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An argument against abolishing legal reserve requirements is that money multipliers would become more volatile and unpredictable in the absence of reserve requirements, thus impairing the central bank's effectiveness in controlling money aggregates. This study examines the Canadian experience during 1970-2004, where a zero reserve requirement regime has become fully effective since June 1994. The findings show that all money multipliers, except the M1 multiplier, under this current regime havedoaj:2a5919c72e81460d9cca33ddf3389ecb fatcat:7i5thvlmyrdtjhhss64ygvr6au