The growth of the Eurodollar market, which is a transnational, unregulated fund market

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The growth of the Eurodollar market was encouraged by U.S. legislation designed to stem the outflow of dollars from the U.S. This legislation restricted the ability of U.S. banks to lend dollars to foreigners, leading to an increase in demand for dollars outside the U.S. This created a market for dollar deposits in foreign banks, which became known as the Eurodollar market.

The Growth of the Eurodollar Market, Which Is a Transnational