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Exchange Rates to US Dollar WP

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									Working Paper: Exchange Rates to US Dollars Database clio infra
1. Title
         - Exchange Rates to US Dollars Database CLIO-INFRA
2. Author(s)
         - Jon Verriet & Reinoud Bosch; International Institute of Social History
3. Production date
         - April 19, 2012
4. Version
         - Version 1.0
5. Variable group(s)
         - Finance
6. Variable(s)
         - Exchange rates to US Dollars ($). See text below for an explanation regarding the exact
         specifics of the different variables used to calculate the exchange rates.
7. Unit of analysis
         - Country
8. Keywords (5)
         - exchange rates, US dollar, finance, world
9. Abstract (200 words)
         - This paper is supplement to the database on exchange rates in light of the clio infra
         project. It specifies the sources of the data.
10. Time period
         - 1791-2011
11. Geographical coverage
         - World
12. Methodologies used for data collection and processing
         - Collecting cross-country Measuring Worth data on exchange rates
         (http://www.measuringworth.com/exchangeglobal/, Consulted: April 12, 2012), data from
         the Penn World Table (http://pwt.econ.upenn.edu/php_site/pwt_index.php, Consulted:
         April 17, 2012) and from the Reinhart & Rogoff dataset
         (http://www.carmenreinhart.com/data/browse-by-topic/topics/10/, Consulted: April 19,
         2012).
13. Data quality (multiple possibilities)
         - Indication of the quality of the data based on the following categories:
                  i. Central statistical agencies
                           - Data are the result of work of central statistical agencies.
                  ii. Historical reconstructions
                           - Data are the result of historical reconstructions making use of the
                           methods and the broad range of data that are also used by central statistical
                           agencies.
14. Period of collection
         - April 17, 2012 – April 19, 2012
15. Data collectors
         - Jon Verriet; International Institute of Social History
         - Carmen M. Reinhart, Peterson Institute for International Economics, Washington DC
         - Kenneth S. Rogoff, Harvard University, Cambridge, MA
16. Sources
         - Lawrence H. Officer, "Exchange Rates Between the United States Dollar and Forty-one
         Currencies", Measuring Worth, 2011, http://www.measuringworth.com/exchangeglobal/.
         Consulted: April 12, 2012.
        - Alan Heston, Robert Summers & Bettina Aten, “Penn World Table Version 7.0”,
        http://pwt.econ.upenn.edu/php_site/pwt_index.php, Center for International
        Comparisons of Production, Income and Prices at the University of Pennsylvania.
        Consulted: April 17, 2012.
        - Carmen M. Reinhart & Kenneth S. Rogoff, “Exchange Rates: Official and Parallel”,
        http://www.carmenreinhart.com/data/browse-by-topic/topics/10/, Consulted: April 19,
        2012.

17. Text

This study was carried out within the framework of the clio infra project financed by the Netherlands
Organisation for Scientific Research (NWO). The exchange rate tells us something about the financial
health of a country/region and can be an indirect signifier of its international competitiveness.

Remarks:

    -      - In the case of overlapping data, precedence has been given to the Penn World Table
           figures, then the Measuring Worth data. The exception is the Eurozone, where the Reinhart
           & Rogoff data have been used. The reason for this is that the Penn World Table counts back
           the euro exchange rate for the years in which this currency had not yet been introduced,
           meaning from 1950 onwards. The Reinhart & Rogoff figures use the actual currencies in use
           at the time, i.e. the French franc, the Dutch guilder, the Italian lire, etcetera. Their original
           dataset provides monthly rates, which means that the numbers used here are averages of
           those twelve numbers. The euro figures come from the Penn World Table, and have been
           entered from the year 1999 onwards.
    -      The Penn World Table has two different dataseries for China, an unofficial and an official
           one. However the exchange rates for both ‘China 1’ and ‘China 2’ are equal.
    -      There are certain ambiguities when it comes to the use of country names in the Penn World
           Table. For instance, The ‘Czech Republic’ and ‘Slovakia’ are both given separate, and
           differing, data from 1980 onwards. The same goes for ‘Latvia’ and ‘Lithuania’ from 1987
           onwards. ‘Yemen’ is treated as a single entity prior to 1990, and it is unclear whether North-
           Yemen or South-Yemen is meant. Therefore, the pre-1990 data for Yemen has been omitted.
           The same goes for Germany. The Reinhart dataset is equally unclear on Germany; it has
           been assumed that here the 1948-1989 data refer to West Germany.
    -      For both Ethiopia and Indonesia, the original data consisted of one single timeline instead of
           split up, as they are in the clio infra template.
    -      There are some important historical currency changes in the dataset, one of the most
           obvious being the euro. For the currency history per country, see the appendix of the
           following paper: Carmen M. Reinhart & Kenneth S. Rogoff, “The Modern History of Exchange
           Rate Arrangements: A Reinterpretation”, NBER Working Paper 8963 (2002) 1-104. It can be
           downloaded here: http://www.nber.org/papers/w8963.pdf (Consulted: May 8, 2012). One
           can also look up the currencies that have been pegged to other currencies, which can help to
           make more sense of overlap within the dataset (e.g. the Lesotho loti and the South African
           Rand have been pegged, hence they have the same exchange rate in Dollars).
    -      Some of the most extreme data (e.g. Zimbabwe 2008-2009) have to do with hyperinflation.
           These numbers can be so large that they do not fit into the standard width of the column.
           Adjust the column width or click inside of the cell to see the exact figure.


The exact variables are as follows:
MW = Measuring Worth
RR = Reinhart & Rogoff
PWT = Penn World Table 7.0

 Europe
 Western Europe
 Austria                                    1913-1917, 1921-1938 (MW), 1946-1998
                                            (RR), 1999-2009 (PWT), 2010-2011 (MW)
 Belgium                                    1913-1914, 1919-1940, 1945 (MW), 1946-
                                            1998 (RR), 1999-2009 (PWT), 2010-2011
                                            (MW)
 Federal Republic of Germany (until 1990)   1948-1989 (RR)
 France                                     1913-1944 (MW), 1946-1998 (RR), 1999-
                                            2009 (PWT), 2010-2011 (MW)
 German Democratic Republic (until 1990)
 Germany                                    1913-1941 (MW), 1990-1998 (RR), 1999-
                                            2009 (PWT), 2010-2011 (MW)
 Liechtenstein
 Luxembourg                                 1999-2009 (PWT), 2010-2011 (MW)
 Monaco
 Netherlands                                1913-1940, 1945 (MW), 1946-1998 (RR),
                                            1999-2009 (PWT), 2010-2011 (MW)
 Switzerland                                1913-1941, 1946-1949 (MW), 1950-2009
                                            (PWT) 2010-2011 (MW)

 Northern Europe
 Åland Islands
 Channel Islands
 Denmark                                    1913-1940, 1946-1949 (MW), 1950-2009
                                            (PWT), 2010-2011 (MW)
 Estonia                                    1990-2009 (PWT)
 Faeroe Islands
 Finland                                    1921-1941 (MW), 1946-1998 (RR), 1999-
                                            2009 (PWT), 2010-2011 (MW)
 Guernsey
 Iceland                                    1950-2009 (PWT)
 Ireland                                    1946-1998 (RR), 1999-2009 (PWT), 2010-
                                            2011 (MW)
 Isle of Man
 Jersey
 Latvia                                     1987-2009 (PWT)
 Lithuania                                  1987-2009 (PWT)
 Norway                                     1915-1940, 1946-1949 (MW), 1950-2009
                                            (PWT) 2010-2011 (MW)
 Sark
 Svalbard and Jan Mayen Islands
 Sweden                                     1915-1941, 1946-1949 (MW), 1950-2009
                                            (PWT), 2010-2011 (MW)
 United Kingdom of Great Britain and        1791-1949 (MW), 1950-2009 (PWT), 2010-
 Northern Ireland                           2011 (MW)
Southern Europe
Albania                                     1970-2009 (PWT)
Andorra
Bosnia and Herzegovina                      1990-2009 (PWT)
Croatia                                     1990-2009 (PWT)
Gibraltar
Greece                                      1915-1918, 1921-1940 (MW), 1946-1998
                                            (RR), 1999-2009 (PWT), 2010-2011 (MW)
Holy See
Italy                                       1913-1941 (MW), 1946-1998 (RR), 1999-
                                            2009 (PWT), 2010-2011 (MW)
Kosovo
Malta                                       1946-1998 (R), 1999-2009 (PWT), 2010-2011
                                            (MW)
Montenegro                                  1998-2009 (PWT), 2010-2011 (MW)
Portugal                                    1916-1918, 1921-1941 (MW), 1946-1998
                                            (R), 1999-2009 (PWT), 2010-2011 (MW)
San Marino
Serbia                                      1990-2009 (PWT)
Serbia and Montenegro (until 2006)
Slovenia                                    1999-2009 (PWT), 2010-2011 (MW)
Socialist Federal Republic of Yugoslavia
(until 1992)
Spain                                       1850-1941 (MW), 1946-1998 (RR), 1999-
                                            2009 (PWT), 2010-2011 (MW)
The former Yugoslav Republic of Macedonia   1990-2009 (PWT)

Eastern Europe
Belarus                                     1987-2009 (PWT)
Bulgaria                                    1953-2009 (PWT)
Czech Republic                              1980-2009 (PWT)
Czechoslovakia (until 1993)
Hungary                                     1968-2009 (PWT)
Poland                                      1950-2009 (PWT)
Republic of Moldova                         1990-2009 (PWT)
Romania                                     1957-2009 (PWT)
Russian Federation                          1990-2009 (PWT)
Slovakia                                    1999-2009 (PWT), 2010-2011 (MW)
Ukraine                                     1987-2009 (PWT)
USSR (until 1991)

Americas
Northern America
Bermuda                                     1960-2009 (PWT)
Canada                                      1913-1917, 1919-1941, 1946-1949 (MW),
                                            1950-2009 (PWT), 2010-2011 (MW)
Greenland
Saint Pierre and Miquelon
United States of America                    N/a

Latin America and the Caribbean
Caribbean
Anguilla
Antigua and Barbuda                 1950-2009 (PWT)
Aruba
Bahamas                             1950-2009 (PWT)
Barbados                            1950-2009 (PWT)
Bonaire, Saint Eustatius and Saba
British Virgin Islands
Cayman Islands
Cuba                                1970-2009 (PWT)
Curaçao
Dominica                            1950-2009 (PWT)
Dominican Republic                  1950-2009 (PWT)
Grenada                             1950-2009 (PWT)
Guadeloupe
Haiti                               1950-2009 (PWT)
Jamaica                             1950-2009 (PWT)
Martinique
Montserrat
Netherlands Antilles (until 2010)
Puerto Rico                         1950-2009 (PWT)
Saint-Barthélemy
Saint Kitts and Nevis               1950-2009 (PWT)
Saint Lucia                         1950-2009 (PWT)
Saint Martin (French part)
Saint Vincent and the Grenadines    1950-2009 (PWT)
Sint Maarten (Dutch part)
Trinidad and Tobago                 1950-2009 (PWT)
Turks and Caicos Islands
United States Virgin Islands

Central America
Belize                              1950-2009 (PWT)
Costa Rica                          1950-2009 (PWT)
El Salvador                         1950-2009 (PWT)
Guatemala                           1950-2009 (PWT)
Honduras                            1950-2009 (PWT)
Mexico                              1921-1949 (MW), 1950-2009 (PWT) 2010-
                                    2011 (MW)
Nicaragua                           1950-2009 (PWT)
Panama                              1950-2009 (PWT)

South America
Argentina                           1916-1941, 1948-1949 (MW), 1950-2009
                                    (PWT) 2010 (MW)
Bolivia (Plurinational State of)    1950-2009 (PWT)
Brazil                              1916-1941, 1948-1949 (MW), 1950-2009
                                    (PWT), 2010-2011 (MW)
Chile                               1917-1941, 1948-1949 (MW), 1951-2009
                                    (PWT), 2010 (MW)
Colombia                            1926-1941, 1948-1949 (MW), 1950-2009
                                                (PWT), 2010 (MW)
Ecuador                                         1950-2009 (PWT)
Falkland Islands (Malvinas)
French Guiana
Guyana                                          1950-2009 (PWT)
Paraguay                                        1950-2009 (PWT)
Peru                                            1948-1949 (MW), 1950-2009 (PWT), 2010
                                                (MW)
Suriname                                        1950-2009 (PWT)
Uruguay                                         1950-2009 (PWT)
Venezuela (Bolivarian Republic of)              1948-1949 (MW), 1950-2009 (PWT), 2010-
                                                2011 (MW)

Oceania
Australia and New Zealand
Australia                                       1928-1940 (MW), 1950-2009 (PWT), 2010-
                                                2011 (MW)
New Zealand                                     1928-1949 (MW), 1950-2009 (PWT), 2010-
                                                2011 (MW)
Norfolk Island

Melanesia
Fiji                                            1950-2009 (PWT)
New Caledonia
Papua New Guinea                                1950-2009 (PWT)
Solomon Islands                                 1950-2009 (PWT)
Vanuatu                                         1950-2009 (PWT)

Micronesia
Guam
Kiribati                                        1950-2009 (PWT)
Marshall Islands                                1970-2009 (PWT)
Micronesia (Federated States of)                1950-2009 (PWT)
Nauru
Northern Mariana Islands
Pacific Islands (Trust Territory) (1947-1986)
Palau                                           1970-2009 (PWT)

Polynesia
American Samoa
Cook Islands
French Polynesia
Niue
Pitcairn
Samoa                                           1950-2009 (PWT)
Tokelau
Tonga                                           1950-2009 (PWT)
Tuvalu
Wallis and Futuna Islands

Asia
Southern Asia
Afghanistan                                  1955-2009 (PWT)
Bangladesh                                   1959-2009 (PWT)
Bhutan                                       1950-2009 (PWT)
India                                        1916-1949 (MW), 1950-2009 (PWT), 2010-
                                             2011 (MW)
Iran (Islamic Republic of)                   1950-2009 (PWT)
Maldives                                     1950-2009 (PWT)
Nepal                                        1952-2009 (PWT)
Pakistan                                     1950-2009 (PWT)
Sri Lanka                                    1950-2009 (PWT), 2010-2011 (MW)
Tibet

Eastern Asia
China                                        1922-1941 (MW), 1952-2009 (PWT), 2010-
                                             2011 (MW)
China, Hong Kong Special Administrative      1916-1918, 1921-1941 (MW), 1950-2009
Region                                       (PWT), 2010-2011 (MW)
China, Macao Special Administrative Region   1967-2009 (PWT)
Democratic People's Republic of Korea
Japan                                        1916-1941 (MW), 1950-2009 (PWT), 2010-
                                             2011 (MW)
Mongolia                                     1970-2009 (PWT)
Republic of Korea                            1950-2009 (PWT), 2011 (MW)
Taiwan                                       1951-2009 (PWT), 2010-2011 (MW)

South-Eastern Asia
Brunei Darussalam                            1950-2009 (PWT)
Cambodia                                     1954-2009 (PWT)
Indonesia                                    1999-2009 (PWT), 2010-2011 (MW)
Indonesia (until 1999)                       1960-1998 (PWT)
Lao People's Democratic Republic             1957-2009 (PWT)
Malaysia                                     1921-1942, 1949 (MW), 1950-2009 (PWT),
                                             2010-2011 (MW)
Myanmar
Philippines                                  1948-1949 (MW), 1950-2009 (PWT)
Singapore                                    1950-2009 (PWT), 2010-2011 (MW)
Thailand                                     1950-2009 (PWT), 2010-2011 (MW)
Timor-Leste                                  1990-2009 (PWT)
Viet Nam                                     1970-2009 (PWT)

Western Asia
Armenia                                      1990-2009 (PWT)
Azerbaijan                                   1990-2009 (PWT)
Bahrain                                      1966-2009 (PWT)
Cyprus                                       1946-1998 (RR), 1998-2009 (PWT)
Democratic Yemen (until 1990)
Georgia                                      1987-2009 (PWT)
Iraq                                         1950-2009 (PWT)
Israel                                       1948-1949 (MW), 1950-2009 (PWT), 2010
                                             (MW)
Jordan                           1950-2009 (PWT)
Kuwait                           1950-2009 (PWT)
Lebanon                          1950-2009 (PWT)
Occupied Palestinian Territory
Oman                             1950-2009 (PWT)
Qatar                            1966-2009 (PWT)
Saudi Arabia                     1952-2009 (PWT)
Syrian Arab Republic             1950-2009 (PWT)
Turkey                           1950-2009 (PWT)
United Arab Emirates             1966-2009 (PWT)
Yemen (until 1990)
Yemen                            1990-2009 (PWT)

Central Asia
Kazakhstan                       1990-2009 (PWT)
Kyrgyzstan                       1990-2009 (PWT)
Tajikistan                       1990-2009 (PWT)
Turkmenistan                     1990-2009 (PWT)
Uzbekistan                       1987-2009 (PWT)

Africa
Northern Africa
Algeria                          1950-2009 (PWT)
Egypt                            1950-2009 (PWT)
Libya                            1950-2009 (PWT)
Morocco                          1950-2009 (PWT)
South Sudan
Sudan (North)
Sudan (until 2011)               1950-2009 (PWT)
Tunisia                          1950-2009 (PWT)
Western Sahara

Western Africa
Benin                            1950-2009 (PWT)
Burkina Faso                     1950-2009 (PWT)
Cape Verde                       1950-2009 (PWT)
Cote d'Ivoire                    1950-2009 (PWT)
Gambia                           1950-2009 (PWT)
Ghana                            1950-2009 (PWT)
Guinea                           1950-2009 (PWT)
Guinea-Bissau                    1950-2009 (PWT)
Liberia                          1950-2009 (PWT)
Mali                             1950-2009 (PWT)
Mauritania                       1950-2009 (PWT)
Niger                            1950-2009 (PWT)
Nigeria                          1950-2009 (PWT)
Saint Helena
Senegal                          1950-2009 (PWT)
Sierra Leone                     1950-2009 (PWT)
Togo                             1950-2009 (PWT)
Middle Africa
Angola                             1960-2009 (PWT)
Cameroon                           1950-2009 (PWT)
Central African Republic           1950-2009 (PWT)
Chad                               1950-2009 (PWT)
Congo                              1950-2009 (PWT)
Democratic Republic of the Congo   1950-2009 (PWT)
Equatorial Guinea                  1950-2009 (PWT)
Gabon                              1950-2009 (PWT)
Sao Tome and Principe              1950-2009 (PWT)

Southern Africa
Botswana                           1950-2009 (PWT)
Lesotho                            1950-2009 (PWT)
Namibia                            1960-2009 (PWT)
South Africa                       1928-1949 (MW), 1950-2009 (PWT), 2010-
                                   2011 (MW)
Swaziland                          1950-2009 (PWT)

Eastern Africa
Burundi                            1950-2009 (PWT)
Comoros                            1950-2009 (PWT)
Djibouti                           1950-2009 (PWT)
Eritrea                            1958-2009 (PWT)
Ethiopia (until 1993)              1950-1992 (PWT)
Ethiopia (from 1993)               1993-2009 (PWT)
Kenya                              1950-2009 (PWT)
Madagascar                         1950-2009 (PWT)
Malawi                             1950-2009 (PWT)
Mauritius                          1950-2009 (PWT)
Mayotte
Mozambique                         1950-2009 (PWT)
Réunion
Rwanda                             1950-2009 (PWT)
Seychelles                         1950-2009 (PWT)
Somalia                            1950-2009 (PWT)
Uganda                             1950-2009 (PWT)
United Republic of Tanzania        1950-2009 (PWT)
Zambia                             1950-2009 (PWT)
Zimbabwe                           1950-2009 (PWT)

								
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