02107cas a2200241 a 4500 AALejournalIMF010490 230101c9999 xx r poo 0 0eng d 15.00 USD 9781451971460 1020-7635 BD-DhAAL BD-DhAAL International Monetary Fund. Research Dept. IMF Staff papers : Volume 2 No. 1. Washington, D.C. : International Monetary Fund, 1951. 1 online resource (207 pages) IMF Staff Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper explains contribution of the September 1949 devaluations to the solution of Europe's dollar problem. After the devaluations, the dollar value of exports to the United States from the devaluing countries in Europe recovered from the low levels of the second and third quarters of 1949, but this recovery, which restored exports in the first half of 1950 approximately to the 1948 level should be attributed in large part to the recovery in the US economy rather than to the devaluations. Between the first half of 1949 and the first half of 1950, Europe's dollar imports declined by one-third. Most of this decline occurred, however, between the second and third quarter of 1949, that is, before the devaluations. With imports generally controlled, the effect of the devaluations appeared much more in the reduction of pressure on the control authorities, the substitution of the price mechanism for at least part of the controls as barriers to imports, and the consequent more rational allocation of the relatively scarce dollars among different uses and different users. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 1951/002 Full text available on IMF http://elibrary.imf.org/view/journals/024/1951/002/024.1951.issue-002-en.xml IMF e-Library