ABSTRACT
Evaluation tries to establish which policies and programs were successful and to measure their impact. Clarification of the criteria underlying such measurements should also be attempted. When the repeal was being examined in Congress, the economic data were already unequivocally pointing to what many U. S. economists viewed as a rather worrisome trend. The repeal of the U. S. thirty percent withholding tax on interest income has had a substantial impact on the Eurobond market. The U. S. supported such protectionist and discriminatory trade practices and at the monetary level upheld the European Payments Union which operated between 1950 and 1958 and which discriminated against the dollar. Moreover, the United States encouraged the devaluation of several European currencies in 1949. The United States was thus "dependent on the devaluations and revaluations of other currencies." Richard Segal has attempted such an evaluation, in the broader context of the theory of the determination of yield spreads between Eurodollar and domestic bonds.
