[3] Creditors routinely refuse to include such a clause in agreements with developing countries. Finally, Rahlf (2015) data also show that capital flows increased rapidly after 1953, when Germany reintegrated into the international system and stabilized its finances. Germany`s balance of payments and the international net position are also expected to have improved. Deutsche Zentralbank`s foreign deposits decreased by 25.51% between 1949 and 1952, before increasing by 17.16% between 1953 and 1957 (Table 15.3 series x681). The annual growth rate of central banks between 1953 and 1958 was 26.42% (Table 15.3 series x684) and 51.86% for foreign assets of German banks (Table 15.5 series x706). It is not surprising that Giersch, Paque, Schmieding (1992, 114) and others assert that it was only after the London Agreement came into force in mid-September 1953 that West Germany quickly began to lift strict restrictions on capital flows. Some historians have also considered the LDA to be a decisive mechanism for achieving full employment in 1955 (Emperor 2013; Kaplan and Schleiminger 1989.17 In order to ensure that the West German economy was doing well and was a stable key element in the Atlantic bloc against the Eastern bloc, allied creditors granted large concessions to indebted German authorities and companies, well beyond debt cancellation. The starting point was that Germany had to be able to pay everything back while maintaining a high level of growth and improving the standard of living of its population. They had to pay back without getting poorer.

To do so, the creditors first agreed that, in most cases, Germany had to repay debts in its national currency (mark), and only on the margins of hard currencies such as the dollar, the Swiss franc, the pound sterling. Second, in the early 1950s, the country still had a negative trade balance A country`s trade balance is the difference between the merchandize sold (exports) and the purchased merchandize (imports). The resulting trade balance is either in deficit or solvent. (more than exported), they agreed that Germany should reduce imports: it could produce goods previously imported into the country. By allowing Germany to replace imports with domestic products, the creditors agreed to reduce their own exports to that country. In 1950-1, 41% of German imports came from the United Kingdom, France and the United States. If we add A shares of an investment or financial asset, which is part of the total capital stock. Your owner (a shareholder) has the right to obtain an equal distribution of distributed profits (a dividend) and to participate in shareholder meetings. The total amount of imports from other creditor countries participating in the conference (Belgium, the Netherlands, Sweden and Switzerland) reached 66%. Third, the creditors allowed Germany to sell its products abroad and even supported such exports in order to restore a positive trade balance at the end of the year on assets (what it owns) and liabilities (which it owes). In other words, the assets provide information on the use of the funds recovered by the company; and debts, on the origin of these funds.