Member, Board of Governors of the Federal Reserve System. This paper is a condensation of a more comprehensive version presented before a joint session of the 85th Annual Meeting of the American Economic Association and the 31st Annual Meeting of the American Finance Association. Copies of the original paper may be obtained from the Board, Washington, D.C. 20551
I am grateful to several members of the Board's staff for assistance in the preparation of this paper. Mr. Frederick M. Struble helped to identify the multi-national banks. Ms. Jacqueline McDaniel planned and coordinated the computer programming which was carried out by Messrs. Stephen A. Nelick and Thomas A. Orndorff and Ms. Janet E. Voss. Several persons provided basic statistical data: Mrs. A. Christine James, Miss Rosanne McKnew, and Mr. William E. Rumbarger. Several other persons helped prepare data for analysis: Ms. Juliette Bethea, Ms. Barbara A. Lowrey, and Ms. Diane Sower. Mrs. Ruth Robinson and Mr. John Austin, my regular staff assistants, worked on several parts of the project—especially on the compilation of the sources and uses of funds tables. Mr. Austin was particularly helpful in resolving a number of difficult accounting problems requiring good judgment. Mrs. Linda Zuk did most of the typing, and Mrs. Tonsa Fuqua helped in the final preparation of the original paper.
Finally, while I am grateful for the staff's support, the analysis presented and conclusions reached are my own. Nor should the views expressed be attributed to my colleagues on the Board.