Indicators of Germany’s economic integration in the 1930s

Panel A plots the share of the respective creditor country in the total of German raw material imports in 1932 (left) and the total debt of German banks to foreign banks as of November 30, 1932 (right). The overall exposure of German banks to foreign banks was substantial at about 6% of national income. Sources are detailed in Internet Appendixes A.4.1 and A.4.2. Panel B shows the annual bilateral trade costs between Germany and the four European creditor countries from 1934 to 1938. The data are from Jacks, Meissner, and Novy (2011) for the United Kingdom, France, and the Netherlands. Data for Switzerland are our own estimates (see Internet Appendix A.4.3).