AN ECONOMETRIC STUDY OF EURO-DOLLAR BORROWING BY NEW YORK BANKS AND THE RATE OF INTEREST ON EURO-DOLLARS.

The purpose of this paper is to quantify supply and demand functions for the Euro-dollar deposits borrowed by New York banks from their own foreign branches. Reduced form equations are estimated from weekly data covering the period 1966-68 and tested by predicting the first seven months of 1969. All data are from the Federal Reserve Bulletin, except where noted otherwise, and are denominated in millions of dollars or per cent. [ABSTRACT FROM AUTHOR]