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The Federal Reserve and International Banking

  • Francis A. Lees

Abstract

The purpose of this chapter is to relate the growth in U.S. international banking activity to the evolving role of the Federal Reserve as a stabilising force in U.S. domestic and foreign economic relationships. An increased international commitment on the part of U.S. banks, and the changes that have taken place in the structure of the international financial markets present challenges and opportunities for the Federal Reserve. While conditions and problems are changing, Federal Reserve objectives remain essentially intact, including the pursuit of domestic economic stability and the preservation of reasonably well-balanced international payments relationships.

Keywords

Monetary Policy Central Bank Federal Reserve European Central Bank Foreign Asset 
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Notes

  1. 21.
    Andrew F. Brimmer, ‘Capital Outflows and the U.S. Balance of Payments’, speech delivered at Dallas, Texas, 11 February 1970, pp. 4–5.Google Scholar
  2. 23.
    Andrew F. Brimmer, ‘The Banking Structure and Monetary Management’, speech delivered at the San Francisco Bond Club, 1 April 1970, p. 15.Google Scholar
  3. 24.
    Andrew F. Brimmer, ‘The Banking Structure and Monetary Management’, speech delivered at the San Francisco Bond Club, San Francisco, California, 1 April 1970, pp. 22–3.Google Scholar
  4. 25.
    Andrew F. Brimmer, ‘Capital Outflows and the U.S. Balance of Payments’, speech delivered at the Fairmont Hotel, Dallas, Texas, 11 February 1970, p. 23.Google Scholar
  5. 28.
    Warren L. Smith, ‘Reserve Requirements in the American Monetary System’, published in Monetary Management, Commission on Money and Credit, 1963, pp. 283–4.Google Scholar
  6. 29.
    E. Wayne Clendenning, The Euro-Dollar Market, Oxford, 1970, pp. 168–9.Google Scholar
  7. 35.
    Charles P. Kindleberger, ‘The Dollar System’, New England Economic Review, Federal Reserve Bank of Boston, September/October 1970, p. 8.Google Scholar
  8. 36.
    Fritz Machlup, ‘Euro-Dollar Creation: A Mystery Story’, Quarterly Review, Banca Nazionale Del Lavoro, September 1970, pp. 234–6.Google Scholar
  9. 37.
    Fritz Machlup, ‘The Magicians and Their Rabbits’, Morgan Guaranty Survey, May 1971, pp. 11–12.Google Scholar
  10. 41.
    Robert A. Bennett, ‘Long Mark Float, Capital Flow Curbs Seen by Emminger’, American Banker, 26 May 1971.Google Scholar

Copyright information

© Francis A. Lees 1974

Authors and Affiliations

  • Francis A. Lees
    • 1
  1. 1.Business Research InstituteSt John’s UniversityNew YorkUSA

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