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The London Debt Agreement (LDA) eliminated half of West Germany's external debt. Subsequent years witnessed unprecedented economic growth. The LDA likely contributed to economic growth by creating fiscal space for public investment and social spending, restoring the full convertibility of the Deutsche Mark, and stabilising inflation. The LDA was associated with a substantial and statistically significant rise in real per capita social expenditure relative to other spending categories. Syntheticdoi:10.1093/ereh/hey010 fatcat:cxdpki3b3nhj5dbthpglfahqla