Abstract
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References
1.
The abbreviation ROC will, throughout the article, be used to designate Rate of Change, expressed as a percentage.
2.
The conventional definition of Money Supply–Demand Deposits plus Currency is accepted for this article. Partly for convenience and partly because it is the principal constituent, as well as the most volatile and the most cyclically responsive element, this study equates Demand Deposits with Money Supply. Hence, Turnover means Deposit Turnover–GNP divided by Demand Deposits.