Introduction; A Description of the Euro-dollar Market There Is an extensive body of descriptive literature deal ing with the Euro-dollar market. Paul Einzlg's The Euro-dollar System^ contains a thorough description of the historical develop ment and institutional framework of the market. The Euro-dollar 2 Market , by E. Wayne Clendenning, is a policy-oriented monograph dealing with the Euro-dollar market. Most of the descriptive lit erature pertaining to the Euro-dollar market is found in the finan cial press rather than in professional journals or monographs. The t&rm "Euro-dollar" refers to dollar-denominated deposits held In banks outside the United States, including such deposits in foreign branches of United States banks. These Euro-dollar balances are not limited to European banks, despite what one might infer from the term "Euro-dollar."The Euro-dollar market might best be viewed as a wholesale market for dollars among banks outside the United States.

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