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Which of the following statements is not correct?

A. Devaluation can have only temporary effects and it may provoke other countries to retaliate

B. Many countries of Europe resorted to exchange clearing agreements during the 1930s

C. The balance of payments of a country is a balance sheet showing the country's foreign assets and liabilities at any given period of time

D. The concept of single factoral terms of trade was developed by Jacob Viner.

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