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Trading gains: new estimates of swiss gdp, 1851 to 2008

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  • Stohr, Christian

Abstract

This paper revises Swiss GDP emphasizing the difference between single and double deflation, which depends on trading gains: i.e. gains from terms of trade and from the real exchange rate. These gains contributed significantly to Swiss economic growth between 1930 and 1990. Earlier series of Swiss GDP have neglected trading gains. In backward projections, this leads to overestimation of GDP (per capita) levels. The Maddison database (Bolt & Zanden 2014), for example, suggests that Swiss GDP per capita was 38 percent above that of the USA in 1875. My series shows that Swiss GDP per capita was still below the Western European average.

Suggested Citation

  • Stohr, Christian, 2016. "Trading gains: new estimates of swiss gdp, 1851 to 2008," Working Papers unige:86942, University of Geneva, Paul Bairoch Institute of Economic History.
    • Handle: RePEc:gnv:wpaper:unige:86942
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    File URL: https://luniarchidoc4.unige.ch/archive-ouverte/unige:86942/ATTACHMENT01
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    References listed on IDEAS

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    1. David S. Jacks & Kevin H. O'Rourke & Jeffrey G. Williamson, 2011. "Commodity Price Volatility and World Market Integration since 1700," The Review of Economics and Statistics, MIT Press, vol. 93(3), pages 800-813, August.
    2. Stohr, Christian, 2016. "Trading gains: new estimates of Swiss GDP,1851 to 2008," Economic History Working Papers 67032, London School of Economics and Political Science, Department of Economic History.
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    Cited by:

    1. Marianne Ward & John Devereux, 2021. "New Income Comparisons for the late Nineteenth and Early Twentieth Century," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(1), pages 222-247, March.
    2. Léo CHARLES, 2017. "A new empirical test of the infant-industry argument : the case of Switzerland protectionism during the 19th century," Cahiers du GREThA (2007-2019) 2017-11, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    3. Trüb, Fabienne P & Wells, Jonathan CK & Rühli, Frank J & Staub, Kaspar & Floris, Joël, 2020. "Filling the weight gap: Estimating body weight and BMI using height, chest and upper arm circumference of Swiss conscripts in the first half of the 20th century," Economics & Human Biology, Elsevier, vol. 38(C).

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    More about this item

    Keywords

    Historical National Accounts; Gross Domestic Income; Double Deflation; Real Exchange Rate; Terms of Trade; Switzerland;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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