Replication Data for "The evolution of private wealth in a peripheral, natural resource-based economy: Uruguay, 1860-1940"

This repository contains the replication data and documentation for the paper by Siniscalchi and Willebald (2025).

Files in this repository

• Uruguay (final).xls: Excel file containing all the data series used in the analysis
• Appendices_and_Data_Sources.md: Complete appendices (A, B, C, D) from the manuscript and full list of data sources

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Excel File: Uruguay (final).xls

First Sheet Description

The first sheet of the Excel file contains the dataset overview and table index. The content is as follows:

SINISCALCHI-WILLEBALD WEALTH-INCOME DATA SET

This database supports our paper "The evolution of private wealth in a peripheral, natural resource-based economy: Uruguay, 1860-1940"

Uruguay, 1860-1940
Last update: October 30, 2025

The first sheet lists the five main data tables contained in the workbook:

1. Table Uy.1: National income and private wealth in Uruguay, 1860-1940 (annual series)
2. Table Uy.2: National income and private wealth in Uruguay, 1860-1940 (decennial estimates)
3. Table Uy.3: Accumulation equation for national wealth in Uruguay, 1860-1940 (annual series)
4. Table Uy.4: The changing nature of national wealth in Uruguay, 1860-1940 (decennial estimates)
5. Table Uy.5: Structure of national income in Uruguay, 1860-1940: capital & labor shares, depreciation and returns on capital

Data Tables Description

Table Uy.1 (Annual series): Contains annual estimates of national income (GNDI/GDP) and private wealth components, providing the complete time series for the period 1860-1940.

Table Uy.2 (Decennial estimates): Presents wealth and income data at benchmark years (decennial points), corresponding to the 12 temporal points mentioned in the manuscript. These are the original benchmark estimates before interpolation.

Table Uy.3 (Accumulation equation): Contains the components of the wealth accumulation decomposition, including:

• Saving rates (s/β effects)
• Capital gains (q-effects)
• Income growth rates
• Wealth growth rates

Table Uy.4 (Changing nature of wealth): Shows the composition of national wealth over time at decennial intervals, including:

• Agricultural land share
• Agricultural assets share
• Housing share
• Other assets share

Table Uy.5 (Income structure): Presents the functional distribution of income, including:

• Capital share (α)
• Labor share
• Depreciation rates
• Returns on capital (r = α/β)

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Appendices

The file Appendices_and_Data_Sources.md contains the complete methodological appendices from the manuscript:

Appendix A: Alternative estimation of β

Discusses the alternative estimation approach using Ochoa's (1948) triplication method for 1860 and 1880 housing values, and explains why this approach was not adopted in the main analysis.

Appendix B: Annual interpolation of wealth and β-coefficient

Provides detailed methodology for interpolating wealth data from 12 benchmark years to annual series. Explains:

• The interpolation method using value variables (price × volume)
• Variables used for each wealth category (agricultural land, agricultural assets, housing, other assets)
• Data sources for volume and price series
• Rescaling procedures to match known benchmark values

Table B.1 lists all wealth categories, their volume and price variables, and complete data sources.

Appendix C: Estimation of National Income

Documents the methodology for constructing Gross National Disposable Income (GNDI) series:

• Definition and components of GNDI
• Combination of official data (1955-2020) with historical estimates (1870-1954)
• Estimation of net receipts (NR) from abroad
• Estimation of net current transfers (NCT)
• GDP estimation for 1860-1869 using instrumental methods

Appendix D: Estimation of private saving rates

Explains the multi-step process for estimating private saving rates:

• Calculation of total savings (GNDI minus consumption)
• Estimation of government savings (fiscal balance minus public investment)
• Derivation of private savings
• Depreciation calculations
• Extension of series to 1860

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Data Sources

The Appendices_and_Data_Sources.md file includes a complete list of all data sources referenced in the manuscript, formatted according to the journal's citation requirements. These sources include:

• Historical national accounts estimates
• Agricultural census data
• Price indices and deflators
• Fiscal and financial data
• Population and demographic data
• Exchange rate series

Each source is fully cited with publication details, URLs (where available), and specific page/table references.

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Usage

To replicate the analysis:

1. Open Uruguay (final).xls in Excel or compatible software
2. Review the first sheet for data dictionary and organization
3. Consult Appendices_and_Data_Sources.md for detailed methodology
4. Follow the procedures described in Appendices B, C, and D to understand data construction
5. Refer to the data sources section for complete bibliographic information

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Contact

For questions about the data or methodology, please contact:

• Sabrina Siniscalchi: [email protected]
• Henry Willebald: [email protected]

Instituto de Economía
Departamento de Economía
Facultad de Ciencias Económicas y de Administración
Universidad de la República, Uruguay

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Citation

If you use this data, please cite:

Siniscalchi, S., Willebald, H., 2025. The evolution of private wealth in a peripheral, natural resource-based economy: Uruguay, 1860-1940. Explorations in Economic History (forthcoming).