nike free run 5.0 pas cher Femme

 It was not necessary nike Free Run , because one could point to the case of West Germany, and the existence of a market in Euro-DM despite the German balance of payments surplus. It was not sufficient because, although a deficit provided dollar holdings for foreigners, it could not be presumed that they would be held in the form of Euro-dollar deposits. This depended on the expected return on such deposits relative to other investments.  Klopstock (1970) , suggested that the deficit had been an important source of funds for the growth of the market. He implied that the source was central banks rather than private individuals. Such as: when individuals went to exchange domestic currency into dollars, to make deposits with Euro-banks (that is banks dealing in Euro-currencies), they drew on central bank holdings of dollars, which were the result of the US deficit. In addition, central banks placing monetary reserves in the Euro-dollar market were also employing dollars accumulated as a consequence of the deficit.  This was further acknowledged by the BIS in 1964 , which argued that the deficit was useful in the market?s initial period of growth, but that once the market had become established, dollars were directly attracted to it from US residents.