Abstract
a previous issue of this Journal M. Willms presented a survey of two-stage multiplier concepts that explain ' 'Money Creation in the Euro-Currency Market"1 and investigated a three-stage approach to show the interdependence between the Euro-banking system and the various national systems and to explain the multiple expansion of the Euro-currency market within the growth of a country's total money stock, defined as currency, demand deposits, time deposits and Eurodeposits denominated in the domestic currency.
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