Finance Ministry, http://www.bundesfinanzministerium.de/ and http://www.bundesbank.de/statistik/statistik_eszb_neuesfenste

Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).
Flandreau, Marc and Frederic Zumer (2004), The Making of Global Finance: 1880-1913, (Paris:OECD).

International Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

Jeanne, Olivier, and Guscina, Anastasia. 2006. “Government Debt in Emerging Market Countries: A New Dataset.” I
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
Ministry of Finance, http://www.pm.gov.hu/web/home.nsf/frames/english

Smits, J., P.J. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Time-Ser
and Development
Centre Research
Memorandum
GD-107,
Groningen:
University
of Groningen".
United
Nations, Department
of Economic
Affairs.
1948.
Public Debt,
1914–1946.
New York: United Nations.
World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank

plus private)

statistik_eszb_neuesfenster_tabelle.php?stat=debt_securities&lang=.en

ris:OECD).
ris:OECD).

Outlook, Washington DC.

tries: A New Dataset.” International Monetary Fund Working Paper 6/98. International Monetary Fund, Washington, D.C. April

vised Extended Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and P

a. 1870-1950: A Time-Series Perspective', Groningen Growth

: United Nations.

Washington, D.C. April.

ges: Trends, Crises, and Policies, Washington DC: International Monetary Fund.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
1901-1998
1901-2000
1922-2000
1980-2010
1980-2010
2005-2010

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

Series
Total gross general government debt
Nominal GDP
Total external debt
Total gross general government debt
Nominal GDP
Total external debt
1908-2010
Total (domestic plus external)
gross general government
debt/GDP
1.5
5.9
5.1
4.7
5.6
6.1
5.6
5.1
4.9
21.9
20.4
10.7
10.6
18.7
21.6
24.8
16.2
11.9
16.2
17.8
17.0
16.2
21.3
25.3
28.1
24.4
24.2
26.3
25.3
23.2
22.8
23.9
15.5

Sources:

Iceland Historical Statisti
Iceland Historical Statisti
Iceland Historical Statisti

International Monetary Fun
International Monetary Fun
International Monetary Fun
1922-2010
Total (public plus private)
gross external
Debt/GDP

45.1
53.3
26.5
23.0
37.3
31.5
24.5
26.3
37.4
52.4
54.5
45.8
48.4

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987

9.4
5.7
4.4
4.2
2.5
2.8
5.8
9.4
12.8
14.6
14.4
13.6
10.7
9.3
8.6
6.7
6.6
5.1
5.0
13.6
8.5
7.5
7.9
8.0
7.8
5.6
8.8
14.2
14.6
11.4
11.7
14.5
11.5
12.5
16.4
17.2
18.4
19.8
21.1
25.5
23.0
29.8
31.5
33.2
32.8
30.5
27.9

0.7
1.5
3.4
7.8
8.6
8.4
7.2
7.2
6.4
7.8
10.3
10.4
11.9
28.6
28.6
23.2
22.2
20.2
17.8
17.2
24.4
40.1
33.0
24.8
25.3
24.1
20.8
28.3
34.9
32.6
31.6
45.6
43.6
52.2
41.3
62.0
64.9
73.1
68.3
56.9
48.8

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

31.2
36.0
36.2
38.39
46.24
53.14
55.66
58.94
56.3
53.08
47.86
43.41
41.04
45.89
42.07
40.83
34.45
25.39
30.13
29.26
71.66
99.88
115.58

56.6
62.7
53.8
53.7
63.5
66.3
59.3
57.6
57.4
60.4
69.7
80.3
105.5
120.4
108.8
134.3
172.9
285.7
442.7
567.9
970.7
1002.7
914.8

” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

celand Historical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htm
celand Historical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htm
celand Historical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htm

nternational Monetary Fund, various issues,World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, International Financial Statistics, SDDS and World Economic Outlook, Washington DC.

shington DC.
ok, Washington DC.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
1835-1899
1950-2010
1991-2010
1980-2005
1926-1944
2004-2010
1840-1920
1914-1946
1945-1979
1970-2007
2003-2010

1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862

Series
Sources:
Brahmananda, P. R. 2001
Total gross central government debt and nominal GDP
Nominal GDP
International Monetary Fund
Total gross general government debt
International Monetary Fund
Jeanne, Olivier, and Gusc
Total gross central government debt
League of Nations ,Variou
Total gross central government debt
Total gross central government debt
Ministry of Finance, http://f
Total gross central government debt and exports
Various years. Statistical Ab
United Nations, Departme
Total gross central government debt
United Nations ,Various y
Total gross central government debt
World Bank. Various year
Total external debt
Total gross external debt
World Bank, Various years.
1835-2009
1841-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
323.5
275.8
324.3
285.6
275.7
257.4
260.3
15.4
282.4
16.7
234.0
13.8
252.3
14.9
255.9
15.1
285.0
16.8
352.5
20.8
302.8
17.9
295.1
17.4
296.3
17.5
276.9
16.3
268.9
15.9
291.4
17.2
284.0
16.8
242.5
14.3
228.3
13.5
216.2
12.8
232.4
13.7
289.9
17.1
297.3
17.5
280.7
16.6
224.5
13.2

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
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909

159.3
144.9
150.3
234.8
200.5
192.1
195.9
195.6
188.3
220.2
220.9
218.0
224.3
220.6
201.1
219.5
204.1
202.2
190.4
190.1
182.4
192.6
191.5
185.9
194.8
189.1
193.6
187.6
186.1
215.6
223.7
322.4
298.0
302.7
307.8
268.4
278.8
281.4
256.5
251.9
214.7
209.6
206.4
203.3
207.4
250.6
215.3

9.4
8.5
8.9
13.9
11.8
11.3
11.6
11.5
11.1
13.0
13.0
12.9
13.2
13.0
11.9
12.9
12.0
11.9
11.2
11.2
10.8
11.4
11.3
11.0
11.5
11.2
11.4
11.1
11.0
12.7
13.2
19.0
17.6
17.9
18.2
15.8
16.4
16.6
15.1
14.9
12.7
12.4
12.2
12.0
12.2
14.8
12.7

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
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956

201.1
190.4
177.8
177.1
241.8
229.8
186.4
185.3
248.2
195.2
246.9
300.3
281.9
256.7
245.5
263.2
274.8
329.9
325.3
335.1
366.7
527.9
729.6
878.0
783.0
731.1
699.4
590.5
628.3
703.5
565.6
587.6
522.8
752.1
891.5
983.6
839.7
507.5
555.5
449.0
329.0
435.6
500.0
449.6
505.3
520.2

11.9
11.2
10.5
10.5
14.3
13.6
11.0
10.9
14.6
11.5
14.6
17.7
16.6
15.1
14.5
15.5
16.2
19.5
19.2
19.8
21.6
31.1
43.0
51.8
46.2
43.1
41.3
34.8
37.1
41.5
33.4
34.7
30.8
44.4
52.6
58.0
49.5
0.0
29.9
32.8
26.1
25.2
26.4
24.6
24.9
29.6
25.5

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

525.0
697.8
788.4
880.4
957.5
1001.3
972.1
1031.7
1195.9
918.3
972.6
1119.0
1138.1
1084.4
1175.8
1210.0
1009.7
805.2
618.3
667.2
617.3
627.0
665.2
669.9
619.4
724.0
684.4
640.0
745.6
912.6
983.0
777.1
685.0
619.6
457.2
482.8
538.7
454.9
387.7
348.8
337.8
347.5
534.9
567.1
493.4
576.5
518.4

27.4
23.7
33.6
34.5
36.8
36.2
35.4
33.8
36.7
36.4
34.0
40.3
38.8
38.2
37.6
37.2
34.1
28.9
29.5
32.6
30.3
31.2
32.4
31.0
30.0
34.0
31.5
32.4
34.0
36.4
36.7
33.3
33.4
32.8
32.7
33.4
36.5
31.3
30.1
28.9
29.1
29.5
39.6
46.4
46.5
49.4
45.2

2004
2005
2006
2007
2008
2009
2010

516.8
415.3
371.7
390.1
272.5
319.9

45.7
43.6
41.1
40.8
39.3
42.1
36.6

” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Brahmananda, P. R. 2001. Money, Income and Prices in 19th Century India. Dehli: Himalaya.

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC. (Diaz Alejan
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.

Jeanne, Olivier, and Guscina, Anastasia. 2006. “Government Debt in Emerging Market Countries: A New Dataset.” Internationa
League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.

Ministry of Finance, http://finmin.nic.in/stats_data/central_govt_borrowings/index.html
Various years. Statistical Abstract Relating to British India

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
1991-2010
1970-2010
Total (domestic plus external)
Total (public plus private)
gross general government
gross external
debt/GDP
Debt/GDP

73.2
73.6
74.0
70.7
67.4
64.1
65.3
65.4
67.7
71.4
75.8
80.1
81.5

13.9
14.3
14.8
13.2
13.2
14.4
14.5
13.1
12.3
12.0
11.2
11.9
14.0
15.0
16.3
17.9
19.6
20.3
20.9
26.0
26.7
32.4
37.3
34.7
32.1
26.8
24.3
23.2
23.7
22.0
21.8
20.8
20.8
19.0

81.7
79.3
76.0
72.9
72.6
74.2
71.8

17.9
15.3
18.3
18.7
19.0
20.4
19.1

shington DC. (Diaz Alejandro for WWII years)

w Dataset.” International Monetary Fund Working Paper 6/98. International Monetary Fund, Washington, D.C. April.

, D.C. April.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
1911-1940
Total gross central government debt
Creutzberg, P. (1976) Cha
1960-2010
Nominal GDP
International Monetary Fu
Jeanne, Olivier, and Gus
1980-2005
Total gross central government debt
2004-2009
Total gross central government debt
Ministry of Finance Direct
United Nations ,Various
1972-1984
Total gross central government debt
World Bank. Various ye
1970-2007
Total external debt andGNP
2003-2010
Total gross external debt
World Bank, Various year
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1949) data and scaled by average exports/GDP.
External debt data for 2010 are through the first quarter.
1911-2010
1911-200910
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1911
18.1
5.1
1912
15.5
4.4
1913
15.6
4.4
1914
25.4
7.2
1915
26.3
7.4
1916
25.9
7.3
1917
37.0
10.4
1918
58.0
16.3
1919
25.1
7.1
1920
39.7
11.2
1921
94.1
26.5
1922
103.2
29.0
1923
94.6
26.6
1924
80.1
22.5
1925
64.7
18.2
1926
68.5
19.3
1927
63.6
17.9
1928
63.6
17.9
1929
71.0
20.0
1930
99.9
28.1
1931
176.4
49.7
1932
262.7
73.9
1933
323.2
91.0
1934
300.5
84.6
1935
317.0
89.2
1936
239.8
67.5
1937
137.1
38.6
1938
199.1
56.0
1939
177.3
49.9
1940
149.2
42.0

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987

271.3

96.5
90.3
154.1
85.9
61.2
58.4
112.3
105.3
99.4
135.1
198.1
207.2

46.7
50.5
51.2
43.1
34.4
36.7
22.1
21.4
32.7
25.7
20.6
16.9
28.0
28.6
26.6
30.6
48.4
52.4

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

185.5
194.0
174.5
168.9
136.4
152.0
158.9
137.6
120.5
99.2
158.4
281.5
210.9
230.0
242.2
246.8
193.3
144.7
153.2
128.8

47.7
44.3
43.3
41.4
39.2
36.6
36.8
33.2
26.9
41.4
67.0
92.9
95.2
83.3
73.2
57.0
50.1
42.9
37.4
33.3
29.2
32.8

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Creutzberg, P. (1976) Changing Economy in Indonesia; in volume 2, Public Finance 1816-1939, (The Hague: Martinus Nijhoff
nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

Jeanne, Olivier, and Guscina, Anastasia. 2006. “Government Debt in Emerging Market Countries: A New Dataset.” Internationa

Ministry of Finance Directorate General of Debt Management http://www.dmo.or.id/en/content.php?section=94

United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
by average exports/GDP.
1970-2010
Total (public plus private)
gross external
Debt/GDP

46.7
50.5
51.2
43.1
34.4
36.7
36.1
34.6
33.9
35.3
28.0
25.5
27.9
36.9
38.8
44.4
56.5
73.1

63.9
61.3
64.0
71.6
72.2
58.7
62.6
63.4
58.3
65.1
168.2
117.1
93.6
86.6
70.1
60.6
56.9
47.0
36.4
32.7
30.3
32.1
27.0

rtinus Nijhoff
shington DC.

w Dataset.” International Monetary Fund Working Paper 6/98. International Monetary Fund, Washington, D.C. April.

, D.C. April.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
1948-2010
1980-2010
1970-2002
1926-1944
1923-2010
1923-1946
1945-1984
2002-2010

Series
Nominal GDP
Total gross general government debt
Gross external debt liabilities: portfolio debt + other investment
Total gross central government debt and exports
Total gross central government debt
Total gross central government debt
Total gross central government debt
Total gross external debt

Sources:
International Monetary Fu
International Monetary Fu
Lane, Philip R. and Gian M

League of Nations ,Vari

National Treasury Manage

United Nations, Departm
United Nations ,Various

World Bank, Various year

Notes: Pre-1946 debt/GDP ratio is backcasted using annual debt/exports (1924-1945) data and scaled by average exports/GDP.
data for 2010 are through the first quarter.
1924-1997
1924-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1923
1924
21.5
5.9
1925
24.3
6.6
1926
27.4
7.5
1927
31.7
8.6
1928
39.0
10.6
1929
40.4
11.8
1930
45.7
12.5
1931
64.5
15.8
1932
96.6
23.7
1933
130.2
18.5
1934
217.0
32.4
1935
191.4
28.6
1936
165.7
24.8
1937
166.8
24.6
1938
162.4
21.2
1939
179.1
26.7
1940
154.6
23.1
1941
160.2
23.9
1942
173.3
25.9
1943
209.0
31.2
1944
195.6
29.2
1945
174.1
26.0
1946
164.2
24.5
1947
170.9
20.6
1948
145.4
21.0
1949
166.4
27.5
1950
193.6
37.7
1951
219.4
45.6

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

210.3
214.0
242.2
302.0
330.0
293.3
314.9
327.2
304.9
277.5
310.2
300.7
325.9
318.9
322.7
298.1
247.5
246.2
216.2
205.3
193.9
163.5
172.4
189.6
194.3
167.9
174.4
187.8
193.4
213.4
205.0
207.3
189.1
189.9
230.5
221.0
200.0
170.1
175.0
169.0
157.3
143.0
128.5
108.6
98.4
87.1

47.4
49.2
56.0
63.8
67.3
70.1
72.8
70.3
73.6
73.7
73.5
74.5
70.9
73.4
78.1
77.0
66.1
63.6
62.2
59.7
55.9
52.1
65.5
72.4
77.6
74.1
76.5
82.6
84.4
89.8
87.2
96.5
101.6
103.0
109.7
112.4
108.3
97.7
87.7
85.5
83.6
83.3
79.8
73.0
65.5
58.2
48.8

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

44.0
34.8
30.9
27.9
26.9
25.4
23.6
20.3
19.8
27.7
46.0
54.6

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates of Foreign A

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.

National Treasury Management Agency, Ireland (2010) “National Debt of Ireland: 1923-2009” http://www.ntma.ie/NationalDebt/historicalD

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
by average exports/GDP. Except for scattered years (1926, 1929, 1931, 1933, 1936-1938) where GDP data is available. External debt
1980-2010
Total (domestic plus external)
gross general government
debt/GDP

1970-2010
Total (public plus private)
gross external
Debt/GDP

65.2
69.4
74.1
86.9
91.0
93.8
108.2
109.2
107.5
98.8
93.5
94.6
91.4
94.2
88.8
82.0
73.4
64.3
53.6

54.5
70.8
66.2
71.1
87.0
72.4
78.0
93.1
87.9
88.4
90.5
99.8
77.1
81.2
88.6
97.3
89.1
93.1
88.3
93.2
92.7
93.0
94.5
109.4
110.7
142.9
166.4
186.0
259.4

48.5
37.8
35.5
32.1
30.9
29.4
27.2
24.8
25.0
44.4
65.5
93.6

302.7
305.6
332.8
413.0
464.6
567.6
661.7
794.4
871.8
880.3
1019.1
1041.6

shington DC.

ed Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and Policies, Was

e/NationalDebt/historicalData1.php

ailable. External debt

Crises, and Policies, Washington DC: International Monetary Fund.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
Series
2005-2010
Total gross general government debt and nominal GDP
1861-2007
Total gross general government debt and nominal GDP
1951-2010
Nominal GDP and GNP
1970-2002
Gross external debt liabilities: portfolio debt + other investment
1926-1944
Total gross central government debt
1914-1946
Total gross central government debt
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
Notes: External debt data for 2010 are through the first quarter.
1861-2010
1970-2010
Total (domestic plus external)
Total (public plus private)
gross general government
gross external
debt/GDP
Debt/GNP
1861
36.4
1862
37.9
1863
47.4
1864
55.5
1865
61.5
1866
64.9
1867
79.4
1868
76.0
1869
79.6
1870
87.7
1871
86.3
1872
78.5
1873
70.6
1874
68.8
1875
77.6
1876
87.3
1877
80.6
1878
85.6
1879
86.2
1880
80.4
1881
96.4
1882
98.2
1883
101.2
1884
101.6
1885
93.9
1886
90.8
1887
96.9
1888
105.0
1889
104.4
1890
97.5

1891
1892
1893
1894
1895
1896
1897
1898
1899
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

97.9
108.2
107.2
116.4
111.0
112.8
117.5
105.7
104.7
98.0
94.4
97.6
90.7
92.1
89.0
82.4
74.7
79.1
74.3
76.2
70.3
68.9
69.2
78.7
85.6
75.6
91.1
101.7
134.5
142.3
153.0
142.8
142.3
140.6
101.1
87.9
101.0
97.5
98.1
111.4
112.7
90.4
98.3
103.9
94.9
99.2
87.1

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984

88.2
87.7
93.3
115.7
129.0
128.0
104.0
79.2
44.8
25.4
29.5
32.1
32.3
33.7
35.7
36.6
38.4
38.1
36.9
36.0
35.7
36.9
32.8
31.3
30.3
28.5
28.5
29.8
33.0
32.5
34.4
34.9
30.9
34.5
38.1
40.9
41.3
48.2
48.4
50.6
56.0
55.0
53.5
56.5
61.2
67.6
72.5

24.3
25.2
27.1
29.9
21.1
20.1
21.4
21.1
20.6
19.6
19.3
24.5
24.3
24.5
25.5

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

79.5
84.1
88.5
90.9
93.7
96.3
99.1
103.1
113.0
120.1
119.8
119.3
116.3
113.0
111.0
105.9
105.4
102.2
99.3
103.8
105.8
106.5
103.5
106.1
115.8
117.5

30.1
26.7
26.6
25.4
32.0
34.8
38.3
36.4
45.9
48.9
50.4
52.4
58.6
69.6
73.0
82.8
80.8
91.3
96.2
95.3
94.1
113.0
120.3
103.8
120.4
115.8

t Crisis,” NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Sources:
Banca d'Italia http://www.bancaditalia.it/statistiche/finpub/pimefp and downloadable from http://bip.bancaditalia.it/4972unix/h
Francese Maura and Angelo Pace (2008), “Il debito pubblico italiano dall’Unità a oggi. Una ricostruzione della serie storica”, B
International Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.
World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank

bancaditalia.it/4972unix/homebipentry.htm?dadove=corr&lang=eng
ione della serie storica”, Banca d'Italia, Occasional paper no. 31, Roma
Outlook, Washington DC.
vised Extended Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and P

: United Nations.

ges: Trends, Crises, and Policies, Washington DC: International Monetary Fund.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
Historical Statistics of Jap
1872-2001
Total gross central government debt
1880-1913
Nominal GDP
http://www.stat.go.jp/englis
1952-2010
Nominal GDP and GNP
International Monetary Fun
1980-2010
Total gross general government debt
International Monetary Fun
1970-2002
Gross external debt liabilities: portfolio debt + other investment
Lane, Philip R. and Gian M
League of Nations ,Vario
1926-1944
Total gross central government debt
Ohkawa, K. N. Takamats
1885-1940
Nominal GDP
1885-1940
Nominal GDP
Smits, J., P.J. Woltjer and D
1950-2010
Total gross central government debt
Statistics Bureau http://www
United Nations, Departm
1914-1946
Total gross central government debt
United Nations ,Various
1945-1984
Total gross central government debt
2003-2010
Total gross external debt
World Bank, Various years
Notes: Pre-1885 debt/GDP ratio is backcasted using annual debt/exports (1872-1885) data and scaled by average exports/GDP.
External debt data for 2010 are through the first quarter.
1872-2010
1980-2010
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross general government
debt/GDP
debt/GDP
1872
9.8
1873
11.3
1874
14.6
1875
18.0
1876
11.7
1877
61.2
1878
58.3
1879
53.3
1880
52.7
1881
47.5
1883
38.2
1884
37.6
1885
28.5
1886
28.9
1887
29.3
1888
29.9
1889
27.7
1890
23.5
1891
25.4
1892
24.2
1893
22.9
1894
23.5
1895
26.9
1896
25.9
1897
22.1

1898
1899
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

17.0
23.1
20.8
22.6
23.8
22.0
36.7
69.1
65.3
57.8
56.8
67.4
70.1
59.7
54.1
50.8
54.7
52.0
40.5
32.9
28.1
22.3
26.3
28.5
29.7
32.1
31.2
31.6
33.8
37.1
38.0
38.2
47.3
54.3
55.5
55.2
57.6
58.1
56.8
57.3
65.8
69.7
78.5

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991

12.0
12.6
10.6
8.9
9.3
9.5
8.4
6.3
5.8
4.7
4.6
5.4
7.0
8.5
9.0
8.8
8.5
9.4
12.7
11.7
11.7
15.4
19.6
24.8
30.5
35.0
39.6
41.4
44.8
48.7
50.0
50.7
54.7
56.5
54.5
51.1
49.4
48.1

51.4
56.1
60.1
65.8
67.3
67.7
71.0
73.5
71.4
68.3
68.0
67.5

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

50.0
55.5
59.7
65.9
70.3
75.3
86.7
98.3
106.5
122.0
130.9
136.7
150.7
162.1
164.0
162.6
167.6
183.8
189.1

72.3
78.4
84.6
92.4
100.3
107.1
120.1
133.8
142.1
151.7
160.9
167.2
178.1
191.6
191.3
187.7
194.7
217.6
225.9

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Historical Statistics of Japan

http://www.stat.go.jp/english/data/getujidb/index.htm#e
nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Estimates of Foreign A

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
Ohkawa, K. N. Takamatsu, and Y. Yamamoto. ‘Vol. 1 National Income’ in K. Ohkawa, M. Shinohara, M. Umemura (eds.), Estim

Smits, J., P.J. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Time-Series Perspecti
Statistics Bureau http://www.stat.go.jp/english/data/getujidb/index.htm#e

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
d by average exports/GDP.
1970-2010
Total (public plus private)
gross external
Debt/GNP

7.2
8.2
7.0
6.8
9.1
9.0
9.1
7.4
7.5
9.6
12.2
14.2
15.5
15.4
17.0
18.9
22.9
31.1
35.8
44.3
47.1
42.5

36.6
31.8
30.7
27.9
30.5
34.4
38.7
29.7
25.9
26.6
29.8
32.0
33.8
33.4
34.7
40.4
45.6
41.2
38.7

shington DC.

ed Estimates of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds., Macrofinancial Linkages: Trends, Crises, and Policies, Was

M. Umemura (eds.), Estimates of Long-Term Economic Statistics of Japan Since 1868 (Tokyo: Tokyo Keizai Shinposha, 1974).

: A Time-Series Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groningen: University of Gron

Crises, and Policies, Washington DC: International Monetary Fund.

izai Shinposha, 1974).

ningen: University of Groningen".

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
1997-2010
Total gross central government debt
Central Bank of Kenya, ht
Frankel, S. Herbert. 193
1901-1935
Total gross central government debt and exports
1963-2010
Nominal GDP
International Monetary Fu
1990-2008
Total gross central government debt
Jaimovich, D.and Ugo Pan
United Nations ,Various
1952-1984
Total gross central government debt
1970-2008
Total external debt and GNP
World Bank. Various year
Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1938) data and scaled by average exports/GDP.
1911-1984
1911-2009
Total (domestic plus external)
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1911
1.0
0.3
1912
8.3
2.0
1913
7.0
1.7
1914
7.5
1.8
1915
10.4
2.5
1916
14.9
3.6
1917
6.8
1.7
1918
4.7
1.1
1919
6.9
1.7
1920
3.6
0.9
1921
17.4
4.2
1922
37.0
9.0
1923
28.2
6.9
1924
33.2
8.1
1925
23.2
5.6
1926
18.4
4.5
1927
26.5
6.4
1928
39.7
9.7
1929
32.2
7.8
1930
38.4
9.4
1931
49.9
12.1
1932
63.6
15.5
1933
62.1
15.1
1934
50.8
12.3
1935
50.3
12.2
1936
43.4
10.6
1937
36.4
8.9
1938
1939
1940
1941
1942
1943

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990

12.9
12.1
13.4
12.8
13.6
12.7
13.7
13.9
13.2
14.1
15.0
14.1
14.7
31.4
27.1
29.6
55.2
55.6
58.4
64.5
61.6
69.4
65.9
72.4
70.8
71.9
79.5

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

86.4
82.5
112.0
97.2
82.8
78.2
62.9
59.7
64.8
62.2
59.4
59.3
61.2
58.3
51.9
43.4
40.9
46.3
46.3
39.8

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Central Bank of Kenya, http://www.centralbank.go.ke/Default.aspx

Frankel, S. Herbert. 1938. Capital Investment in Africa: Its Course and Effects. London: Oxford University Press

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
aimovich, D.and Ugo Panizza, (2010), "Public Debt Around the World: A New Data Set of Central Government Debt," Applied Economics

United Nations ,Various years. Yearbook, New York: United Nations.

World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.
by average exports/GDP.
1970-2008
Total (public plus private)
gross external
Debt/GDP

30.5
28.7
27.2
33.4
38.7
37.1
42.3
37.0
41.0
44.7
47.7
48.3
52.3
60.7
56.7
68.1
63.6
72.5
69.5
71.2
82.1

91.4
83.9
123.6
99.7
80.8
73.6
60.2
61.0
61.4
58.8
48.4
51.9
130.9
114.1
102.3
103.7
106.5
85.2

shington DC.
Debt," Applied Economics Letters, Routledge

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
Series
1913-1970
Nominal GDP
1911-1938
Total gross central government debt
1963-2010
Nominal GDP
1980-2009
Total gross central government debt
1952-1984
Total gross central government debt
1970-2008
Total external debt and GNP
1999-2010
Total gross external debt
Notes: External debt data for 2010 are through the first quarter.
1911-2010
Total (domestic plus external)
gross central government
debt/GDP
1913
33.1
1914
33.7
1915
25.2
1916
22.5
1917
13.6
1918
5.7
1919
3.4
1920
5.3
1921
6.6
1922
9.1
1923
7.9
1924
7.1
1925
7.3
1926
7.5
1927
8.4
1928
8.9
1929
10.9
1930
18.3
1931
19.7
1932
19.1
1933
14.9
1934
10.7
1935
8.7
1936
7.7
1937
6.5
1938
35.8
1939
1940
1941
1942
1943

Sources:

Bassino, Jean-Pascal, and
Mizoguchi, Toshiyuki, an

International Monetary Fun
OECD

United Nations ,Various

World Bank. Various years
World Bank, Various years
1970-2010
Total (public plus private)
gross external
Debt/GDP

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990

23.7

13.3
13.1
12.3
11.4
14.1
20.1
22.1
20.8
18.3
17.6
15.8
17.0
14.3
14.2
13.7

29.1
34.0
39.0
37.6
35.1
39.8
35.8
38.7
34.6
35.7
44.3
44.3
47.0
45.9
43.3
46.8
40.3
27.3
18.3
13.7
12.7

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

12.8
12.6
11.3
10.1
8.9
9.2
12.5
28.5
34.7
33.4
36.8
17.6
20.7
23.7
27.6
30.1
29.7
29.0
32.6
32.0

12.4
12.8
12.5
16.4
15.9
19.9
25.5
45.5
32.9
27.8
25.5
24.6
24.4
23.9
22.2
27.3
36.5
40.6
48.3
41.3

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Bassino, Jean-Pascal, and Pierre van der Eng. 2006. “New Benchmark of Wages and GDP, 1913–1970.” Mimeo. Montpellier Un
Mizoguchi, Toshiyuki, and Mataji Umemura. 1988. Basic Economic Statistics of Former Japanese Colonies, 1895–1938: Estima

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.

United Nations ,Various years. Yearbook, New York: United Nations.

World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.
World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank

Mimeo. Montpellier University, Montpellier, France.
nies, 1895–1938: Estimates and Findings. Tokyo: Toyo Keizai Shinposha.

shington DC.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
1913-1970
1955-2010
1923-2010
1945-1984
1970-2007
2003-2010

Series
Nominal GDP
Nominal GDP
Total gross central government debt
Total gross central government debt
Total external debt andGNP
Total gross external debt

Notes: External debt data for 2010 are through the first quarter.
1949-2010
Total (domestic plus external)
gross central government
debt/GDP
1949
6.5
1950
3.9
1951
3.1
1952
3.9
1953
5.7
1954
7.8
1955
12.2
1956
12.2
1957
14.9
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
34.3
1971
37.5
1972
38.9
1973
34.3
1974
34.1
1975
40.1
1976
45.9
1977
47.4
1978
44.8
1979
43.3

Sources:

Bassino, Jean-Pascal, an

International Monetary Fu
Ministry of Finance Malay

United Nations ,Various
World Bank. Various ye

World Bank, Various year

1970-2010
Total (public plus private)
gross external
Debt/GDP

12.0
15.9
17.9
12.9
13.2
21.9
23.9
25.4
26.2
24.0

1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

45.7
56.1
69.6
76.1
75.0
83.6
104.4
104.4
98.0
86.2
78.5
72.7
65.1
56.3
49.9
43.3
37.1
35.0
38.9
39.8
38.3
49.3
47.1
45.1
45.7
43.8
42.2
41.5
41.4
53.3
50.8

27.5
37.3
51.3
61.0
58.1
68.6
83.0
75.6
55.7
44.4
36.4
36.6
35.7
41.1
42.8
40.6
41.3
49.8
62.1
57.0
48.6
52.4
51.2
47.0
45.9
40.7
35.9
33.4
34.0
39.9
34.9

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Bassino, Jean-Pascal, and Pierre van der Eng. 2006. “New Benchmark of Wages and GDP, 1913–1970.” Mimeo. Montpellier Un

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC.
Ministry of Finance Malaysia and Bank Negara, http://www.treasury.gov.my/index_bi.html and http://www.bnm.gov.my/index.php

United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank

Mimeo. Montpellier University, Montpellier, France.

shington DC.
gov.my/index.php

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
1952-2010
1990-2010
1990-1997
1998-2010
1970-1984
1970-2008

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Series
Nominal GDP
Total gross general government debt
Total gross public sector debt
Total gross central government debt
Total gross central government debt
Total external debt/GNP
1970-2010
Total (domestic plus external)
gross central government
debt/GDP
31.3
32.8
32.9
31.7
21.5
29.9
26.1
30.2
37.6
41.3
50.2
56.9
68.2
72.8
74.4

67.2
49.1
44.0
39.7
45.6
50.1
52.8
46.5
45.4
47.2
47.2
45.8
53.3
59.6

Sources:
International Monetary Fu
International Monetary Fu
Jaimovich, Dany and Ugo
Ministry of Finance

United Nations ,Various
World Bank. Various ye
1970-2008
Total (public plus private)
gross external
Debt/GDP
14.3
13.4
11.4
10.6
7.2
7.8
9.1
15.7
22.3
25.9
35.0
42.5
50.4
45.4
46.7
56.9
49.5
45.9
39.8
37.5
39.2
34.9
31.5
26.5
32.0
35.6
33.5
31.4
30.8
30.3
20.9
18.7
19.9
18.6

2004
2005
2006
2007
2008
2009
2010

53.2
57.1
54.9
51.9
45.5
52.0
49.1

15.1
12.4
9.8
9.5
7.2

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
aimovich, Dany and Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied Economics Le
Ministry of Finance

United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

t," Applied Economics Letters, Taylor and Francis Journals, vol. 17(1), pages 19-24.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:

Period:
Series
Sources:
Bazant, Jan. 1968.
1823-1946
Total gross central government debt
1950-2010
Nominal GDP
International Monetary F
League of Nations ,Va
1926-1944
Total gross central government debt
Marichal, Carlos. 1989
1823-1946
External government debt issuance
2004-2010
Total gross central government debt
Secretaria de Hacienda y
United Nations, Depar
1914-1946
Total gross central government debt
United Nations ,Variou
1945-1979
Total gross central government debt
World Bank. Various y
1970-2007
Total external debt/GNP
2003-2010
Total gross external debt
World Bank, Various yea
Notes: Pre-1917 debt/GDP ratio is backcasted using annual debt/exports (1872-1916) data and scaled by average exports/GDP.
External debt data for 2010 are through the first quarter.
1872-2009
1872-2010
External
Total (domestic plus external)
gross central government
gross central government
debt/exports
debt/GDP
1872
251.3
62.0
1873
284.7
70.2
1874
309.0
76.2
1875
1876
1877
334.7
82.6
1878
349.7
86.3
1879
304.9
75.2
1880
361.9
89.3
1881
380.9
94.0
1882
281.9
69.5
1883
254.0
62.7
1884
265.2
65.4
1885
310.6
76.6
1886
286.2
70.6
1887
192.0
47.4
1888
116.5
28.8
1889
135.4
33.4
1890
170.3
42.0
1891
163.1
40.2
1892
156.3
38.6
1893
193.7
47.8
1894
194.2
47.9
1895
164.2
40.5
1896
172.5
42.6
1897
175.8
43.4
1898
167.6
41.3
1899
153.6
37.9

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
1946

143.0
147.1
151.2
162.2
148.9
116.8
124.7
127.7
133.3
117.6
103.1
148.2
123.5
145.3
268.4
178.2
95.7
162.2
137.2
135.7
64.7
75.5
230.6
267.7
260.1
125.7
126.6
151.5
166.8
171.3
226.1
265.6
353.2
304.7
176.4
154.9
153.1
136.0
147.7
138.2
134.3
180.1
134.1
28.4
29.7
18.9

35.3
36.3
37.3
40.0
36.7
28.8
30.8
31.5
32.9
29.0
25.4
36.6
30.5
35.8
66.2
44.0
23.6
11.2
15.0
15.1
14.7
14.6
33.0
31.0
35.1
17.6
17.2
23.2
21.6
23.0
24.6
28.1
37.6
34.9
32.2
30.4
26.7
22.3
20.4
19.3
21.7
21.1
20.8
10.5
6.4
7.0

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993

11.1
8.7
6.2
6.2
5.1
6.1
6.6
11.3
10.7
9.5
6.9
6.7
7.3
2.7
2.7
2.5
5.6
8.7
9.3
10.0
31.3

6.4
7.2
7.3
5.9
4.4
4.4
4.3
4.9
4.8
4.5
4.3
4.1
4.1
4.6
4.5
4.2
4.1
6.2
10.0
9.5
13.0

136.2
151.3
149.4
147.9
134.2
170.3
255.4
381.5
300.4
244.6
294.5
308.7
334.2
314.5
287.2
329.1
461.5
401.3
392.9
338.6
347.7
224.9
196.8
182.1

17.0
16.8
15.7
18.0
19.4
21.3
27.2
27.1
24.6
23.7
38.1
41.7
79.3
74.5
63.8
78.0
119.0
128.4
70.3
61.7
53.4
42.6
32.8
30.2

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

168.4
152.3
122.9
96.0
94.2
81.2
61.1
60.7
58.7
57.6
50.6
40.1
19.1
18.2
15.5

44.6
50.4
38.2
31.1
33.5
30.1
27.0
25.8
27.5
25.1
23.3
21.8
19.1
20.0
24.5
28.2
27.7

BER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Bazant, Jan. 1968. Historia de la Deuda Exterior de Mexico: 1823–1946. (Mexico City: El Colegio de México).

nternational Monetary Fund, various issues, International Financial Statistics and World Economic Outlook, Washington DC. (Diaz Alejan

League of Nations ,Various years. Statistical Yearbook. Geneva: League of Nations.
Marichal, Carlos. 1989. A Century of Debt Crises in Latin America: From Independence to the Great Depression, 1820–1930.

Secretaria de Hacienda y Credito Publico, http://www.hacienda.gob.mx/Paginas/default.aspx

United Nations, Department of Economic Affairs. 1948. Public Debt, 1914–1946. New York: United Nations.
United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.

World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank
y average exports/GDP.
1970-2010
Total (public plus private)
gross external
Debt/GDP

19.9
19.4
18.4
19.3
19.8
21.1
27.6
39.1
35.8
32.8
30.5
32.6
53.3
66.5
57.3
55.2
82.8
82.0
56.4
43.7
41.1
37.3
31.7
33.3

33.9
60.5
49.0
38.0
39.0
35.6
26.6
27.0
23.1
23.2
21.9
20.4
17.8
18.8
18.5
23.1
20.7

shington DC. (Diaz Alejandro for WWII years)

pression, 1820–1930. Princeton, N.J.: Princeton University Press.

Source: Reinhart, Camen M. and Kenneth S. Rogoff, “From Financial Crash to Debt Crisis,” NBER Working Paper 1
Based on:
Period:
2005-2010
1952-2010
1990-2010
1990-2006
1965-1980
1970-2008

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

Series
Total gross central government debt
Nominal GDP
Total gross general government debt
Total gross central government debt
Total gross central government debt
Total external debt
1965-2010
Total (domestic plus external)
gross central government
debt/GDP
25.5
29.2
30.0
29.3
27.0
27.0
26.9
29.5
52.7
51.6
57.9
60.2
62.1
76.5
92.2
102.6

104.6
77.0
79.2
84.4
84.0
80.0
75.0
77.7
77.5

Sources:
Department of the Treasury
International Monetary Fun
International Monetary Fun
Jaimovich, Dany and Ugo

United Nations ,Various
World Bank. Various yea
1990-2010
Total (domestic plus external)
gross general government
debt/GDP

89.1
74.2
86.0
95.5
88.0
92.5
83.3
86.2
72.9

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

73.4
75.8
73.1
77.5
75.8
71.6
68.6
65.6
53.6
49.1
46.4
46.5

71.8
73.7
68.4
67.1
64.4
61.7
64.6
59.4
54.6
48.2
47.7
49.9

NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

Department of the Treasury and External Finance
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
nternational Monetary Fund, various issues, World Economic Outlook, Washington DC.
aimovich, Dany and Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied Economics Le

United Nations ,Various years. Yearbook, New York: United Nations.
World Bank. Various years. Global Development Finance. Washington D.C.: World Bank.
1970-2008
Total (public plus private)
gross external
Debt/GDP

26.0
27.0
24.4
21.9
20.4
29.5
35.1
50.8
52.3
51.6
46.2
62.0
72.0
83.7
97.6
111.6
94.4
100.4
85.1
87.1
86.7
72.3
71.3
73.8
67.7
64.5
59.2
62.9
59.1

57.7
55.8
49.8
44.5
36.5
29.6
27.2
27.1
27.3
23.4

t," Applied Economics Letters, Taylor and Francis Journals, vol. 17(1), pages 19-24.

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