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description=A global dataset on international transactions from the 19th century to today.;

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world historical balance of payments wbop whbop world historical balance of payments wbop wbop research data history contact us world historical balance of payments database view of buenos aires from the new customs dock louis le breton circa 1860 a new global dataset covering international transactions from 1800 to the present developed by gastón nievas and thomas piketty wbop harmonizes balance of payments data across time and countries enabling long run comparative analysis of trade capital flows and foreign wealth accumulation the database includes annual series for 57 core territories 48 main countries and 9 residual regions covering 100 of the world population and gdp on a consistent basis througout the period 1800 2025 the database is accompanied by a working paper and is intended as a public good for researchers journalists policymakers historians and all interested citizens research unequal exchange and north south relations evidence from global trade flows and the world balance of payments 1800 2025 g nievas t piketty wil wp 2025 11 may 2025 abstract this paper constructs a new database on global trade flows and the world balance of payments including goods services income and transfers covering 57 core territories 48 main countries 9 residual regions over the 1800 2025 period this allows us to analyze patterns of global imbalances current account surplus deficit and net foreign wealth accumulation over more than two centuries we quantify the role of colonial transfers and low commodity prices due to forced labor and other factors in the build up of europe s foreign wealth during the 1800 1914 period we compare this experience to the global imbalances which developed during the 1970 2025 period we stress the persistent role of unequal bargaining power and terms of exchange and the need for collective rules we also provide counterfactual simulations on foreign wealth accumulation under alternative trade monetary regimes download the working paper pdf download the presentation slides pdf data download the full wbop dataset xlsx download the main figures and tables pdf xlsx download the full set of appendix figures pdf xlsx download the full replication package zip brief history of the balance of payments origins the term balance of payments dates back to the 14th century but its modern usage emerged in sir james steuart s an inquiry into the principles of political economy 1767 see badger 1951 early national compilations league of nations after world war i disrupted global trade the league of nations mandated at its third assembly 28 september 1922 the systematic collection and publication of national bop data its first report appeared in 1924 covering 13 countries league subcommittees refined bop concepts through the 1930s and reconvened in december 1945 to set the course for postwar international statistics imf the bpm series bpm 1 1948 first edition adopted january 1948 fundamentally based on the developments of the lon bpm 2 1950 quick update to introduce refinements for greater comparability between countries bpm 3 1961 introduced more detailed sectoral tables bpm 4 1977 the collapse of the bretton woods system of fixed exchange rates had a big impact on international financial markets which resulted in an update of the bpm these changes were salient in the financial account where subcategories were introduced to gather better information to analyze the financial market evolution bpm 5 1993 integrated international investment position iip allowing for links between outstanding stocks of foreign financial assets and liabilities and their related changes i e transactions valuation changes capital transfers were moved out of the current account and incorporated into the newly expanded capital and financial account it also expanded the coverage of trade in services which grew substantially bpm 6 2009 iip became central in the analysis to the point where the manual was renamed to include it in the title this new focus was the result of the bop crisis that developing countries experienced in the 90s and early 2000s due to the rise of trade in services and trade in intermediate goods the manual enhanced its coverage of both bpm 7 2025 fully integrating flows and stocks and addressing globalization and digitalization countries are encouraged to implement the new standards by 2029 2030 over nearly eight decades bop standards have grown from basic goods services migration and finance entries into a comprehensive external accounting system indispensable for modern economic analysis contact us gastón nievas personal website email gaston nievas at psemail eu thomas piketty personal website email thomas piketty at psemail eu 2025 wbop wbop world