Debt To GDP

8/6/2019 Debt To GDP

1/241

Debt- to-GDP ratios, (in percent)Country Coverage Comment

1 Finland 1914-2010 continuous (less than 5 observations2 France 1880-2010 near-continuous (less than 15 observ3 Germany 1880-2010 gaps4 Ghana 1911-2010 near-continuous (less than 15 observ5 Greece 1848-2010 near-continuous (less than 15 observ6 Guatemala 1921-2010 continuous (less than 5 observations7 Honduras 1914-2010 continuous (less than 5 observations8 Hungary 1880-2010 gap9 Iceland 1908-2010 continuous (less than 5 observations

10 India 1835-2010 continuous (less than 5 observations11 Indonesia 1911-2010 gap between 1946 and 196912 Ireland 1924-2010 continuous (less than 5 observations13 Italy 1861-2010 continuous (less than 5 observations14 Japan 1872-2010 near-continuous (less than 15 observ

15 Kenya 1911-2010 gap between 1939 and 196116 Korea 1913-2010 gap between 1939 and 196917 Malaysia 1949-2010 near-continuous (less than 15 observ18 Mauritius 1970-2008 continuous (less than 5 observations19 Mexico 1872-2010 continuous (less than 5 observations20 Morocco 1965-2008 continuous (less than 5 observations

Source: Reinhart, Camen M. and Kenneth S. Rogoff, From Financial Crash to Debt Crisis, NBE


2/241

issing)tions missing)

tions missing) 1938-1951tions missing) WWI and WWIIissing)issing)

issing)issing)

issing)issing)

tions missing) 1941-1952

tions missing) 1958-1969issing)issing)issing)

rking Paper 15795, March 2010. Forthcoming in American Economic Review.


3/241


4/241

1942 77.11943 90.11944 90.91945 101.31946 70.61947 52.51948 39.01949 26.61950 25.51951 19.21952 13.11953 18.31954 18.91955 17.01956 16.61957 16.91958 16.1

1959 15.11960 12.81961 10.11962 11.51963 13.41964 13.61965 14.21966 15.21967 15.81968 15.7

1969 12.11970 10.21971 8.91972 7.31973 4.91974 3.31975 3.71976 4.31977 5.71978 8.41979 9.01980 9.2 11.01981 10.0 11.71982 12.2 14.01983 13.8 15.61984 14.3 15.41985 13.9 16.11986 14.5 16.71987 15.0 18.01988 13.1 16.8


5/241

1989 10.7 14.61990 10.3 14.11991 16.9 22.31992 34.0 40.21993 51.8 55.31994 58.8 57.71995 62.7 56.61996 66.6 56.81997 64.9 53.91998 59.6 48.61999 55.7 46.62000 47.9 43.82001 44.4 42.52002 41.3 41.52003 43.5 44.52004 41.9 44.42005 38.2 41.7

2006 35.6 39.72007 31.2 35.22008 29.5 34.72009 37.6 43.92010 39.7 50.0


6/241

. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A Try Finland, http://www.treasuryfinland.fi/Public/default.aspx?contentid=11055&nodeid=18401

e exports/GDP.1970-2009Total (public plus private)gross external

Debt/GDP


(1985) and (1996)The Finnish Economy 1860-1985: growth and structural change,Helsinki: Bank of Finland; R Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington DMonetary Fund, various issues,World Economic Outlook,Washington DC.R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Esations ,Various years.Statistical Yearbook.Geneva: League of Nations.

ons, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ons ,Various years.Yearbook, New York: United Nations.Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


7/241

44.744.139.931.829.329.131.833.735.032.432.033.936.240.143.448.042.048.344.0


8/241

47.455.764.071.188.788.367.266.365.068.864.781.386.4

110.7112.9120.3111.6

126.9128.5127.7169.3159.8


9/241

ries Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groninge

. Hjerppe, Finland's Historical National Accounts 1860-1994: Calculation Methods and Statistical Tables, .

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


10/241


11/241


12/241

ersity of Groningen".

yln yliopisto historian laitos, Suomen historian julkaisuja 24, Jyvskyl: Kopi-Jyv Oy.

Policies, Washington DC: International Monetary Fund.


13/241


14/241


15/241

Based on:Period: Series Sources:1880-1913 Total gross central government debt1880-1913 Nominal GDP1978-2010 Total gross central government debt Institut Nat1950-2010 Nominal GDP and GNP1980-2010 Total gross general government debt1970-2002 Gross external debt liabilities: portfolio debt + other investment1926-1944 Total gross central government debt1815-1932 Nominal GDP Smits, J., P.1815-1932 Nominal GDP1914-1946 Total gross central government debt1945-1984 Total gross central government debt2003-2010 Total gross external debt 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 governmentdebt/GDP debt/GDP

1880 95.61881 95.51882 90.11883 97.01884 105.11885 112.61886 113.9

1887 117.11888 116.41889 109.61890 104.01891 103.91892 106.71893 110.21894 109.41895 114.51896 105.11897 98.91898 93.91899 92.31900 91.71901 98.11902 95.21903 89.61904 92.11905 92.4


Flandreau,Flandreau,

InternationalInternationalLane, PhilipLeague of

Toutain, J,C.United NatiUnited NatiWorld Bank,


16/241

1906 85.21907 77.91908 81.41909 82.01910 79.61911 72.61912 66.61913 66.31914191519161917191819191920 185.51921 258.41922 261.8

1923 231.61924 196.21925 199.51926 144.11927 151.41928 140.61929 139.91930 142.91931 160.61932

19331934193519361937193819391940194119421943194419451946194719481949 28.61950 27.41951 22.81952 23.5


17/241

1953 25.81954 24.81955 23.71956 23.21957 24.11958 27.31959 27.11960 22.11961 19.31962 20.41963 19.71964 17.51965 15.21966 14.71967 15.21968 15.31969 14.5

1970 12.41971 10.81972 8.81973 12.01974 18.01975 22.01976 25.01977 19.7 19.71978 21.1 21.11979 21.0 21.0

1980 20.9 20.71981 22.0 22.01982 25.4 25.31983 26.7 26.71984 29.1 29.11985 30.6 30.61986 31.1 31.11987 33.3 33.31988 33.3 33.21989 34.0 34.01990 35.2 35.21991 36.0 36.01992 39.8 39.71993 46.2 46.21994 49.4 49.41995 55.4 55.51996 58.0 58.01997 59.3 59.31998 59.4 59.41999 58.8 58.8


18/241

2000 57.3 57.32001 56.9 56.92002 58.8 58.82003 62.9 62.92004 65.0 64.92005 66.4 66.42006 63.6 63.72007 63.8 63.82008 67.5 67.52009 77.3 78.12010 78.5 84.2


19/241

ional de la Statistique et des tudes conomiques: INSEE http://www.insee.fr/en/insee-statistique

. Woltjer and D. Ma (2009), 'A Dataset on Comparative Historical National Accounts, ca. 1870-1950: A T

1970-2010

Total (public plus private)gross externalDebt/GDP


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

Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington DMonetary Fund, various issues,World Economic Outlook,Washington DC.R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Esations ,Various years.Statistical Yearbook.Geneva: League of Nations.

.,(1987), "Le produit interieur brut de la France de 1789 1982" conomies et Socit,Grenobles.ons, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ons ,Various years.Yearbook, New York: United Nations.Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


20/241


21/241

13.515.916.517.017.616.519.823.423.824.4

27.032.636.940.642.745.236.739.435.744.649.551.750.058.158.858.756.362.467.169.8


22/241

83.594.0

118.0127.5138.4142.1168.2186.4169.6194.5192.0


23/241

ue/default.asp

ries Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groninge

.



24/241


25/241


26/241


27/241

ersity of Groningen".



28/241


29/241


30/241


31/241

Based on:Period: Series1950-2010 Total gross central government debt1880-1913 Total gross central government debt1880-1913 Nominal GDP1951-2010 Nominal GDP and GNP1970-2002 Gross external debt liabilities: portfolio debt + other investment1926-1944 Total gross central government debt1850-1959 Nominal GDP1914-1946 Total gross central government debt1945-1984 Total gross central government debt2003-2010 Total gross external debt Notes: External debt data for 2010 are through the first quarter.

1880-2010 1880-2010Total (domestic plus external) Total (domestic plus external)gross central (federal) government gross government

debt/GDP debt/GDP1880 1.3 36.51881 1.5 40.61882 1.8 41.91883 1.9 43.31884 2.0 46.01885 2.2 49.01886 2.3 49.51887 2.5 49.51888 3.5 48.4

1889 3.9 44.91890 4.7 47.21891 5.8 53.21892 7.0 52.51893 7.1 53.31894 7.9 54.81895 8.2 53.51896 7.9 50.71897 7.5 48.11898 7.0 44.71899 7.2 44.61900 7.1 44.01901 7.6 46.81902 8.8 48.41903 8.2 45.71904 8.6 44.71905 8.2 42.31906 8.7 41.91907 9.3 41.8



32/241

1908 10.0 43.71909 11.0 46.01910 10.6 46.61911 10.0 44.71912 9.4 41.71913 9.2 42.119141915191619171918191919201921192219231924

1925 4.21926 12.01927 10.01928 9.31929 11.31930 14.41931 20.71932 23.91933 22.61934 22.2

1935 19.81936 19.91937 19.31938 20.11939194019411942194319441945194619471948194919501951 6.1 17.51952 6.3 17.61953 7.3 19.71954 11.3 22.6


33/241

1955 11.1 23.11956 10.0 22.01957 9.1 21.01958 9.3 20.31959 8.9 19.91960 8.7 18.81961 9.4 18.91962 8.3 17.71963 8.4 17.91964 8.2 18.21965 7.6 18.41966 7.8 19.21967 9.4 22.21968 9.5 22.41969 8.4 20.31970 6.8 17.41971 6.4 17.5

1972 6.4 18.11973 6.0 17.41974 6.7 18.31975 9.9 23.41976 10.7 25.01977 11.9 26.11978 13.3 27.71979 14.0 28.51980 14.9 30.01981 16.7 33.2

1982 18.3 36.11983 19.4 38.01984 19.8 38.71985 20.4 39.31986 20.4 39.21987 21.1 40.51988 21.6 40.91989 20.9 39.41990 21.2 41.01991 19.5 39.51992 18.8 42.11993 20.7 45.81994 20.5 48.01995 20.9 55.61996 22.7 58.41997 24.0 59.71998 24.8 60.31999 35.2 60.92000 34.7 59.72001 33.0 58.8


34/241

2002 33.6 60.42003 35.5 63.92004 36.7 65.72005 39.5 68.02006 39.6 67.62007 38.7 65.02008 38.7 66.02009 43.8 73.22010 44.4 78.8


35/241

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

1970-2010Total (public plus private)gross external

Debt/GDP

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).International Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,WLane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised 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. 187United Nations, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United NUnited Nations ,Various years.Yearbook, New York: United Nations.World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


36/241


37/241

14.315.9

14.814.714.915.519.020.522.222.822.827.4

28.726.526.936.335.236.732.038.638.436.837.045.648.952.456.159.475.879.195.4

115.2


38/241


39/241

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

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

0: A Time-Series Perspective', Groningen Growthtions.


40/241


41/241


42/241


43/241

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


44/241


45/241


46/241


47/241

Based on:Period: Series Sources:2002-2010 Total gross central government debt Bank of G1901-1935 Total gross central government debt1963-2010 Nominal GDP1990-2010 Total gross general government debt1990-2008 Total gross central government debt1952-1984 Total gross central government debt1970-2008 Total external debt and GNP Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1938) data and scaled by a

1911-1984 1911-2009Total (domestic plus external) Total (domestic plus external)gross central government gross central governmentdebt/exports debt/GDP

1911 1.3 0.41912 9.7 3.2

1913 7.7 2.51914 11.5 3.71915 9.6 3.11916 9.6 3.11917 8.6 2.81918 12.1 3.91919 10.4 3.41920 9.3 3.01921 72.0 23.31922 47.8 15.5

1923 42.7 13.81924 85.8 27.81925 78.1 25.31926 70.2 22.71927 69.7 22.61928 98.3 31.81929 106.6 34.51930 149.7 48.51931 181.7 58.81932 202.4 65.51933 213.8 69.21934 211.9 68.61935 183.1 59.31936 141.4 45.81937 108.5 35.119381939194019411942


Frankel, S.InternationalInternationalJaimovich,United NatiWorld Bank.


48/241

1943194419451946194719481949195019511952 141.3 45.81953 152.7 64.01954 230.8 69.91955 303.5 84.81956 297.7 84.71957 253.5 78.71958 221.0 69.51959 257.8 73.7

1960 579.1 153.01961 861.4 212.71962 1687.3 369.11963 280.0 58.31964 143.2 55.11965 248.4 59.11966 358.8 57.91967 262.2 59.11968 311.1 61.01969 230.0 53.8

1970 237.8 37.01971 211.6 49.11972 182.1 49.41973 174.3 42.21974 180.5 36.41975 200.3 36.31976 236.0 42.21977 239.7 35.31978 210.5 27.51979 257.2 31.51980 366.3 25.01981 642.6 21.31982 210.9 25.01983 181.4 18.71984 119.9 32.41985 34.01986 34.31987 48.41988 44.71989 49.2


49/241

1990 39.11991 42.31992 50.31993 64.01994 111.91995 87.01996 79.01997 84.01998 82.01999 87.02000 131.92001 138.92002 128.92003 118.92004 93.62005 77.22006 37.4

2007 38.82008 48.02009 52.92010


50/241

na http://www.bog.gov.gh/index1.php?linkid=175

xports/GDP.1990-2010 1970-2008Total (domestic plus external) Total (public plus private)gross general government gross externaldebt/GDP Debt/GDP

king Paper 15795, March 2010. Forthcoming in American Economic Review.

Herbert. 1938.Capital Investment in Africa: Its Course and Effects.London: Oxford University PressMonetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington DMonetary Fund, various issues,World Economic Outlook,Washington DC..and Ugo Panizza, (2010), "Public Debt Around the World: A New Data Set of Central Government Debt Appl ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank.


51/241

25.822.628.725.118.716.012.211.010.712.58.95.54.57.6

24.733.745.564.155.559.0


52/241

43.3 56.444.9 56.756.5 62.783.1 76.6

124.8 93.8123.7 85.1103.8 83.5116.0 82.9105.8 84.4142.2 83.3182.2 122.8142.0 119.4133.3 113.0121.4 99.294.1 79.477.9 62.742.0 25.0

51.9 29.759.2 30.866.569.0


53/241

.

ied Economics Letters, Routledge


54/241


55/241


56/241

Based on:Period: Series Sources:1880-1913 Total gross central government debt1830-1939 Nominal GDP1970-2002 Gross external debt liabilities: portfolio debt + other investment1848-1939 Domestic central government debt1821-1898 External government bond issuance1948-2010 Nominal GDP1914-1946 Total gross central government debt1945-1984 Total gross central government debt2003-2010 Total gross external debt Notes: External debt data for 2010 are through the first quarter.

1848-2010 1970-2010Total (domestic plus external) Total (public plus private)gross central government gross externaldebt/GDP Debt/GDP

1848 408.81849 396.91850 358.71851 344.21852 289.71853 312.61854 270.71855 292.71856 212.21857 220.7

1858 235.91859 193.61860 211.41861 214.41862 208.81863 202.01864 173.01865 177.71866 167.01867 143.41868 151.61869 171.71870 143.81871 126.61872 150.81873 137.71874 129.51875 129.81876 134.9


Flandreau,KostelenosLane, PhilipLazaretou,Levandis, JInternationaUnited NatUnited NatWorld Bank


57/241

1877 123.11878 124.01879 120.01880 120.11881 111.91882 99.41883 95.11884 77.01885 69.41886 66.31887 98.91888 134.91889 139.71890 159.21891 161.31892 160.21893 176.1

1894 218.61895 221.81896 215.81897 223.11898 193.21899 210.01900 206.21901 190.31902 198.51903 204.2

1904 213.01905 189.71906 161.91907 135.21908 133.01909 121.81910 119.81911 89.61912 100.71913 112.0191419151916191719181919 64.21920 54.91921 65.31922 68.51923 51.4


58/241

1924 44.81925 41.11926 38.61927 34.11928 110.01929 117.41930 124.21931 138.81932 130.11933 112.51934 101.41935 101.11936 101.41937 87.71938 92.31939 95.11940

1941194219431944194519461947194819491950 11.3

1951 15.01952 18.31953 15.91954 13.71955 12.21956 11.21957 7.51958 8.41959 10.41960 10.21961 11.11962 13.11963 19.21964 18.51965 19.11966 16.01967 17.91968 19.31969 21.31970 18.8 11.1


59/241


60/241

orking Paper 15795, March 2010. Forthcoming in American Economic Review.

Marc and Frederic Zumer (2004),The Making of Global Finance: 1880-1913,(Paris:OECD)., George, S. Petmezas, D. Vasileiou, E. Kounaris, and M. Sfakianakis. 2007. Gross Domestic ProdR. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised Extended Esophia (2005) Greek Monetary Economics in Retrospect: The Adventures of the Drachma," Economic Notes byhn Alexander,The Greek Foreign Debt and the Great Powers, 1821-1898, (New York: Columbia University Prel Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington Dions, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ions ,Various years.Yearbook, New York: United Nations. , Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


61/241


62/241


63/241


64/241

8301939.Sources of Economic History of Modern Greece.Athens:s of Foreign Assets and Liabilities,1970-2004" in Crowe et. a. eds.,Macrofinancial Linkages: Trends, Crises, ananca Monte dei Paschi di SienaVol. 34, No. 3, 331370.

ss, 1944)..


65/241


66/241


67/241


68/241



69/241


70/241


71/241


72/241

Based on:Period: Series1980-2010 Total gross central government debt1950-2010 Nominal GDP1926-1944 Total gross central government debt and exports1914-1946 Total gross central government debt1945-1984 Total gross central government debt1970-2008 Total external debt/GNP2003-2010 Total gross external debt Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1921-1949) data and scaledExternal debt data for 2010 are through the first quarter.

1921-2007 1921-2010Total (domestic plus external) Total (domestic plus extgross central government gross central governmen

1920 debt/exports debt/GDP1921

1922 117.5 14.51923 117.5 14.51924 102.0 12.61925 62.1 7.719261927 67.6 8.41928 54.7 6.81929 62.9 7.81930 62.4 7.71931 87.0 10.8

1932 139.3 17.21933 193.6 23.91934 219.6 27.21935 147.3 18.21936 185.0 22.91937 118.8 14.71938 102.2 12.61939 92.2 11.41940 64.2 7.91941 95.8 11.91942 80.0 9.91943 55.5 6.91944 56.0 6.91945 25.8 3.21946 13.3 1.61947 10.3 1.31948 8.5 1.01949 13.4 1.71950 28.1 3.5

Source: Reinhart, Camen M. and Kenneth S. Rogoff, From Financial Crash to Debt Crisis,


73/241

19511952 25.0 2.81953 27.3 3.51954 18.3 2.21955 40.8 5.01956 33.5 4.11957 32.6 4.21958 41.3 4.81959 62.7 6.61960 61.1 6.01961 60.4 6.51962 67.8 6.91963 77.5 7.41964 60.5 7.31965 62.2 7.91966 75.1 10.51967 64.9 10.5

1968 82.0 11.21969 80.4 11.31970 73.6 11.01971 75.3 11.51972 82.3 11.71973 92.8 14.51974 81.5 13.81975 78.5 14.21976 80.3 13.71977 69.1 12.0

1978 57.2 12.119791980 60.2 10.81981 96.4 18.61982 187.3 26.71983 269.2 34.61984 202.4 25.91985 227.2 27.11986 278.5 26.31987 305.5 50.31988 363.9 50.71989 362.9 48.81990 368.7 58.61991 329.0 55.91992 290.1 37.21993 306.2 38.71994 318.5 38.61995 286.6 33.61996 227.6 32.11997 212.8 27.3


74/241

1998 177.7 24.31999 168.3 23.82000 187.3 27.02001 176.8 24.82002 205.7 27.62003 216.6 25.72004 219.0 26.62005 206.6 24.72006 152.0 19.42007 109.9 13.42008 68.5 9.12009 9.92010 22.2


75/241

Sources:Banco de Guatemala, http://www.banguat.gob.gt/inc/ver.asp?id=/pim/pim16&e=36440 AND http://www.b

y average exports/GDP.

1970-2010rnal) Total (public plus private)

gross externalDebt/GDP

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

International Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,WLeague of Nations ,Various years.Statistical Yearbook.Geneva: League of Nations.United Nations, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United NUnited 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


76/241

8.49.08.88.68.28.88.8

12.0

13.515.216.116.019.221.727.025.850.042.937.032.140.332.228.827.626.224.623.621.4


77/241

21.022.922.422.921.323.240.640.440.742.740.637.339.8


78/241

t.gob.gt/inc/ver.asp?id=/pim/pim17.htm shington DC.

tions.


79/241


80/241


81/241

Based on:Period: Series Sources:1980-2005 Total gross central government debt Cowan, Ke1950-2010 Nominal GDP1926-1944 Total gross central government debt and exports2004-2020 Total gross central government debt Republica1914-1946 Total gross central government debt1945-1984 Total gross central government debt1970-2008 Total external debt/GNP Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1914-1949) data and scaled by a


1914 862.5 222.71915 841.5 217.3

1916 692.0 178.71917 536.1 138.41918 625.7 161.51919 478.5 123.51920 514.7 132.91921 560.0 144.61922 663.4 171.31923 339.2 87.61924 452.4 116.81925 323.5 83.5

1926 94.5 24.41927 79.1 20.41928 64.9 16.81929 63.7 16.41930 53.8 13.91931 68.7 17.71932 86.3 22.31933 113.7 29.41934 137.0 35.41935 161.2 41.6

1936 202.3 52.21937 187.9 48.51938 190.2 49.11939 41.1 10.61940 39.5 10.21941 41.0 10.61942 41.7 10.81943 95.6 24.71944 34.6 8.9


InternationalLeague of

United NatiUnited NatiWorld Ban


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1945 25.1 6.51946 22.5 5.81947 14.9 3.91948 11.3 2.91949 11.9 3.11950 9.1 2.21951 6.8 1.91952 11.6 2.91953 10.3 2.61954 13.0 2.81955 15.0 2.61956 15.5 3.91957 21.3 4.61958 0.01959 38.6 8.11960 47.8 9.01961 40.1 8.2

1962 40.6 8.51963 44.8 9.11964 47.3 9.81965 35.8 9.01966 36.5 9.51967 37.5 9.71968 34.9 9.71969 52.1 13.01970 69.5 17.21971 81.3 19.8

197219731974197519761977197819791980 151.9 49.11981 208.0 56.11982 293.0 99.81983 349.1 109.01984 353.5 110.51985 377.4 134.31986 373.3 125.61987 453.9 123.31988 440.4 148.31989 475.9 174.01990 460.4 209.01991 440.1 133.6


83/241

1992 494.8 128.71993 524.5 143.01994 527.6 144.71995 371.3 124.91996 332.6 117.91997 293.8 90.71998 281.4 84.41999 401.1 105.82000 347.4 68.12001 382.9 68.22002 405.4 70.22003 436.1 71.62004 394.9 70.02005 314.8 54.42006 208.8 36.92007 144.5 25.02008 26.8

2009 25.62010 24.7


84/241

in, Eduardo Levy-Yeyati, Ugo Panizza, and Federico Sturzenegger. 2006. Sovereign Debt in the

e Honduras Secretaria de Finanzas, http://www.sefin.gob.hn/portal_prod/index.php?option=com_

exports/GDP.1970-2008Total (public plus private)gross externalDebt/GDP


Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington Dations ,Various years.Statistical Yearbook.Geneva: League of Nations.

ons, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank.


85/241

13.716.6

17.819.324.531.526.044.948.453.548.150.753.257.957.762.965.566.659.954.9

102.292.8


86/241

95.4104.2115.4103.998.687.881.283.676.065.468.067.369.154.038.826.724.5


87/241

icas: New Data and Stylized Facts. Working Paper 577. Research Department, Inter-American D

age&Itemid=149

.


88/241


89/241


90/241

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


91/241


92/241


93/241

Based on:Period: Series1950-2010 Total gross central government debt1880-1913 Total gross central government debt1880-1913 Nominal GDP1970-2010 Nominal GDP and GNP1980-2005 Total gross central government debt1982-2002 Gross external debt liabilities: portfolio debt + other investment1924-1944 Total gross central government debt2000-2010 Total gross central government debt1938-1991 Nominal GDP1924-1946 Total gross central government debt2003-2010 Total gross external debt Notes: External debt data for 2010 are through the first quarter.

1880-2010 1982-2010Total (domestic plus external) Total (public plus private)

gross central (federal) government gross externaldebt/GDP Debt/GDP

1880 69.61881 72.11882 72.61883 73.61884 75.21885 79.61886 84.11887 83.2

1888 82.71889 86.01890 85.21891 86.21892 90.21893 90.01894 87.81895 83.51896 85.71897 86.9

1898 81.51899 78.21900 81.11901 82.81902 79.21903 76.31904 78.41905 69.51906 65.4

Source: Reinhart, Camen M. and Kenneth S. Rogoff, From Financial Crash to Debt Crisis, NB


94/241

1907 63.91908 62.81909 60.81910 67.11911 64.61912 61.41913 63.31914191519161917191819191920192119221923

1924192519261927192819291930193119321933

19341935193619371938193919401941194219431944194519461947194819491950195119521953


95/241

19541955195619571958195919601961196219631964196519661967196819691970

1971197219731974197519761977197819791980

19811982 39.61983 45.91984 48.51985 60.81986 64.01987 67.41988 61.71989 62.81990 57.61991 156.2 60.81992 153.7 53.11993 172.0 56.81994 134.1 61.31995 130.3 63.71996 109.3 54.21997 92.3 48.31998 89.2 52.61999 86.4 54.32000 74.1 56.0


96/241

2001 63.1 52.32002 61.4 60.52003 60.9 69.22004 55.7 73.92005 58.1 72.02006 61.9 110.72007 61.3 122.42008 68.2 140.82009 72.9 176.32010 72.6 154.1


97/241

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

Jeanne, Olivier, and Guscina, Anastasia. 2006. Government Debt in Emerging Market Countries

Ministry of Finance, http://www.pm.gov.hu/web/home.nsf/frames/english

ER 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).International Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,W

Lane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised 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. 187United Nations, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United NWorld Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


98/241


99/241


100/241


101/241

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

w Dataset. International Monetary Fund Working Paper 6/98. International Monetary Fund, Wash

.

. shington DC.

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

0: A Time-Series Perspective', Groningen Growthtions.


102/241


103/241


104/241


105/241

, D.C. April., Crises, and Policies, Washington DC: International Monetary Fund.


106/241


107/241


108/241


109/241

Based on:Period: Series Sources:1901-1998 Total gross general government debt1901-2000 Nominal GDP1922-2000 Total external debt1980-2010 Total gross general government debt1980-2010 Nominal GDP2005-2010 Total external debt

1908-2010 1922-2010Total (domestic plus external) Total (public plus private)gross general government gross externaldebt/GDP Debt/GDP

1908 1.51909 5.91910 5.11911 4.7

1912 5.61913 6.11914 5.61915 5.11916 4.91917 21.91918 20.41919 10.71920 10.61921 18.7

1922 21.6 45.11923 24.8 53.31924 16.2 26.51925 11.9 23.01926 16.2 37.31927 17.8 31.51928 17.0 24.51929 16.2 26.31930 21.3 37.41931 25.3 52.41932 28.1 54.51933 24.4 45.81934 24.2 48.41935 26.31936 25.31937 23.21938 22.81939 23.91940 15.5


Iceland His Iceland His Iceland HisInternationalInternationalInternational


110/241

1941 9.41942 5.71943 4.41944 4.21945 2.51946 2.81947 5.8 0.71948 9.4 1.51949 12.8 3.41950 14.6 7.81951 14.4 8.61952 13.6 8.41953 10.7 7.21954 9.3 7.21955 8.6 6.41956 6.7 7.81957 6.6 10.3

1958 5.1 10.41959 5.0 11.91960 13.6 28.61961 8.5 28.61962 7.5 23.21963 7.9 22.21964 8.0 20.21965 7.8 17.81966 5.6 17.21967 8.8 24.4

1968 14.2 40.11969 14.6 33.01970 11.4 24.81971 11.7 25.31972 14.5 24.11973 11.5 20.81974 12.5 28.31975 16.4 34.91976 17.2 32.61977 18.4 31.61978 19.8 45.61979 21.1 43.61980 25.5 52.21981 23.0 41.31982 29.8 62.01983 31.5 64.91984 33.2 73.11985 32.8 68.31986 30.5 56.91987 27.9 48.8


111/241

1988 31.2 56.61989 36.0 62.71990 36.2 53.81991 38.39 53.71992 46.24 63.51993 53.14 66.31994 55.66 59.31995 58.94 57.61996 56.3 57.41997 53.08 60.41998 47.86 69.71999 43.41 80.32000 41.04 105.52001 45.89 120.42002 42.07 108.82003 40.83 134.32004 34.45 172.9

2005 25.39 285.72006 30.13 442.72007 29.26 567.92008 71.66 970.72009 99.88 1002.72010 115.58 914.8


112/241


torical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htmtorical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htmtorical Statistics, http://www2.stjr.is/frr/thst/rit/sogulegt/english.htmMonetary Fund, various issues,World Economic Outlook,Washington DC.Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington DMonetary Fund, various issues, International Financial Statistics, SDDS andWorld Economic Outlook,Washin


113/241


114/241


115/241

.ton DC.


116/241


117/241


118/241

Based on:Period: Series Sources:1835-1899 Total gross central government debt and nominal GDP1950-2010 Nominal GDP1991-2010 Total gross general government debt1980-2005 Total gross central government debt Jeanne, Oli1926-1944 Total gross central government debt2004-2010 Total gross central government debt Ministry of 1840-1920 Total gross central government debt and exports Various ye1914-1946 Total gross central government debt1945-1979 Total gross central government debt1970-2007 Total external debt2003-2010 Total gross external debt

1835-2009 1841-2010Total (domestic plus external) Total (domestic plus external)gross central government gross central government

debt/exports debt/GDP1835 323.51836 275.81837 324.31838 285.61839 275.71840 257.41841 260.3 15.41842 282.4 16.71843 234.0 13.8

1844 252.3 14.91845 255.9 15.11846 285.0 16.81847 352.5 20.81848 302.8 17.91849 295.1 17.41850 296.3 17.51851 276.9 16.31852 268.9 15.91853 291.4 17.21854 284.0 16.81855 242.5 14.31856 228.3 13.51857 216.2 12.81858 232.4 13.71859 289.9 17.11860 297.3 17.51861 280.7 16.61862 224.5 13.2


BrahmananInternationalInternational

League of

United NatiUnited NatiWorld BanWorld Bank,


119/241

1863 159.3 9.41864 144.9 8.51865 150.3 8.91866 234.8 13.91867 200.5 11.81868 192.1 11.31869 195.9 11.61870 195.6 11.51871 188.3 11.11872 220.2 13.01873 220.9 13.01874 218.0 12.91875 224.3 13.21876 220.6 13.01877 201.1 11.91878 219.5 12.91879 204.1 12.0

1880 202.2 11.91881 190.4 11.21882 190.1 11.21883 182.4 10.81884 192.6 11.41885 191.5 11.31886 185.9 11.01887 194.8 11.51888 189.1 11.21889 193.6 11.4

1890 187.6 11.11891 186.1 11.01892 215.6 12.71893 223.7 13.21894 322.4 19.01895 298.0 17.61896 302.7 17.91897 307.8 18.21898 268.4 15.81899 278.8 16.41900 281.4 16.61901 256.5 15.11902 251.9 14.91903 214.7 12.71904 209.6 12.41905 206.4 12.21906 203.3 12.01907 207.4 12.21908 250.6 14.81909 215.3 12.7


120/241

1910 201.1 11.91911 190.4 11.21912 177.8 10.51913 177.1 10.51914 241.8 14.31915 229.8 13.61916 186.4 11.01917 185.3 10.91918 248.2 14.61919 195.2 11.51920 246.9 14.61921 300.3 17.71922 281.9 16.61923 256.7 15.11924 245.5 14.51925 263.2 15.51926 274.8 16.2

1927 329.9 19.51928 325.3 19.21929 335.1 19.81930 366.7 21.61931 527.9 31.11932 729.6 43.01933 878.0 51.81934 783.0 46.21935 731.1 43.11936 699.4 41.3

1937 590.5 34.81938 628.3 37.11939 703.5 41.51940 565.6 33.41941 587.6 34.71942 522.8 30.81943 752.1 44.41944 891.5 52.61945 983.6 58.01946 839.7 49.51947 0.01948 507.5 29.91949 555.5 32.81950 449.0 26.11951 329.0 25.21952 435.6 26.41953 500.0 24.61954 449.6 24.91955 505.3 29.61956 520.2 25.5


121/241

1957 525.0 27.41958 697.8 23.71959 788.4 33.61960 880.4 34.51961 957.5 36.81962 1001.3 36.21963 972.1 35.41964 1031.7 33.81965 1195.9 36.71966 918.3 36.41967 972.6 34.01968 1119.0 40.31969 1138.1 38.81970 1084.4 38.21971 1175.8 37.61972 1210.0 37.21973 1009.7 34.1

1974 805.2 28.91975 618.3 29.51976 667.2 32.61977 617.3 30.31978 627.0 31.21979 665.2 32.41980 669.9 31.01981 619.4 30.01982 724.0 34.01983 684.4 31.5

1984 640.0 32.41985 745.6 34.01986 912.6 36.41987 983.0 36.71988 777.1 33.31989 685.0 33.41990 619.6 32.81991 457.2 32.71992 482.8 33.41993 538.7 36.51994 454.9 31.31995 387.7 30.11996 348.8 28.91997 337.8 29.11998 347.5 29.51999 534.9 39.62000 567.1 46.42001 493.4 46.52002 576.5 49.42003 518.4 45.2


122/241

2004 516.8 45.72005 415.3 43.62006 371.7 41.12007 390.1 40.82008 272.5 39.32009 319.9 42.12010 36.6


123/241

ier, and Guscina, Anastasia. 2006. Government Debt in Emerging Market Countries: A New Da

inance, http://finmin.nic.in/stats_data/central_govt_borrowings/index.htmls. Statistical Abstract Relating to British India

1991-2010 1970-2010Total (domestic plus external) Total (public plus private)gross general government gross external

debt/GDP Debt/GDP


da, P. R. 2001.Money, Income and Prices in 19th Century India.Dehli: Himalaya.Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington DMonetary Fund, various issues,World Economic Outlook,Washington DC.

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

ons, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank. Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


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125/241


126/241


127/241

81.7 17.979.3 15.376.0 18.372.9 18.772.6 19.074.2 20.471.8 19.1


128/241

International Monetary Fund Working Paper 6/98. International Monetary Fund, Washington, D.C

. (Diaz Alejandro for WWII years)


129/241


130/241


131/241


132/241


133/241

il.


134/241


135/241


136/241


137/241


138/241

Based on:Period: Series Sources:1911-1940 Total gross central government debt1960-2010 Nominal GDP1980-2005 Total gross central government debt Jeanne, Oli2004-2009 Total gross central government debt Ministry of1972-1984 Total gross central government debt1970-2007 Total external debt andGNP2003-2010 Total gross external debt Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1949) data and scaled by aExternal debt data for 2010 are through the first quarter.


1911 18.1 5.1

1912 15.5 4.41913 15.6 4.41914 25.4 7.21915 26.3 7.41916 25.9 7.31917 37.0 10.41918 58.0 16.31919 25.1 7.11920 39.7 11.21921 94.1 26.5

1922 103.2 29.01923 94.6 26.61924 80.1 22.51925 64.7 18.21926 68.5 19.31927 63.6 17.91928 63.6 17.91929 71.0 20.01930 99.9 28.11931 176.4 49.71932 262.7 73.91933 323.2 91.01934 300.5 84.61935 317.0 89.21936 239.8 67.51937 137.1 38.61938 199.1 56.01939 177.3 49.91940 149.2 42.0


Creutzberg,International

United NatiWorld BanWorld Bank,


139/241

19411942194319441945194619471948194919501951195219531954195519561957

1958195919601961196219631964196519661967

196819691970 46.71971 50.51972 271.3 51.21973 43.11974 34.41975 36.71976 96.5 22.11977 90.3 21.41978 154.1 32.71979 85.9 25.71980 61.2 20.61981 58.4 16.91982 112.3 28.01983 105.3 28.61984 99.4 26.61985 135.1 30.61986 198.1 48.41987 207.2 52.4


140/241

1988 185.5 47.71989 194.0 44.31990 174.5 43.31991 168.9 41.41992 136.4 39.21993 152.0 36.61994 158.9 36.81995 137.6 33.21996 120.5 26.91997 99.2 41.41998 158.4 67.01999 281.5 92.92000 210.9 95.22001 230.0 83.32002 242.2 73.22003 246.8 57.02004 193.3 50.1

2005 144.7 42.92006 153.2 37.42007 128.8 33.32008 29.22009 32.82010


141/241

ier, and Guscina, Anastasia. 2006. Government Debt in Emerging Market Countries: A New Dainance Directorate General of Debt Management http://www.dmo.or.id/en/content.php?section=94

exports/GDP.

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


P. (1976)Changing Economy in Indonesia; in volume 2, Public Finance 1816-1939, (The Hague: Martinus NijhoMonetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington D

ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank. Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


142/241

46.750.551.243.134.436.736.134.633.935.328.025.527.936.938.844.456.573.1


143/241

63.961.364.071.672.258.762.663.458.365.1

168.2117.193.686.670.160.656.9

47.036.432.730.332.127.0


144/241

International Monetary Fund Working Paper 6/98. International Monetary Fund, Washington, D.C

ff .


145/241


146/241


147/241

il.


148/241


149/241


150/241

Based on:Period: Series Sources:1948-2010 Nominal GDP1980-2010 Total gross general government debt1970-2002 Gross external debt liabilities: portfolio debt + other investment1926-1944 Total gross central government debt and exports1923-2010 Total gross central government debt National T1923-1946 Total gross central government debt1945-1984 Total gross central government debt2002-2010 Total gross external debt


19231924 21.5 5.91925 24.3 6.61926 27.4 7.51927 31.7 8.61928 39.0 10.61929 40.4 11.81930 45.7 12.51931 64.5 15.81932 96.6 23.7

1933 130.2 18.51934 217.0 32.41935 191.4 28.61936 165.7 24.81937 166.8 24.61938 162.4 21.21939 179.1 26.71940 154.6 23.11941 160.2 23.91942 173.3 25.91943 209.0 31.21944 195.6 29.21945 174.1 26.01946 164.2 24.51947 170.9 20.61948 145.4 21.01949 166.4 27.51950 193.6 37.71951 219.4 45.6



United NatiUnited NatiWorld Bank,

Notes: Pre-1946 debt/GDP ratio is backcasted using annual debt/exports (1924-1945) data and scaled by adata for 2010 are through the first quarter.


151/241


152/241


153/241


154/241


155/241

48.5 302.737.8 305.635.5 332.832.1 413.030.9 464.629.4 567.627.2 661.724.8 794.425.0 871.844.4 880.365.5 1019.193.6 1041.6


156/241

ebt/historicalData1.php

.


rnal debt


157/241


158/241


159/241


160/241


161/241


162/241


163/241

1891 97.91892 108.21893 107.21894 116.41895 111.01896 112.81897 117.51898 105.71899 104.71900 98.01901 94.41902 97.61903 90.71904 92.11905 89.01906 82.41907 74.7

1908 79.11909 74.31910 76.21911 70.31912 68.91913 69.21914 78.71915 85.61916 75.61917 91.1

1918 101.71919 134.51920 142.31921 153.01922 142.81923 142.31924 140.61925 101.11926 87.91927 101.01928 97.51929 98.11930 111.41931 112.71932 90.41933 98.31934 103.91935 94.91936 99.21937 87.1


164/241

1938 88.21939 87.71940 93.31941 115.71942 129.01943 128.01944 104.01945 79.21946 44.81947 25.41948 29.51949 32.11950 32.31951 33.71952 35.71953 36.61954 38.4

1955 38.11956 36.91957 36.01958 35.71959 36.91960 32.81961 31.31962 30.31963 28.51964 28.5

1965 29.81966 33.01967 32.51968 34.41969 34.91970 30.9 24.31971 34.5 25.21972 38.1 27.11973 40.9 29.91974 41.3 21.11975 48.2 20.11976 48.4 21.41977 50.6 21.11978 56.0 20.61979 55.0 19.61980 53.5 19.31981 56.5 24.51982 61.2 24.31983 67.6 24.51984 72.5 25.5


165/241

1985 79.5 30.11986 84.1 26.71987 88.5 26.61988 90.9 25.41989 93.7 32.01990 96.3 34.81991 99.1 38.31992 103.1 36.41993 113.0 45.91994 120.1 48.91995 119.8 50.41996 119.3 52.41997 116.3 58.61998 113.0 69.61999 111.0 73.02000 105.9 82.82001 105.4 80.8

2002 102.2 91.32003 99.3 96.22004 103.8 95.32005 105.8 94.12006 106.5 113.02007 103.5 120.32008 106.1 103.82009 115.8 120.42010 117.5 115.8


166/241

Sources:Banca d'Italia http://www.bancaditalia.it/statistiche/finpub/pimefp and downloadable from http://bip.bancaFrancese Maura and Angelo Pace (2008), Il debito pubblico italiano dallUnit a oggi. Una ricostruzione

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

International Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,WLane, Philip R. and Gian Maria Milesi-Ferretti (2010), "The External Wealth of Nations Mark II: Revised League of Nations ,Various years.Statistical Yearbook.Geneva: League of Nations.United Nations, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United NUnited Nations ,Various years.Yearbook, New York: United Nations.World Bank, Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


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168/241


169/241


170/241

.it/4972unix/homebipentry.htm?dadove=corr&lang=engerie storica, Banca d'Italia, Occasional paper no. 31, Roma

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

tions.


171/241


172/241


173/241


174/241

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


175/241


176/241


177/241


178/241

Based on:Period: Series Sources:1872-2001 Total gross central government debt Historical S1880-1913 Nominal GDP http://www.1952-2010 Nominal GDP and GNP1980-2010 Total gross general government debt1970-2002 Gross external debt liabilities: portfolio debt + other investment1926-1944 Total gross central government debt1885-1940 Nominal GDP Ohkawa, K 1885-1940 Nominal GDP Smits, J., P.1950-2010 Total gross central government debt Statistics Bu1914-1946 Total gross central government debt1945-1984 Total gross central government debt2003-2010 Total gross external debt Notes: Pre-1885 debt/GDP ratio is backcasted using annual debt/exports (1872-1885) data and scaled by aExternal debt data for 2010 are through the first quarter.

1872-2010 1980-2010Total (domestic plus external) Total (domestic plus external)gross central government gross general governmentdebt/GDP debt/GDP

1872 9.81873 11.31874 14.61875 18.01876 11.71877 61.2

1878 58.31879 53.31880 52.71881 47.51883 38.21884 37.61885 28.51886 28.91887 29.31888 29.91889 27.71890 23.51891 25.41892 24.21893 22.91894 23.51895 26.91896 25.91897 22.1



United NatiUnited NatiWorld Bank,


179/241

1898 17.01899 23.11900 20.81901 22.61902 23.81903 22.01904 36.71905 69.11906 65.31907 57.81908 56.81909 67.41910 70.11911 59.71912 54.11913 50.81914 54.7

1915 52.01916 40.51917 32.91918 28.11919 22.31920 26.31921 28.51922 29.71923 32.11924 31.2

1925 31.61926 33.81927 37.11928 38.01929 38.21930 47.31931 54.31932 55.51933 55.21934 57.61935 58.11936 56.81937 57.31938 65.81939 69.71940 78.51941194219431944


180/241

1945194619471948194919501951195219531954 12.01955 12.61956 10.61957 8.91958 9.31959 9.51960 8.41961 6.3

1962 5.81963 4.71964 4.61965 5.41966 7.01967 8.51968 9.01969 8.81970 8.51971 9.4

1972 12.71973 11.71974 11.71975 15.41976 19.61977 24.81978 30.51979 35.01980 39.6 51.41981 41.4 56.11982 44.8 60.11983 48.7 65.81984 50.0 67.31985 50.7 67.71986 54.7 71.01987 56.5 73.51988 54.5 71.41989 51.1 68.31990 49.4 68.01991 48.1 67.5


181/241

1992 50.0 72.31993 55.5 78.41994 59.7 84.61995 65.9 92.41996 70.3 100.31997 75.3 107.11998 86.7 120.11999 98.3 133.82000 106.5 142.12001 122.0 151.72002 130.9 160.92003 136.7 167.22004 150.7 178.12005 162.1 191.62006 164.0 191.32007 162.6 187.72008 167.6 194.7

2009 183.8 217.62010 189.1 225.9


182/241


183/241


184/241

7.28.2

7.06.89.19.09.17.47.59.6

12.214.215.515.417.018.922.931.135.844.347.142.5


185/241

36.631.830.727.930.534.438.729.725.926.629.832.033.833.434.740.445.6

41.238.7


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a (eds.), Estimates of Long-Term Economic Statistics of Japan Since 1868 (Tokyo: Tokyo Keizai ries Perspective', Groningen Growth and Development Centre Research Memorandum GD-107, Groninge

.



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Based on:Period: Series Sources:1997-2010 Total gross central government debt Central Ba1901-1935 Total gross central government debt and exports1963-2010 Nominal GDP1990-2008 Total gross central government debt1952-1984 Total gross central government debt1970-2008 Total external debt and GNP Notes: Pre-1950 debt/GDP ratio is backcasted using annual debt/exports (1911-1938) data and scaled by a


1911 1.0 0.31912 8.3 2.01913 7.0 1.7

1914 7.5 1.81915 10.4 2.51916 14.9 3.61917 6.8 1.71918 4.7 1.11919 6.9 1.71920 3.6 0.91921 17.4 4.21922 37.0 9.01923 28.2 6.9

1924 33.2 8.11925 23.2 5.61926 18.4 4.51927 26.5 6.41928 39.7 9.71929 32.2 7.81930 38.4 9.41931 49.9 12.11932 63.6 15.51933 62.1 15.11934 50.8 12.31935 50.3 12.21936 43.4 10.61937 36.4 8.9193819391940194119421943


Frankel, S.InternationalJaimovich,United NatiWorld Bank.


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19441945194619471948194919501951195219531954195519561957195819591960

196119621963 12.91964 12.11965 13.41966 12.81967 13.61968 12.71969 13.71970 13.9

1971 13.21972 14.11973 15.01974 14.11975 14.71976 31.41977 27.11978 29.619791980 55.21981 55.61982 58.41983 64.51984 61.61985 69.41986 65.91987 72.41988 70.81989 71.91990 79.5


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197/241

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

exports/GDP.1970-2008Total (public plus private)gross externalDebt/GDP

king Paper 15795, March 2010. Forthcoming in American Economic Review.

Herbert. 1938.Capital Investment in Africa: Its Course and Effects.London: Oxford University PressMonetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington D.and Ugo Panizza, (2010), "Public Debt Around the World: A New Data Set of Central Government Debt Appl ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank.


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30.5

28.727.233.438.737.142.337.041.044.747.748.352.360.756.768.163.672.569.571.282.1


199/241

91.483.9

123.699.780.873.660.261.061.458.848.451.9

130.9114.1102.3103.7106.5

85.2


200/241

. ied Economics Letters, Routledge


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Based on:Period: Series Sources:1913-1970 Nominal GDP Bassino, Je1911-1938 Total gross central government debt1963-2010 Nominal GDP1980-2009 Total gross central government debt OECD1952-1984 Total gross central government debt1970-2008 Total external debt and GNP1999-2010 Total gross external debt Notes: External debt data for 2010 are through the first quarter.


1913 33.11914 33.7

1915 25.21916 22.51917 13.61918 5.71919 3.41920 5.31921 6.61922 9.11923 7.91924 7.1

1925 7.31926 7.51927 8.41928 8.91929 10.91930 18.31931 19.71932 19.11933 14.91934 10.71935 8.71936 7.71937 6.51938 35.819391940194119421943


Mizoguchi,International

United NatWorld Bank.World Bank,


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19441945194619471948194919501951195219531954195519561957195819591960

1961196219631964196519661967196819691970 23.7 29.1

1971 34.01972 39.01973 37.61974 35.11975 39.81976 13.3 35.81977 13.1 38.71978 12.3 34.61979 11.4 35.71980 14.1 44.31981 20.1 44.31982 22.1 47.01983 20.8 45.91984 18.3 43.31985 17.6 46.81986 15.8 40.31987 17.0 27.31988 14.3 18.31989 14.2 13.71990 13.7 12.7


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206/241

an-Pascal, and Pierre van der Eng. 2006. New Benchmark of Wages and GDP, 19131970. Mim


Toshiyuki, and Mataji Umemura. 1988. Basic Economic Statistics of Former Japanese Colonies, 1895Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington D



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ontpellier University, Montpellier, France.1938: Estimates and Findings.Tokyo: Toyo Keizai Shinposha..


210/241


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Based on:Period: Series Sources:1913-1970 Nominal GDP Bassino, Je1955-2010 Nominal GDP1923-2010 Total gross central government debt Ministry of1945-1984 Total gross central government debt1970-2007 Total external debt andGNP2003-2010 Total gross external debt

Notes: External debt data for 2010 are through the first quarter.1949-2010 1970-2010Total (domestic plus external) Total (public plus private)gross central government gross externaldebt/GDP Debt/GDP

1949 6.51950 3.9

1951 3.11952 3.91953 5.71954 7.81955 12.21956 12.21957 14.9195819591960

1961196219631964196519661967196819691970 34.3 12.01971 37.5 15.91972 38.9 17.91973 34.3 12.91974 34.1 13.21975 40.1 21.91976 45.9 23.91977 47.4 25.41978 44.8 26.21979 43.3 24.0


International

United NatiWorld BanWorld Bank,


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1980 45.7 27.51981 56.1 37.31982 69.6 51.31983 76.1 61.01984 75.0 58.11985 83.6 68.61986 104.4 83.01987 104.4 75.61988 98.0 55.71989 86.2 44.41990 78.5 36.41991 72.7 36.61992 65.1 35.71993 56.3 41.11994 49.9 42.81995 43.3 40.61996 37.1 41.3

1997 35.0 49.81998 38.9 62.11999 39.8 57.02000 38.3 48.62001 49.3 52.42002 47.1 51.22003 45.1 47.02004 45.7 45.92005 43.8 40.72006 42.2 35.9

2007 41.5 33.42008 41.4 34.02009 53.3 39.92010 50.8 34.9


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an-Pascal, and Pierre van der Eng. 2006. New Benchmark of Wages and GDP, 19131970. Mim

inance Malaysia and Bank Negara, http://www.treasury.gov.my/index_bi.html and http://www.bnm.gov.m


Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington D



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ontpellier University, Montpellier, France.

x.php.


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Based on:Period: Series Sources:1952-2010 Nominal GDP1990-2010 Total gross general government debt1990-1997 Total gross public sector debt1998-2010 Total gross central government debt Ministry of1970-1984 Total gross central government debt1970-2008 Total external debt/GNP


1970 31.3 14.31971 32.8 13.41972 32.9 11.41973 31.7 10.6

1974 21.5 7.21975 29.9 7.81976 26.1 9.11977 30.2 15.71978 37.6 22.31979 41.3 25.91980 50.2 35.01981 56.9 42.51982 68.2 50.41983 72.8 45.4

1984 74.4 46.71985 56.91986 49.51987 45.91988 39.81989 37.51990 67.2 39.21991 49.1 34.91992 44.0 31.51993 39.7 26.51994 45.6 32.01995 50.1 35.61996 52.8 33.51997 46.5 31.41998 45.4 30.81999 47.2 30.32000 47.2 20.92001 45.8 18.72002 53.3 19.92003 59.6 18.6


InternationalInternationalJaimovich,

United NatiWorld Ban


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2004 53.2 15.12005 57.1 12.42006 54.9 9.82007 51.9 9.52008 45.5 7.22009 52.02010 49.1


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inance


Monetary Fund, various issues,World Economic Outlook,Washington DC.Monetary Fund, various issues,World Economic Outlook,Washington DC.any and Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied

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


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


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Based on:Period: Series Sources:1823-1946 Total gross central government debt1950-2010 Nominal GDP1926-1944 Total gross central government debt1823-1946 External government debt issuance2004-2010 Total gross central government debt Secretaria1914-1946 Total gross central government debt1945-1979 Total gross central government debt1970-2007 Total external debt/GNP2003-2010 Total gross external debt Notes: Pre-1917 debt/GDP ratio is backcasted using annual debt/exports (1872-1916) data and scaled by aExternal debt data for 2010 are through the first quarter.

1872-2009 1872-2010External Total (domestic plus external)gross central government gross central government

debt/exports debt/GDP1872 251.3 62.01873 284.7 70.21874 309.0 76.2187518761877 334.7 82.61878 349.7 86.31879 304.9 75.21880 361.9 89.3

1881 380.9 94.01882 281.9 69.51883 254.0 62.71884 265.2 65.41885 310.6 76.61886 286.2 70.61887 192.0 47.41888 116.5 28.81889 135.4 33.41890 170.3 42.01891 163.1 40.21892 156.3 38.61893 193.7 47.81894 194.2 47.91895 164.2 40.51896 172.5 42.61897 175.8 43.41898 167.6 41.31899 153.6 37.9


Bazant, JanInternationalLeague of Marichal,

United NatiUnited NatiWorld BanWorld Bank,


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1947 11.1 6.41948 8.7 7.21949 6.2 7.31950 6.2 5.91951 5.1 4.41952 6.1 4.41953 6.6 4.31954 11.3 4.91955 10.7 4.81956 9.5 4.51957 6.9 4.31958 6.7 4.11959 7.3 4.11960 2.7 4.61961 2.7 4.51962 2.5 4.21963 5.6 4.1

1964 8.7 6.21965 9.3 10.01966 10.0 9.51967 31.3 13.0196819691970 136.2 17.01971 151.3 16.81972 149.4 15.71973 147.9 18.0

1974 134.2 19.41975 170.3 21.31976 255.4 27.21977 381.5 27.11978 300.4 24.61979 244.6 23.71980 294.5 38.11981 308.7 41.71982 334.2 79.31983 314.5 74.51984 287.2 63.81985 329.1 78.01986 461.5 119.01987 401.3 128.41988 392.9 70.31989 338.6 61.71990 347.7 53.41991 224.9 42.61992 196.8 32.81993 182.1 30.2


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1994 168.4 44.61995 152.3 50.41996 122.9 38.21997 96.0 31.11998 94.2 33.51999 81.2 30.12000 61.1 27.02001 60.7 25.82002 58.7 27.52003 57.6 25.12004 50.6 23.32005 40.1 21.82006 19.1 19.12007 18.2 20.02008 15.5 24.52009 28.22010 27.7


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

ports/GDP.

1970-2010Total (public plus private)gross external

Debt/GDP

ing Paper 15795, March 2010. Forthcoming in American Economic Review.

. 1968. Historia de la Deuda Exterior de Mexico: 18231946.(Mexico City: El Colegio de Mxico).Monetary Fund, various issues, International Financial StatisticsandWorld Economic Outlook,Washington Dations ,Various years.Statistical Yearbook.Geneva: League of Nations.arlos. 1989. A Century of Debt Crises in Latin America: From Independence to the Great Depressi

ons, Department of Economic Affairs. 1948. Public Debt, 19141946.New York: United Nations.ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank. Various years. Quarterly External Debt Statistics, Washington D.C.:World Bank


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230/241

19.919.418.419.3

19.821.127.639.135.832.830.532.653.366.557.355.282.882.056.443.741.137.331.733.3


231/241

33.960.549.038.039.035.626.627.023.123.221.920.417.818.818.523.120.7


232/241

. (Diaz Alejandro for WWII years)

8201930.Princeton, N.J.: Princeton University Press.


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1999 73.4 71.82000 75.8 73.72001 73.1 68.42002 77.5 67.12003 75.8 64.42004 71.6 61.72005 68.6 64.62006 65.6 59.42007 53.6 54.62008 49.1 48.22009 46.4 47.72010 46.5 49.9


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of the Treasury and External Finance

1970-2008Total (public plus private)gross externalDebt/GDP

26.027.024.421.920.429.535.150.852.3

51.646.262.072.083.797.6

111.694.4

100.485.187.186.772.371.373.867.764.559.262.959.1


Monetary Fund, various issues,World Economic Outlook,Washington DC.Monetary Fund, various issues,World Economic Outlook,Washington DC.any and Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied ons ,Various years.Yearbook, New York: United Nations.. Various years.Global Development Finance.Washington D.C.: World Bank.


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57.755.849.844.536.529.627.227.127.323.4


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


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Debt To GDP

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