Every country with a monetary system of its own has to have some kind of market in which dealers in bills， notes， and other forms of short term credit can buy and sell. The“money market” is a set of institutions or arrangements for handling what might be called wholesale transactions in money and short term credit. The need for such facilities arises in much the same way that a similar need does in connection with the distribution of any of the products of a diversified economy to their final users at the retail level. If the retailer is to provide reasonably adequate service to his customers， he must have active contacts with others who specialize in making or handling bulk quantities of whatever is his stock in trade. The money market is made up of specialized facilities of exactly this kind. It exists for the purpose of improving the ability of the retailers of financial services—commercial banks， savings institutions， investment houses， lending agencies， and even governments—to do their job. It has little if any contact with the individuals or firms who maintain accounts with these various retailers or purchase their securities or borrow from them.