Abstract
This comment is divided into four sections. The first section is a summary and elaboration of the thorough discussion by Sweeney and Willett (S-W) of how to treat Eurocurrency deposits when constructing monetary aggregates. The second is an analysis of the contention that central bank deposits of international reserves in the Eurodollar market have led to additional official reserve accumulation. The third is a brief discussion of some features of two suggested methods for controlling the Eurocurrency markets. The last is a comment on the S-W criticisms of Heller's (1976) study of the relationship between changesin international reserves and world inflation.
Published Version
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