Share index of the Reich Statistical Office
The stock index of the Statistisches Reichsamt was the first official stock index in Germany. It was first published on March 17, 1922 by the Reich Statistical Office . The calculation was based on the average price level of around 300 representative shares on the Berlin Stock Exchange . The index was defined in such a way that it would have assumed the value 100 on December 31, 1913. The Second World War led to the suspension of the course determination on June 30, 1943.
calculation
The Reich Statistical Office published the share index for the first time on March 17, 1922 in the journal Wirtschaft und Statistik . The recalculation was carried out by December 31, 1913 to a value of 100 points. The index number was the first official stock index in Germany. The first German stock index ever was the stock exchange code of the Frankfurter Zeitung , which was first determined on September 1, 1919. It was made up of 25 stocks and 10 bonds, which means that only the sub- index comprising the 25 stocks can be called the stock index.
The stock index of the Statistisches Reichsamt was based on the prices of 300 stock corporations listed on the Berlin Stock Exchange , which were divided into 33 individual groups. When forming groups, the weighted method was used insofar as the number of papers included in the individual groups was adjusted to the amount of nominal capital that was invested in the corresponding trade group as of December 31, 1920. The 33 groups were divided into 3 hunt groups:
- I. mining and heavy industry,
- II. Manufacturing and
- III. Trade and transport.
The index numbers were determined according to the weekly and monthly averages of the daily exchange quotations . To calculate the weighted averages, the prices of the individual companies were multiplied by the share capital . Adding the products obtained in this way (= market values of the share capital) and dividing their total by the total of the nominal capital resulted in the weighted average price level.
The subscription rights that had been sold since December 31, 1913 were added to the exchange rates on which the calculation was based. Dividend discounts were not eliminated. Because of the low informative value of the paper mark prices during the hyperinflation from 1919 to 1923 , there were also prices in gold marks . In 1924 the Reich Statistical Office changed the rate calculation to Reichsmarks .
From the mid-1920s, the 1913 base was replaced by the average price level from 1924 to 1926. The Reich Statistical Office calculated the index for 329 companies on the basis of 1924/1926 until 1943, until World War II brought price quotations to a standstill . In addition to the overall index, indices for some branches of the economy were also calculated on the basis of 1924/1926.
In 1934, the Institute for Economic Research , which was founded in 1925 by the then President of the Statistical Office, Professor Ernst Wagemann , summarized the existing material on stock companies and created long time series. First of all, annual exchange rate averages were calculated for the reporting years 1856 to 1870. They included 25 public companies. For the period from 1870 onwards, the institute performed this calculation on a monthly basis and extended it to around 80 companies. From the reporting year 1890, the share prices were already weighted with the capital of the companies and adjusted for outside market influences. This included the consideration of deductions for subscription rights as well as the inclusion of new companies and the sorting out of expired companies. The measurement numbers obtained were based on the share index of the Reich Statistical Office with the base 1913 = 100 points.
history
Historical overview
Low market transparency in the First World War 1914 to 1918
For private investors, trading in stocks remained difficult in the First World War and there was little market transparency . To prevent panic selling, the stock exchanges had to close on July 30, 1914. Stock trading competed with bond trading . The Reich government therefore tried to prevent trading in stocks or to make it so difficult that investors preferred to invest money in war bonds instead of stocks.
At the end of 1914 a free market came into being, which caused the Federal Council to prohibit communications on the prices of securities in an ordinance of February 25, 1915. Numerous legal provisions and the closure of the stock exchange did not prevent the spread of unofficial stock exchange trading. On December 31, 1916, official exchange rate determinations were again made for the first time in over-the-counter trading among the major banks.
With the ordinance on foreign securities of March 22, 1917, Reich Chancellor Theobald von Bethmann Hollweg was given the legal option to forcibly confiscate private foreign securities and to compensate the owners in paper marks. Only the Reichsbank or local banks were allowed to sell these securities abroad. The Reich Chancellor made use of this authorization on May 22, 1917 for a group of securities of neutral countries (Swedish, Danish and Swiss stocks).
On July 7, 1917, the ban on course lists for bankers was generally lifted. On January 2, 1918, official share trading was resumed on the stock exchanges. Forward trading , which was so important before the war , was then replaced by the so-called variable note. In May 1918 the Reich Statistical Office determined a monthly average value of 138 points for the share index (base value 1913 = 100 points).
The armistice of November 11th between the German Reich and the Western powers ended the fighting in the First World War. In November 1918, the stock market barometer stood at 85 points, 38.4% lower than six months earlier. The lost First World War and the associated reparations , which used up the state's gold reserves , led to the forced conversion to non-gold-backed money (trust currency or fiat money ) in the German Reich . The state deficit caused by the crisis and war was financed by borrowing from the Reichsbank, which led to hyperinflation in the Weimar Republic .
Hyperinflation 1919 to 1923
In the autumn of 1919 the upward movement of the share prices began, which was connected to the fluctuations in the dollar rate and reached a first high point in November 1921, which the price barometer indicated with 936 points on a monthly average. The so-called catastrophic boom (English: crack-up boom), which began in July 1922, had the share index up to ninety times the pre-war level in December 1922. The devaluation of the paper mark accelerated faster and faster until the index number was around 1.4 million points in July 1923 and around 171.3 billion points in October 1923. At the height of inflation in December 1923, the total index was 26.89 trillion points.
The sub-index "mining and heavy industry" in paper marks in December 1923 had a value of 39.54 trillion points, followed by the index "manufacturing industry" with 31.73 trillion points. Here the average value of the overall index was exceeded by a considerable amount. The sub-index “trade and traffic” rose less strongly, for which in December 1923 a level of 10.07 trillion points was determined.
In Goldmark, the stock index of the Reich Statistical Office reached its highest level in May 1918 with a monthly average of 112.61 points. By October 1922, the stock market barometer fell to a low of 2.72 points. The price slump was 97.6% over the entire period. In the years 1918, 1919 and 1922 the prices of German shares in paper marks rose more slowly than the cost of living ; only in the high phase of inflation (1920, 1921 and 1923) could real, i.e. inflation-adjusted, profits be achieved. Between 1913 and 1923, the stock index lost around 80% of its real value in paper marks.
Holders of interest-bearing securities suffered higher losses than stockholders . The bills of exchange for the war bonds to the state became worthless in 1923. The currency reform in Germany meant almost a total loss for the remaining interest-bearing securities. Credit lost value due to hyperinflation and was wiped out in 1923. 100 Mark savings deposits invested in 1914 only had the purchasing power of pennies. The life insurance were little supported by the state and therefore suffered heavy losses. The collapse in bond prices and hyperinflation wiped out the insured's accumulated assets.
Property owners were subject to house interest tax from 1924 , and the return was low. Due to trade restrictions and the prohibition of private ownership from 1923 to 1931, precious metals were temporarily an asset class with the lowest fungibility (see gold ban ). At the height of inflation, only stocks could make real profits in paper marks; their possession was not a criminal offense. However, they were only suitable for short and medium-term storage of value. As a comparison with consumer goods prices shows, investments in gold marks between 1913 and 1923 were a better store of value. Investors who held gold or gold marks were able to preserve their wealth.
| year | inflation rate | Stock index | Gold mark |
|---|---|---|---|
| 1918 | 30th | −30 | 46 |
| 1919 | 68 | 44 | 465 |
| 1920 | 105 | 116 | 56 |
| 1921 | 66 | 167 | 163 |
| 1922 | 5,816 | 1,129 | 3,854 |
| 1923 | 182,027,851,475 | 299,409,865,171 | 55.342.314.775 |
| 1913-1923 | 124.699.999.999.900 | 26,889,999,999,900 | 100,049,497,099,900 |
Stock boom and stock market crash from 1924 to 1928
After the end of the hyperinflation, the stock market was characterized by high volatility . The first weekly average price was on January 5, 1924 at 154.60 points (base value 1924–1926 = 100 points). Within 6 months the stock index collapsed by 65.5%. On June 14, 1924, the Reich Statistical Office determined a value of 53.30 points. Half a year later, on January 31, 1925, the price barometer was again at 121.10 points, which is 127.2% higher. Another slump in the stock market caused the stock market barometer to drop by 45.7% to 65.70 points by December 26, 1925.
In the mid-1920s, there were numerous speculative securities purchases on the Berlin stock exchange with the help of bank loans. The upward movement lifted the stock index by May 7, 1927 to an average weekly price of 185.80 points, 182.8% higher than 16 months earlier. Two and a half years before the crash on the New York Stock Exchange on October 24, 1929, the speculative bubble began to burst in Germany. The trigger was the demand by Reichsbank President Hjalmar Schacht that the banks should reduce their stock market loans. In order to prevent the granting of further speculative loans, Schacht informed the banks that their loan with the Reichsbank would in future be based on their primary cover ratio.
The following communique was issued on May 12, 1927: “The members of the Association of Berlin Banks and Bankers (Stamp Association) have today agreed to gradually but considerably reduce the funds granted for reporting and Lombard purposes and for other loaning of securities. You will therefore initially reduce the stock exchange reports and time deposits by 25% until the mid-June liquidation and apply further restrictions on the following dates. The same will be applied to customers. The connection of donors outside the association is expected. "
The mere announcement of a substantial cut in stock market credit was enough to cause a sharp drop in prices. The average price on the Berlin stock exchange then fell on May 13, 1927 - the so-called Black Friday - from 204 points to 139 points. This corresponds to a decrease of 31.9%. The change in foreign exchange management (ban on taking out new foreign loans and obligation to repay existing loans) initiated a long-lasting bear market .
Great Depression from 1929 to 1932
The collapse of the Darmstädter und Nationalbank (Danat-Bank) on July 13, 1931 during the Great Depression shook confidence in the entire German banking system and triggered a bank run on the accounts of all credit institutions. The onset of the German banking crisis was at the same time a global debt crisis, since Germany was at that time the largest international debtor country because of the reparations and the loans received. In response, the government declared bank holidays and ordered the closure of the Berlin Stock Exchange from July 13, 1931 to September 2, 1931. After the stock exchange reopened in September, an average value of 56.96 points was determined.
In September 1931, the Bank of England lifted the gold redemption obligation for the pound sterling due to considerable gold outflows . In this way the currency devalued against gold. This event accelerated the international banking crisis . Due to the weakened economic strength of Great Britain, the pound sterling lost its function as the leading currency in the world economy . Due to the crisis over the British pound, the exchange closed again from September 18, 1931 to April 11, 1932. When official trading reopened on April 12, all securities began at prices that were significantly below the level before the outbreak of the credit crisis and even below the level in September 1931.
In April 1932 the stock index was quoted at 49.64 points on a monthly average, a nominal 72.1% lower than in April 1927. In real terms, i.e. adjusted for deflation , the stock market barometer fell by around 50% in the same period. In the “Manufacturing Industry” and “Mining and Heavy Industry” groups, the share price losses of 75.6% and 73.6% in nominal terms were above the average decline in the overall index. The group “Commerce and Transport” suffered less from the crisis, where exchange rate losses of 65.1% were recorded from April 1927 to April 1932. The collapse of the stock market had lasted 5 years, in the summer of 1932 the prices rose again.
Armaments boom during the National Socialist era, 1933 to 1941
During the National Socialist era , the credit-financed German economy and the share index of the Reich Statistical Office grew strongly. The stock market boom began in June 1932 under Reich Chancellor Franz von Papen , six months before the NSDAP came to power , with an average share index of 49.70 points. In June 1941 the price barometer stood at 150.58 points, a nominal 203.0% higher.
The share price increase was strongest in the sub-index “manufacturing industry”. Here the level of 1932 was exceeded by 245.7% and thus also the average index increase. In the sub-indices “Mining and Heavy Industry” and “Trade and Transport” the increase was lower, with increases of 201.6% and 152.3% up to 1941. The real gains for investors were similar, as the development of the Reich index number for the cost of living shows. This rose by 11.3% from June 1932 to June 1941.
The credit expansion, which was initiated under the successors of Reich Chancellor Heinrich Brüning and which Reichsbank President Hjalmar Schacht operated on a massive scale, was mainly made possible by the disguising mechanisms of the Mefo bills of exchange . In the first few years it appeared economically successful, but was essentially based on the armaments boom in preparation for a large, ultimately self-destructive war of conquest.
Forced farming in the Second World War 1941 to 1943
The announcement of the dividend tax ordinance of June 12, 1941, which specifically stipulated that capital adjustments should generally be made by issuing additional shares, led to further price increases. The stock index rose to 162.47 points by September 12, 1941. This increase was finally put to a halt by drastic measures by the Reich government, which resulted in a decline in price. As a result of this intervention, the stock index fell again to 148.09 points by October 21, 1941.
With the exchange rate freeze ordinance of January 25, 1943, the share prices were set as highs on the same day, with only monthly surcharges for the respective dividend increase. The ordinances of March 30 and September 29, 1943 allowed the Reich Minister of Economics, Walther Funk, to determine the stock exchange prices by setting stock exchange prices and prices for securities not traded on the stock exchange.
The stock market was largely integrated into the system of compulsory management through various ordinances (1941 to limit the distribution of profits, the obligation to report securities bought since the outbreak of war, in 1942 on price control and 1943 on price freeze). As a consequence, trading on the German stock exchanges almost completely came to a standstill.
After reaching 158.60 points on January 25, 1943, the stock index calculated by the Reich Statistical Office showed only very minor fluctuations; they were well below 1%. The course changes in the individual trade groups have also remained within narrow limits since the intervention on January 25. The largest rate fluctuations that were observed up to the end of the calculation on June 30, 1943, barely exceeded 3%; moreover, some of them were only due to technical reasons (due to dividend surcharges or discounts).
The course stop regulation only lost the 1948 currency reform in West Germany its trade-inhibiting effect, since then prices already well below the stop courses were of the 1,943th The 30 largest German stock corporations opened in D-Marks by more than 90% below their quotations in Reichsmarks. It was not until 1954 that the prices returned to the 1943 level.
Monthly development
1914 to 1923 in paper marks
The stock index of the Statistisches Reichsamt in paper marks shows the depreciation of the German currency: While the index number was 88 points on average in December 1918, it was already 8,981 points in December 1922 and around 531.3 million points in September 1923 and at the height of inflation in December 1923 around 26.89 trillion points. The table shows the monthly development of the stock index in paper marks from 1914 to 1923. From July 30, 1914 to January 1, 1918 there was no official stock exchange trading.
| month | 1914 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 |
|---|---|---|---|---|---|---|---|
| January | 102 | 126 | 97 | 166 | 278 | 743 | 22,429 |
| February | 104 | 131 | 98 | 200 | 260 | 841 | 45.170 |
| March | 102 | 132 | 97 | 196 | 265 | 986 | 33,635 |
| April | 99 | 133 | 96 | 184 | 275 | 1,018 | 50.183 |
| May | 98 | 138 | 91 | 160 | 277 | 873 | 95.129 |
| June | 97 | 137 | 96 | 167 | 299 | 823 | 352.044 |
| July | 87 | 137 | 100 | 187 | 337 | 897 | 1,349,354 |
| August | - | 143 | 99 | 204 | 389 | 1,156 | 12,474,300 |
| September | - | 135 | 112 | 220 | 492 | 1,262 | 531,300,000 |
| October | - | 109 | 124 | 245 | 644 | 2,062 | 171,322,000,000 |
| November | - | 85 | 125 | 260 | 936 | 5,070 | 23,680,000,000,000 |
| December | - | 88 | 127 | 274 | 731 | 8,981 | 26,890,000,000,000 |
1914 to 1928 in Goldmark
From 1914 to 1928 the Reich Statistical Office also calculated the share index in gold marks (= 0.35842 grams of fine gold ). The rates were converted using the dollar index on the Berlin Stock Exchange.
| month | 1914 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January | 101.76 | 101.93 | 49.57 | 10.73 | 18.00 | 16.27 | 5.24 | 35.76 | 36.71 | 24.04 | 52.03 | 48.55 |
| February | 103.83 | 104.12 | 45.18 | 8.47 | 17.82 | 16.98 | 6.79 | 38.64 | 36.33 | 26.44 | 55.99 | 47.33 |
| March | 101.99 | 106.70 | 39.33 | 9.82 | 17.84 | 14.57 | 6.66 | 31.48 | 34.95 | 27.99 | 54.48 | 46.70 |
| April | 99.01 | 109.35 | 32.06 | 12.93 | 18.17 | 14.69 | 8.61 | 23.33 | 32.96 | 30.53 | 57.73 | |
| May | 98.10 | 112.61 | 29.75 | 14.45 | 18.71 | 12.63 | 8.38 | 20.18 | 30.65 | 30.29 | 55.40 | |
| June | 97.17 | 107.00 | 28.79 | 17.93 | 18.12 | 10.89 | 13.44 | 17.50 | 27.09 | 32.09 | 50.38 | |
| July | 87.01 | 99.71 | 27.79 | 19.92 | 18.45 | 7.63 | 16.03 | 18.49 | 26.42 | 34.55 | 51.98 | |
| August | - | 98.64 | 22.05 | 17.98 | 19.36 | 4.28 | 11.33 | 24.14 | 24.30 | 37.88 | 51.26 | |
| September | - | 85.92 | 19.59 | 15.94 | 19.69 | 3.61 | 22.56 | 25.31 | 25.73 | 38.97 | 49.44 | |
| October | - | 69.57 | 19.38 | 15.06 | 18.00 | 2.72 | 28.47 | 24.75 | 24.53 | 42.50 | 47.92 | |
| November | - | 53.46 | 13.71 | 14.12 | 14.94 | 2.96 | 39.36 | 26.31 | 22.40 | 45.08 | 43.39 | |
| December | - | 44.82 | 11.36 | 15.79 | 15.99 | 4.97 | 26.89 | 30.79 | 21.61 | 44.92 | 46.15 |
1924 to 1932 in Reichsmark
Due to the closed stock exchange in July 1931, the average for the stock index was calculated from the 1st to the 11th of the month, in September 1931 from the 3rd to the 18th of the month and in April 1932 from the 12th to the 30th of the month.
| month | 1924 | 1925 | 1926 | 1927 | 1928 | 1929 | 1930 | 1931 | 1932 |
|---|---|---|---|---|---|---|---|---|---|
| January | 144.02 | 117.32 | 74.16 | 161.81 | 151.55 | 146.59 | 119.99 | 81.75 | - |
| February | 157.80 | 114.10 | 81.80 | 173.50 | 147.68 | 141.68 | 120.58 | 85.55 | - |
| March | 124.59 | 108.68 | 86.59 | 168.10 | 145.99 | 141.14 | 119.03 | 91.08 | - |
| April | 89.23 | 103.49 | 94.29 | 178.02 | 148.43 | 141.15 | 122.18 | 92.43 | 49.64 |
| May | 73.01 | 95.95 | 93.48 | 169.82 | 152.78 | 135.39 | 121.68 | 83.02 | 50.59 |
| June | 59.00 | 84.45 | 99.00 | 154.71 | 153.85 | 138.65 | 116.44 | 75.90 | 49.70 |
| July | 60.21 | 82.07 | 106.88 | 159.65 | 149.49 | 135.67 | 110.02 | 76.82 | 49.92 |
| August | 87.48 | 75.57 | 117.54 | 158.06 | 149.15 | 134.21 | 103.29 | - | 52.22 |
| September | 87.58 | 79.73 | 121.64 | 152.71 | 149.47 | 132.41 | 102.26 | 56.96 | 58.98 |
| October | 81.36 | 75.79 | 132.69 | 148.22 | 147.38 | 124.72 | 95.78 | - | 57.17 |
| November | 84.24 | 69.23 | 140.74 | 134.61 | 147.10 | 119.80 | 92.29 | - | 58.22 |
| December | 97.20 | 66.77 | 140.04 | 143.27 | 148.66 | 115.17 | 87.30 | - | 61.75 |
1933 to 1941 in Reichsmark
The share index was last published in the Statistical Yearbook for the German Reich 1941/42 for the reporting month June 1941. The Reich Statistical Office published later data in the journal Economy and Statistics , which appeared in 24 volumes from 1921 to 1944.
| month | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 |
|---|---|---|---|---|---|---|---|---|---|---|
| January | 64.57 | 70.17 | 83.49 | 91.78 | 106.59 | 113.84 | 103.85 | 110.05 | 143.34 | 151.57 |
| February | 64.75 | 73.88 | 86.43 | 93.76 | 108.14 | 113.61 | 104.83 | 112.43 | 145.00 | 154.38 |
| March | 70.30 | 76.98 | 87.82 | 93.31 | 109.34 | 113.85 | 102.94 | 116.18 | 142.85 | 153.76 |
| April | 72.79 | 75.02 | 89.27 | 96.22 | 110.57 | 114.83 | 103.47 | 119.11 | 142.83 | |
| May | 73.26 | 73.27 | 91.03 | 99.25 | 111.80 | 114.16 | 102.59 | 122.30 | 145.18 | |
| June | 71.57 | 76.16 | 93.74 | 101.64 | 112.81 | 110.49 | 100.84 | 122.72 | 150.58 | |
| July | 68.46 | 77.74 | 94.66 | 103.07 | 114.56 | 107.86 | 100.02 | 122.88 | 157.62 | |
| August | 66.19 | 80.00 | 95.48 | 101.79 | 115.73 | 113.61 | 101.63 | 126.27 | 159.14 | |
| September | 62.48 | 83.12 | 92.68 | 100.06 | 114.84 | 103.18 | 101.12 | 131.74 | 161.78 | |
| October | 62.11 | 83.22 | 90.98 | 106.00 | 113.24 | 107.48 | 100.58 | 136.38 | 149.52 | |
| November | 63.98 | 80.37 | 89.51 | 106.58 | 112.04 | 105.95 | 102.98 | 139.15 | 148.73 | |
| December | 67.36 | 79.80 | 89.32 | 105.40 | 111.30 | 103.07 | 106.61 | 139.56 | 148.91 |
Individual evidence
- ^ Statistisches Reichsamt: Die Börse im February in: Wirtschaft und Statistik, 2nd year, Issue 5, March 17, 1922, published by Reimar Hobbing , Berlin 1922
- ^ Peter Steffen: The most important indices in the German stock market as well as the most important global stock price indices. GRIN Verlag, Munich 2008, ISBN 3640143051
- ↑ Federal Statistical Office: Economy and Statistics 1-3 / 1996. , Kohlhammer Verlag, Wiesbaden 1996
- ↑ RGBl. P. 111
- ↑ RGBl. P. 260
- ↑ RGBl. P. 429
- ↑ Hartmut Kiehling: The Monetary Policy of the Reichsbank in the Great Inflation - Credit Creation and its Determinants 1914 to 1923. , in: Bankhistorisches Archiv 2/2009
- ↑ a b c d e f g DigiZeitschriften: Statistical yearbook for the German Reich
- ↑ Wirtschaftswoche: Financial Crisis and the Consequences - What Threats in a World Economic Crisis? , dated February 3, 2009
- ^ Bernhard Harms: World Economic Archive. Journal of the Institute for World Economy and Shipping at Kiel University. Publishing house by Gustav Fischer, Jena 1925, vol. 21
- ^ Jürgen Friedhofen: The discount policy of the German Reichsbank. Dissertation, FU Berlin, 1963 (printed by Ernst Reuter Society, Berlin)
- ↑ Die Zeit: Black Friday , April 7, 1967
- ^ Hans Georg Graf Lambsdorff: The Weimar Republic. Crises - conflicts - disasters. Peter Lang Verlagsgruppe, Frankfurt am Main 1990, ISBN 978-3-631-42105-5
- ^ Johannes Bartl: Explanatory approaches for bank runs and bank panics. GRIN Verlag, Munich 2007, ISBN 3638709671
- ^ A b Norbert Räth: Recessions from a historical perspective. In: Economy and Statistics. 3/2009, pp. 203–208 ( PDF; 171 kB )
- ↑ RGBl. I p. 323
- ^ Statistisches Reichsamt: Economy and Statistics , 22nd year, Metzler-Poeschel Verlag, Stuttgart 1942
- ^ Hans Pohl (ed.): History of the Munich financial center. Oldenbourg Wissenschaftsverlag, Munich 2007, ISBN 3486568213
- ^ Statistisches Reichsamt: Economy and Statistics , 23rd year, Metzler-Poeschel Verlag, Stuttgart 1943
- ↑ Humboldt-Universität zu Berlin: The return on German blue-chip stocks in the post-war period - recalculation of the DAX for the years 1948 to 1954 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ^ Statistisches Reichsamt: Figures on currency devaluation in Germany 1914 to 1923. in: Wirtschaft und Statistik, 5th year, special issue 1, published by Reimar Hobbing, Berlin 1925
