M=R+∑D =∑gM+∑，(1-r)M, where R is total international reserve money,D,is domestic credit in country is country in the tot world stock of money andisconryi's ratio of interational reserve money to its domestic money supply. As before,the rate of growth of world demand for money is gM,=:78+gp: The rate of growth of the world money supply is g别=07kR+∑(1-7)知 These determine the rate of changeof world prices,through the requirement that 8M gM: gp=∑urgR+∑：(1-r)gD,-∑wngy From previous results,the growth rate of an individual country's reserves is =1∑wrR取+习w1-r)8+,- ={∑r8取+(B影-，)-[(1-5)g2-1-7m], where the bars again indicate the average product of the barred terms for the world economy. This expression indicates that a try's reserves willgrow faster the lower its initial reserve ratio,the faster the growth of total world reserves,the higher its inme elasticityof demand for money and its real growth rate relative to other countries,and the lower its Simplifying by assuming that income elasticities of demand for money are everywhere unity,and that international reserve ratios are also the same everywhere,we obtain =取+(8影-，（-8D which shows that the growth rateof'seserveswilln tend to be faster than the world average if itsreal growth rate is greater than the worid average,an slower than the world average if its rate of credit expansion is greater than the world average. 26