1. The J-curve effect describes the time lag involved in a real currency depreciation improving the current account balance. If export and import demand adjust gradually to real exchange-rate changes, the current account may follow a J-curve pattern after a real currency depreciation, first worsening and then improving. If such a J-curve exists, currency depreciation may have a contractionary initial effect on output.
2. The OEEC was expanded and renamed the Organization for Economic Cooperation and Development (OECD) in 1960.
3. The EPU agreement was signed on September 19, 1950 and implemented retroactively as of July 1, 1950.
4. The Bank of International Settlements (BIS) — 21st Annual Report, Basle: BIS, June 11, 1951, p.226.
5. The sterling bloc extended beyond the British Empire and encompassed Scandinavia, Egypt, Argentina and a number of Middle Eastern countries such as Persia (Iran) and Iraq.