Euro-currencies and Extensions

  • M. L. Burstein


Chapter 5 does not comprise even a précis of the massive euro-currency markets. Instead it explores implications for the analyses of Chapters 2–4 of euro-currency phenomena, especially the euro-dollar. The materials of Chapters 2–4 that are especially closely related to eurocurrency theory include (re)disintermediation, ‘credit versus money’, monetary-base versus interest-rate management-criteria for open-market operations and the slippages between central-bank operations on the monetary base and resulting money-supply effects. Chapter 5 also introduces some new theoretical material, including criteria for appropriate definitions of money-supply in open real-world economies, economies with significant international-trade sectors.


Central Bank Federal Reserve Money Supply Monetary Base Borrowing Cost 


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  1. 3.
    J. G. Gurley and E. S. Shaw, Money in a Theory of Finance ( Washington: The Brookings Institution; 1960 ).Google Scholar
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    Cf. Luigi Einaudi, ‘The Theory of Imaginary Money’, Enterprise and Secular Change (Homewood, Illinois: Richard D. Irwin, Inc.; 1952 ), pp. 229–61.Google Scholar
  3. 8.
    Cf. F. A. Hayek, Denationalisation of Money ( London: The Institute of Economic Affairs; October 1976 ).Google Scholar

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© M. L. Burstein 1978

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