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Monetary Concepts and Definitions

Author(s):
International Monetary Fund
Published Date:
November 1989
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I. Introduction

This paper examines monetary concepts and definitions in the context of the meeting on financial flows and balances for the United Nations’ A System of National Accounts (SNA). 1/ Monetary aggregates have become important as intermediate targets for macroeconomic policy in many countries in recent years. Although some countries have shifted away from specific monetary targeting, monetary aggregates still constitute important indicators and instruments of policy. An understanding of issues associated with money and its role in policy requires a discussion of its concept, its evolution, its statistical implementation across countries, and also its treatment in the SNA.

Part II of this paper examines the relationship between money and other main macroeconomic accounts, namely, the balance of payments and the government finance statistics. It concludes that the transactions motive was the prime factor behind the earlier importance attached to narrow money. It is noted, however, that recent developments in financial markets have necessitated finding broader measures of money as intermediate targets or indicators of monetary policy. Part III examines recent developments, particularly inflation and financial innovation, and their impact on money. The emergence of many new instruments capable of being easily converted into money is noted. Part IV surveys national practices in selecting and grouping instruments in monetary measures. Observations are made on the prevalence of broader monetary measures across countries. Part V examines the SNA’s current treatment of money and observes that its concept is based solely on an institutional designation: “monetary institutions.” Part V concludes that the trends toward broader concepts imply the need for some rethinking in SNA on issues pertaining to issuers, holders, and instruments of money.

II. The Concept of Money and Macroeconomic Policy

There are two main strands of monetary thought. One is based on the use of analytical models (money market models) to postulate relationships between the quantity of money and nominal income or GNP as evidenced by standard closed-economy models. This approach tends to emphasize the importance of controlling money supply in the interest of maintaining price stability. It has inspired the targeting of the growth rate of money stock, which became the centerpiece of economic strategies in many countries in the 1970s. 2/ The other is based on the extension of the monetary approach to the analysis of balance of payments problems, and this strand has been referred to as the “monetary approach to the balance of payments.”

The monetary approach to the balance of payments underlies the Fund’s financial programming framework, and it has been applied to the Fund’s operational work in many countries. 3/ Money is an important element in financial programming, often serving as one of the policy instruments selected and quantified for monitoring a program. The role of money can be gauged from an examination of the conceptual links among the major macroeconomic accounts—namely, the national income and product accounts, the balance of payments, the government finance statistics, and the monetary accounts. The links permit the derivation of a broad accounting framework for economic analysis and policy formulation. From the point of view of financial programming, the principal links are as follows: (1) the domestic savings/investment gap in the national accounts is equivalent to the current account balance of the balance of payments; (2) the balance of payments is linked to the monetary accounts by the identification of all foreign balances in the latter; (3) the government or public sector accounts are linked to the monetary accounts by the specification of public sector financing by the banking system. Money is defined in terms of the liabilities issued by the banking system to the nonbanking sector, and it is linked by the balance sheet identity to the asset base of the banking system, explained in large measure by the balance of payments and domestic credit (the latter with particular emphasis on government operations vis-à-vis the banking system).

In a simplified model, the demand for money is the only behavioral relationship. The assumption of a stable demand for money function is needed to ensure that an increase in domestic credit will cause the public to initially hold more money than it desires to hold, resulting in a decline in net foreign assets through increased expenditures, until money returns to its original level. Much of the work carried out in the Fund and elsewhere on intermediate targets of money or credit has been based on the assumption of a stable demand for some definable measure of money. 4/ This notion has had a long history. 5/

Three theories can be distinguished that provide some guidelines on the characteristics of money. The theory based on the transactions motive emphasizes that money is a universal means of exchange that is readily acceptable and transferable in transactions. The concept of money derived from this perspective—designated as narrow money (M1)—encompasses currency plus checkable demand deposits at commercial banks. The other two theories, based on the speculative and precautionary motives, offer no clear-cut guidelines on the type of instruments that should be included in the concept of money, although currency and demand (checking) deposits, time deposits at commercial banks, and savings and loan association shares could easily be used for these purposes.

The case for narrow money in much of the analytical work has also been motivated by interest in throwing light on the scope and impact of monetary policy. Thus, the bulk of the empirical work carried out in this area, particularly in the United States and Western Europe, has confined the definition to narrow money on the assumption that M1 is more amenable to control by the monetary authorities. The importance attached to narrow money has also been helped by legal and institutional considerations. However, it is clear that, in situations of high and variable inflation, when future economic policies and developments are generally uncertain, it becomes very difficult to forecast the demand for money.

The financial environment in many countries in the late 1970s and early 1980s was characterized by high and volatile interest rates and rising prices, causing shifts in the demand for money. In addition, the rapid pace of financial innovations in many countries has contributed to the increased adaptation of instruments and institutions in financial markets as well as the emergence of new ones. These developments have contributed to the perception that monetary policy effects are now channeled more through interest rate and exchange rate adjustments than through the quantity of credit or money, leading to a search for new targets for monetary policy, including the use of broader monetary aggregates and nonmonetary targets such as credit targets, interest rates, and exchange rates.

Broader monetary aggregates encompass a wider set of financial instruments than M1, issued by a more broadly defined set of financial institutions. The underlying principle behind broader aggregates is that of the so-called “equal treatment criteria,” under which financial instruments that can be substitutes for each other are combined at the same level of aggregation. It is possible to use this principle to compile monetary aggregates encompassing various sub-sets of liabilities of banking and nonbank financial institutions. Many countries have constructed broader aggregates, leading to a proliferation of money and liquidity measures (M2, M3, L, etc.). In the Fund, the use of measures incorporating practically all of a banking system’s liabilities has long been common practice in reports.

A more sophisticated version arising from this principle is the so-called “index method of aggregation.” This measures the degree of moneyness of each financial instrument and calculates weighted sums of these instruments as money, often using the interest rate foregone on these assets as weights. An example is the Divisia quantity index constructed by Barnett of the Federal Reserve Board in the late 1970s. 6/ Because there are substantial conceptual and statistical difficulties with the compilation of these aggregates in comparison with the simple sum aggregates such as M2 and M3, they have not been extensively used for policy formulation.

Nonmonetary intermediate targets of monetary policy include credit, prices, exchange rates, and interest rates. The path of many of these variables may be influenced by the stance of monetary policy. This fact brings up the issue of the independence of these targets compared with monetary targets. The choice between money and credit targets in the simplified model presented is largely an empirical issue, depending on factors such as the exchange rate regime, the openness of the economy, and the ability of the authorities to monitor and control all potential sources of credit to an economy. 7/

III. Recent Innovations in Financial Markets and their Impact on the Definition and Measurement of Money

Financial markets have been characterized by rapid innovation in the last two decades. Spurred on in part by deregulation and new technologies, competition in the financial marketplace became more intense as the international financial system became more integrated, contributing to the emergence of a variety of institutions, instruments, and techniques. Financial market innovations were also occurring in response to macroeconomic disturbances. 8/

In the late 1970s and early 1980s high nominal interest rates increased the penalty associated with holding cash and non-interest-bearing deposits whose yields were limited by law. This concern about earnings in an inflationary environment led the public to seek instruments that enabled them to earn interest on their assets and at the same time economize on their non-interest-bearing transaction balances. For many bank customers, hedging against inflation is widely believed to have taken place first through switching from non-interest-bearing demand deposits to interest-bearing time, savings, and fixed deposits. The origin of floating rate bonds, interest and exchange rate swaps, and futures markets could also be traced to these developments. The movement away from lower-yielding money balances in this era was viewed as a major factor in the difficulties of forecasting the relationship between narrow money and nominal income, the primary basis for targeting narrow money.

New instruments can be subdivided into those that substitute for conventional demand deposits, such as negotiable orders of withdrawal (NOW) accounts, and automatic transfer from savings (ATS) accounts, and those that substitute for savings deposits, such as certificates of deposit (CDs), money market certificates (MMCs), and fixed-term repurchase agreements (RPs). Moreover, new financial products have been introduced to limit or shift interest rate or market risk through interest rate futures, hedging, and arbitrage instruments. Related to all these developments are new facilities that permit automated transfers, payments, and retrieval of information on numerous accounts through devices such as ATMs (automated teller machines), telephone transfers, cash dispensers, and bank credit cards.

Markets for traditional financial instruments have expanded (for example, those for short-term instruments) and, at the same time, new financial markets for unconventional bonds (for example, floating rate bonds, zero coupon bonds, etc.), financial futures, options, and stock index futures have also become commonplace in industrialized countries. Another phenomenon is the development of secondary markets to service both old and new security issues. Finally, the historical distinctions between classes of financial institutions in terms of their liabilities and functions have been blurred as financial services offered by commercial banks, other banks, and nonbanks have in many cases become similar, thereby encouraging substitution among instruments (for example, money market mutual funds are close substitutes for bank deposits).

Various factors have contributed to the recent spate of innovations. A prominent factor, particularly in many developed countries, is the liberalization of domestic financial markets and the relaxation of capital controls. 9/ Prior to the late 1970s, financial markets were characterized by many regulations, and innovations were spurred on in part by the need to circumvent the effects of regulation. In the 1980s, trends toward deregulation in some countries have enabled commercial banks to offer interest-bearing assets that were previously being issued solely by institutions other than commercial banks. In the United States, for example, legislative changes made it possible for banks to offer money market certificates in 1978, NOW accounts on a nationwide basis in 1980, and money market deposits in 1982, all of which bore market-related interest rates. Also, the removal of restrictions on capital movements in the United States in 1974, the United Kingdom in 1979, and Japan, France, and Germany in the 1980s has provided some of the momentum for financial innovations.

Financial innovations have also been facilitated by the advent of new technology. These technological advances have increased the convenience and rapidity of the public’s access to financial products and reduced the costs of transactions and transfers among accounts. For example, the public has taken advantage of cash management techniques such as ATMs, debit cards, electronic and satellite funds transfers, and information retrieval systems. All these new facilities have enabled customers to economize on their transaction balances.

The combination of all these developments has resulted in considerable difficulty in distinguishing between instruments traditionally considered money (currency and demand deposits) and many other instruments, such as time and savings deposits and money market funds. Because of the ease of convertibility, many of these instruments have now acquired some “moneyness” or partial medium-of-exchange properties. As a result, it has become difficult to define and to measure money, and the old line dividing narrow money and other financial instruments has become blurred, contributing to a proliferation of money measures in some countries.

IV. A Survey of National Monetary Concepts

This section discusses the main features of monetary aggregates recorded in over 150 countries (mainly members of the Fund). National monetary aggregates refer to measures used by individual countries to group and/or describe monetary instruments. These measures are taken from national statistical publications. 10/ In general, monetary measures can be distinguished on three fronts: the instruments that are consolidated or grouped into money, the institutional issuers of these instruments, and the holders of these instruments. The combination of these three provides the level of consolidation, which is generally shown by the symbol M followed by a numerical subscript such as 1, 2, or 3, for example, M1, M2, M3, with the higher numbered subscript indicating a more inclusive monetary aggregate. Perhaps the main fact that emerges from this review is the proliferation of money measures, which has of course been influenced by the extensive list of instruments and institutional issuers. Also, one cannot fail to notice the broadening over time of national money measures. However, it would be misleading to draw conclusions about the narrowness or otherwise of monetary measures based on country descriptions, such as M1, M2, M3 without a careful study of the instruments, holders, and issuers.

Monetary aggregates observed in this study include a wide variety of instruments such as currency, demand deposits (both checkable and noncheckable), call deposits, time, savings, and fixed deposits, foreign currency deposits, repurchase agreements, bills, certificates of deposit, bonds, other commercial paper, restricted deposits, and deposits of savings schemes. While for the majority of cases the holders of these instruments are residents of the country for which the measures are compiled, there are more than 17 countries in which instruments held by nonresidents are included in monetary aggregates. 11/ No single explanation can be offered for this practice. However, it is noteworthy that most of these countries have substantial emigrant populations whose remittances are of considerable importance to their home countries.

Country practices in regard to the treatment of resident-owned instruments in monetary aggregates are not uniform. First, although all countries have currency, demand, time, and savings deposits in their monetary measures, there are marked differences in the levels of consolidation because of institutional and holder differences. Second, in many but not all of the financially developed countries, money market instruments such as bills, repurchase agreements, bankers’ acceptances, and certificates of deposit are included in broad money measures. 12/ Third, a relatively small number of countries include only one or a few of these instruments—bonds, other commercial paper, restricted deposits, and contractual savings—in their broader money measures. 13/ Finally, foreign currency deposits are often, though not always, separately identified and included in money measures. In about half of the countries surveyed, foreign currency deposits of demand, time, and savings types are included in money measures. The number of these countries may be underestimated because in many of them these kinds of deposits are not separately identified in national publications.

Country practices also vary in terms of the institutional issuers of monetary instruments. The survey revealed five main issuers—central banks, commercial banks, other banks, the government/treasury, and post office savings banks. While currency issue has been the customary responsibility of the central bank, there are many instances in which the government or treasury has issued some coins and/or notes. 14/ The central bank’s role in the issuance of monetary instruments is not limited to the issue of currency. Other instruments issued by the central bank include time, savings, and foreign currency deposits as well as bonds. 15/

In virtually all countries domestic currency demand deposits are predominantly issued by commercial banks, and in close to half of the cases by other banks. However, in a large number of countries these deposits are also issued by the central bank. 16/

Commercial banks and other banks are the prime issuers of bank deposits other than demand deposits—mainly time, savings, fixed, and foreign currency deposits—as well as certificates of deposit and repurchase agreements. Commercial banks also issue bills, bonds, and other relatively less liquid instruments, although other institutions are equally important here. In particular, the government/treasury issues treasury bills and/or bonds included in broader money aggregates in a number of countries. 17/ Perhaps more striking are the treasury holdings of deposit liabilities in many francophone African countries. 18/

The post office institutions are important issuers of monetary instruments—demand, time, savings, and foreign currency deposits—in many countries, especially the francophone countries. 19/ In many of these countries, time and savings deposits are also issued by post office institutions and, in a few cases, the same applies to foreign currency deposits (in Luxembourg, for example) and call money (in Germany, for example). However, compared with other institutions, the importance of post offices as deposit-taking institutions in many countries appears to be on the decline.

The survey also reveals some similarities and differences among countries as regards the holders of instruments included in money aggregates. All countries include private sector holdings of monetary instruments in money aggregates. Over 90 percent of the countries include the holdings of nonfinancial public enterprises in money measures. Close to two-thirds of the countries include the holdings of both nonbank financial institutions and other general government (state, local, and other semi-autonomous governmental entities) in money measures. A few countries include central government deposits in money measures. 20/ The list of countries is likely to be much higher than this information would indicate. This is especially likely in countries in which certain units of the central government hold monetary instruments with the banking system which, for various reasons, are not classified as central government deposits or are not separately identified in the money aggregates.

Various combinations of instruments, holders, and issuers of instruments have resulted in the numerous levels of consolidation recorded across countries. For many countries, frequent revisions of the consolidation level and of the selection of targets for monetary policy have been undertaken with the intention of regrouping financial instruments in new or old categories in order to appropriately reflect changing monetary conditions. For example, a major redefinition occurred in the United States in 1980, in the United Kingdom and in Canada in the early 1980s, in Italy in 1985, and in France in 1986. Also, monetary policy targets were altered or suspended in the late 1970s and the early 1980s in a number of countries. 21/ While it is difficult to find a mix of factors capable of describing succinctly the consolidation level for every country, a few generalizations can be made.

In virtually all countries the money measure M1—generally designated as narrow money—is based on the narrowest level of consolidation, usually comprising currency and demand deposits held primarily by the private, public enterprise, and general government sectors with the banking system. The measure M2—the broadest level of money for the majority of countries—generally includes instruments included in M1, as well as time, savings, fixed, and foreign currency deposits held by the private, public, and nonbank financial institutions sectors with the banking system. However, there are substantial cross-country differences in the grouping of some of these instruments that reflect the specific holders or issuers of the instruments. For example, some countries include some time and savings deposits only in the still broader aggregate M3 because of the special characteristics of the institutional issuer of the instrument or the holder. 22/ Also, for reasons that are not obvious, some countries include time and savings deposits in M3 or some higher-numbered measures. 23/ Other countries have reserved the M3 measure for the consolidation of certain types of deposits. 24/

The line separating M2 from other higher-numbered aggregates such as M3 is often tenuous. In many countries, money market instruments such as certificates of deposit, repurchase agreements, bills, and bonds are increasingly consolidated at the M3 level or at a higher level. 25/ In a few countries, however, these instruments are consolidated at the M2 level. 26/ In addition, some countries have constructed perhaps the broadest aggregates, which essentially attempt to group the total liquid assets of the public composed of instruments issued by banks as well as by the nonbank sectors. Such aggregates are often represented by L (liquidity) or by variants of this measure. 27/

V. Money in the SNA

The SNA provides a framework for recording flows and stocks in an economy on production, income and outlay, capital finance, and external transactions. The central concepts of these accounts are gross domestic product, disposable income, savings, and net international lending which provide aggregates often used as performance indicators. The SNA can be integrated with flow of funds analysis. However, there is no specific money measure defined in the SNA, although the SNA has a narrow money concept implied in the “other monetary institutions” subsector.

In the SNA, the concept of money comprises currency and transferable demand deposits issued by the central bank (inclusive of treasury banking functions) and the “other monetary institutions” subsector. The latter refers to all banks except the central bank that have liabilities in the form of deposits payable on demand and transferable by check or otherwise usable in making payments. While the institutional coverage required for the compilation of monetary aggregates is defined in the SNA, the same cannot be said for instruments. Monetary concepts have thus been subject to different national interpretations.

Financial market developments, particularly since the last revision of the SNA, call into question the appropriateness of the SNA’s implied focus on narrow money. As was discussed in Section II of this paper, a combination of factors including the macroeconomic uncertainties of the late 1970s and the 1980s, financial innovation, deregulation in financial markets, and technological progress have led to a proliferation of instruments with some “moneyness” or partial medium-of-exchange properties. Most obvious among these are other deposits with banks which can be easily converted into demand deposits, as well as certificates of deposit and similar monetary instruments (such as repurchase agreements) issued by banks and nonbanks. This fact partly explains why many countries have increasingly relied on a broader range of money measures than that outlined in the SNA as targets for policy.

The issue of a suitable money concept in the SNA is closely related to whether such a concept should be explicitly defined in the SNA. There are merits on both sides of this issue. On one hand, money measures have long been compiled by countries because they facilitate the assessment of macroeconomic conditions and can serve as intermediate targets for ultimate goals of policy. Also, because monetary policy instruments are designed to correct macroeconomic problems, consistency requires the construction of aggregate monetary concepts. Most international and national statistical systems explicitly recognize monetary aggregates as essential for macroeconomic policy, and the need for their specific definition in the SNA appears to be important.

It could be argued, on the other hand, that the identification of a standard money concept would not be desirable in the SNA framework because this framework should be designed to permit national compilers and analysts to construct whatever aggregates are deemed appropriate for the user’s purpose. Moreover, a common standard may be difficult to implement given the observed dissimilarities across countries resulting from varied institutional settings and practices. These complications may have led the present SNA to adopt a simple cross-classification of financial items by type of transactor and financial instrument. Nevertheless, the revised SNA could play an important role in facilitating the compilation of monetary aggregates that are increasingly relevant for many countries via the inclusion of a wide spectrum of instruments other than currency and transferable demand deposits.

In this respect, three important considerations relating to issuers, instruments, and holders appear to require some rethinking if the SNA is to remain abreast of observed trends in the compilation of money measures. The first concerns the present narrow focus of the SNA in defining monetary institutions. The distinction between “monetary institutions” (as defined above) and other banking (nonmonetary) institutions (presently part of other financial institutions in the SNA) may no longer be justified in the light of the many near-monies and money substitutes being issued by nonmonetary institutions. The most notable of these are broader monetary instruments such as other deposits at banks that are substitutable for demand deposits. Others include securities and arrangements such as interest-bearing checking deposits offered by money market mutual funds and credit unions, certificates of deposit, and credit cards. Indeed, the recent growth of deposit-taking institutions other than deposit money banks has given rise to the practice common in many countries of consolidating monetary accounts at the level of the entire banking system. Other countries have gone beyond this level to include all financial institutions that provide deposit facilities for the public.

The second issue concerns the identification of the kinds of instruments to be included in money measures. The trend toward a broader range of instruments in many countries suggests that some of the other deposits in the present list of instruments in the SNA (Table 24) are de facto monetary instruments. In addition, there are many instruments—some of which are the product of market innovations, such as certificates of deposit, Eurocurrency deposits, and repurchase agreements—that are not explicitly covered by the present SNA. Decisions need to be made as to whether to include these financial instruments in Table 24 of the SNA. These decisions may be complicated by the fact that while some of these instruments may be similar to those included in the present SNA they possess liquidity, negotiability, and transferability characteristics that differ from those in the present SNA. So far, their inclusion in one or more aggregates has been decided by national compilers on a country-by-country basis. Cross-country differences in instruments and institutions are likely to introduce additional complications into any harmonization efforts. Another aspect of this issue is the treatment to be accorded to short-term as opposed to long-term instruments in money measures in view of the many available schemes for negotiating and transforming the original maturity of instruments.

The third issue concerns the holders of financial instruments. The survey of national monetary practices reveals the holders of monetary instruments to be the private sector, nonfinancial public enterprises, the central government, other general government, nonresidents, and nonbank financial institutions. There seems to be little doubt about the rightful place in monetary aggregates of the deposits held by the private sector and nonbank financial intermediaries. However, there is less unanimity about the deposits held by nonresidents, the central government, other general government, and nonfinancial public enterprises. Country practices are not uniform because many of these cases are “borderline” ones requiring the judgment of national compilers, bearing in mind the country-specific institutional arrangements. For example, while the residency criterion should exclude nonresident deposits from monetary aggregates, this criterion is itself subject to interpretation, thereby resulting in departures from the norm. Furthermore, the Fund’s money and banking statistics (MBS), for example, exclude central government deposits from money because, in principle, the central government has ultimate access to credit from the monetary authorities. However, there is evidence to suggest that not all central governments have this ultimate access to credit and that, in some countries, some other levels of government have almost the same freedom of access to credit as the central government. The SNA review provides an opportunity to discuss these issues with a view to providing some compilation guidelines.

APPENDIX
Table 1.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
AFGHANISTANCurrency in circulationDemand deposits of all sectors excl the central govt. and banks with commercial and central banksTime and savings deps. with the commercial and central banksForeign currency deposits with the commercial and central banks
Consolidation*M1M1M2M2
ALGERIACurrency outside banksDemand deposits at banks at Treasury and at the Postal savingsTime and savings deposits at banks, and at the Postal savingsSavings deposits at CNEP
Consolidation*M1M1M2M3
ANTIGUA AND BARBUDACurrencyDemand deposits with commercial banksTime and savings deposits with banksResidents deposits in foreign currency
Consolidation*M1M1M2M2
ARGENTINACurrency in circulationSight deposits excl. certain Treasury deposits with the National BankTime and indexed depositsForeign currency depositsBankers acceptances and swaps (operations with the collateral of govt. bonds denom. in US$(BONEX)private holdings of central bank paper
Consolidation*M1M1M5M5M5M5
AUSTRALIANotes and coin held by publicCurrent non-govt. deposits at trading banks plus public deps. at Reserve BankFixed deposits held with trading banks (M2); plus deposits at call with savings banks (M3)Certificates of deposit (CDs) with trading banks
Consolidation*M1M1M2/M3M2
AUSTRIANotes and coin in circulationSight deps. with banks excluding interbank depositsLiabilities of the Austrian National Bank
Consolidation*M1M1M1
BAHAMASCurrency in active circulationDemand deposits with the commercial banks and central bankSavings and and fixed time deposits with the commercial banks
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance Higher numbered aggregates are more inclusive aggregates.

Table 1a.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
BAHRAINCurrency outside banksPrivate sector demand depositsPrivate sector time and savings deps. (M2); plus government deposits (M3);Foreign currency deposits
Consolidation*M1M1M2/M3M2
BANGLADESHCurrency outside banksDemand deposits with scheduled banks plus deps of nonscheduled and cooperative banks with central bankTime deps. (incl. call, chequable, savings, non-chequable savings and fixed term deposits
Consolidation*M1M1M2
BARBADOSCurrency outside banks and treasuryDemand deps. of public plus nonresident deps. at the commercial banks excl. govt. and savings banks depTime and savings deps. of the public plus nonresident deps at comm. & savings banks excl. govt. and savings banks deps.Foreign currency deposits
Consolidation*M1M1M2M2
BELGIUMCurrency in circulationDemand deps net of public sector deps in the banking system and with other public instituionspassbook savings accounts, savings certificates and cash voucher accountsCertificate of deposits
Consolidation*M1M1M2M2
BELIZECurrency in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M2
BENINCurrency in circulationDemand deps at banks incl. (BCEAO), and at Post office savingsTime and savings deposits
Consolidation*M1M1M2
BHUTANCurrency outside banks excl. foreign currency Rupees held by nonbanksDemand depositsTerm deps (M2); plus savings deposits (M1);Deposits with Unit Trust of Bhutan
Consolidation*M1M1M1/M2TL(total liquidity)

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1b.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
BOLIVIACurrency in circulationDemand depositsSavings and time depositsForeign currency depositsMortgage bonds plus other deposits with banks
Consolidation*M1M1M2M2M2
BOTSWANACurrency outside banksDemand deps. include current and call deps., less nonresident deposits; and 50% of interbranch balances at end of periodSavings, notice and time deps. with commercial banks
Consolidation*M1M1M3
BRAZILCurrency outside banks held by the publicDemand deps. of private sector in commercial banks and in Bank of BrazilTime and saving deps. at commercial banks and at Bank of BraziOther deps of private sector in commercial banks, incl. letters of credit, bills of exchange and deps of foreign exchangeState and municipal bonds and treasury bills
Consolidation*M1M1M2PSFA 1/PSFA 1/
BURKINA FASOCurrency in circulationDemand deposits at banks (incl. BCEAO), at post office savings and at CNESavings and time deposits
Consolidation*M1M1M2
BURMACurrency outside banksDemand depositsTime and saving deposits
Consolidation*M1M1M2
BURUNDICurrency outside banksDemand deposits with banks and other monetary institutionsTime and savings deps. with commercial banks and other monetary insts.Foreign currency deposits
Consolidation*M1M1M2M2
CAMEROONCurrency in circulationDemand deps. with the banks incl. BEAC and the post office savingsTime and savings deposits with the the banks incl. the post office savings
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Private sector financial assets.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Private sector financial assets.

Table 1c.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
CANADACurrency held by the publicDemand depositsDaily-interest chequables (M1A); plus transferable personal deposits at OFIs (M2+) plus transferable deps. at OFIs (M3+)Nonpersonal notice deposits (M1A); plus personal term & other notice deps. at banks (M2); plus nontransferable personal deps. at OFIs (M2+); plus nonpersonal fixed term deps. (M3); plus nontransferable deps. and notice at OFIs (M3+);Foreign currency deposits
Consolidation*M1M1M1A/M2/M3+M1A/M2/M2+/M3+M3
CAPE VERDENotes and coin in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M1
CENTRAL AFRICAN REPUBLICCurrency in circulationDemand deps. with the banks incl. BEAC and the post office savingsTime and savings deposits with the banks incl the post office savings
Consolidation*M1M1M2
CHADCurrency in circulationDemand deps. with the banks incl. BEAC and the post office savingsTime and savings deposits with the banks and post office savings
Consolidation*M1M1M2
CHILECurrency in circulationPrivate sector current accountsTime and saving depositsPrivate sector deposits in foreign currencyMortgage bonds, central bank bonds and treasury promissory notes
Consolidation*M1M1M7 1/M7 1/M7 1/
CHINACurrency in circulationHousehold demand deps. plus entreprise deps. plus deps. of official institutions and organizationsHousehold term deps. and capital construction deposits
Consolidation*M1M1M2
COLOMBIACurrency in circulationDemand depositsSaving and term deps. incl indexed UPAC depositsDeposits in foreign currencyCertificates of exchanges, and central bank bondsOther deps. of the private and public sector such as CAV and CFCsBonds with nonbanking sector
Consolidation*M1M1M2M2M2M2LPS 2/

Equivalent to liabilities of the financial system to the private sector.

Liabilities to the private sector.

Equivalent to liabilities of the financial system to the private sector.

Liabilities to the private sector.

Table 1d.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
COMOROSCurrency in circulationDemand depositsTime and savings deposits at commercial banks and post office savings
Consolidation*M1M1M2
CONGOCurrency in circulationDemand deposits with banks incl BEAC and post office savingsTime and savings deps. with the banks and the post office savings
Consolidation*M1M1M2
COSTA RICACurrency in circulationDemand depositsTime and savings deposits in domestic currencyDemand, time and savings deps. in US$Stabilization funds and other assets of the private sector with banksGovernment bonds
Consolidation*M1M1M2M2M2M2
COTE D’IVOIRECurrency in circulationDemand deposits at banks, incl. BCEAO and at post office savingsTime and savings deposits at banks incl. BCEAO, and at post office savings
Consolidation*M1M1M2
CYPRUSCurrency held by the publicDemand deps. excl. govt. and govt. administered funds and nonresident depositsTime and savings deposits, incl time deps. of OFI’s with the central bank; excl govt. and nonresidents deposits
Consolidation*M1M1M2
DENMARKNotes and coin held by businesses, households, etc.Chequable demand deps with commercial and savings banksGiro accounts held by businesses, households, etc. Non-chequable demand deps. at commercial and savings banksTime deposits excluding tax privileged depositsNonbank holdings of Treasury bills
Consolidation*M1M1M1M2M2
DJIBOUTICurrency outside banksDemand deposits with banks and treasury in domestic or foreign currencyTime deps. with banks and treasury
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1e.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
DOMINICACurrencyDemand deposits with commercial banksTime and savings deposits with banksForeign currency deposits by residents
Consolidation*M1M1M2M2
DOMINICAN REPUBLICCurrency in circulationDemand deps. by private and public sects. incl. govt., other agencies and municipalities, payable by chequeTime and savings deps. held with banks and and nonbanks by private sector and other offcial entitiesBonds held with nonbank financial intermediaries
Consolidation*M1M1M2 1/M2 1/
ECUADORCurrency in circulationDemand deps. of private sector with banksSaving deps. with the banks and other financial inter mediariesForeign currency depositsBankers acceptances plus other sugar liabilities plus import deps, and stabilization bonds
Consolidation*M1M1M2M2M2
EGYPTCurrency outside banksLocal currency current deposits, excl. those of public entreprisesLocal currency time deposits at banks, incl. post office savings but excl those of public entreprisesCurrent and time deposits in foreign currency
Consolidation*M1M1M2M2
EL SALVADORCurrencyDemand deposits of both private and official sectorsTime and savings deposits of private sectorForeign currency deposits
Consolidation*M1M1M2M2
EQUITORIAL GUINEACurency outside banksDemand depositsTime and savings deposits
Consolidation*M1M1M2
ETHIOPIACurrency in circulationDemand deps. with the banksTime and savings deposits with the banks
Consolidation*M1M1M2
FIJICurrency in circulationDemand deposits, incl local bills payableTime and savings depositsForeign currency deposits
Consolidation*M1M1M3M3

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Defined as quasi-money of the financial system.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Defined as quasi-money of the financial system.

Table 1f.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
FINLANDFinnish notes and coin in circulationDemand deposits held by the public incl. those at the Bank of FinlandTime deposits held by the public incl. those at the Bank of FinlandDomestic deposits in foreign currency
Consolidation*M1 1/M1M2M1
FRANCENotes and coinSight deps. in FF at creditor institutions and TreasurySavings and passbook accounts (M2); plus term deposits (M3)Foreign currency depositsCertificates of deposits (CDs) and Repurchase Agreements (RP)Negotiable Treasury-bills, Commercial paper and contractual savings schemeShort-term bonds
Consolidation*M1M1M2/M3M3M3LM3
GABONCurrency in circulationDemand deposits with the banks incl. BEAC and the post officeTime and savings deps. with the banks incl. the post office savings of the private sector and entreprises
Consolidation*M1M1M2
GAMBIA, TheCurrency in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M2
W. GERMANYNotes and coin in circulationSight deps. held by domestic non-banks, postal giro accountsTime deposits of less than 4 years and savings deps. at statutory notice held by domestic nonbanksDeposits held by residents of Germany excluding Euromarket deposits
Consolidation*M1M1M2M3
GHANACurrency held outside the banking sectorDemand deps. held with with commercial and secondary banks, plus private sector deps. with the central bankTime and savings deps. with commercial and secondary banks, plus private sector deposits with the central bankCertificates of deposit with commercial banks
Consolidation*M1M1M2M2
GREECECurrency in circulationPrivate sight deposits with credit insts.Time and savings deps. with credit insts.
Consolidation*M1M1M3
GRENADACurrencyDemand deposits with commercial banksTime and savings deposits with banksForeign currency deposits
Consolidation*M1M1M2M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Excluding those held by autonomous government agencies and special credit institutions since 1965.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Excluding those held by autonomous government agencies and special credit institutions since 1965.

Table 1g.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
GUATEMALACurrency in circulationSight deposits with the banking systemTime and savings deposits excl. those of public entreprisesForeign exchange depositsSecurities issued by nonbanks
Consolidation*M1M1M2M2M3
GUINEACurrency in circulationDemand depositsForeign currency deposits
Consolidation*M1M1M2
GUINEA BISSAUCurrency in circulationprivate sector deposits
Consolidation*MS1/MS 1/
GUYANANotes and coinsDemand depositsTime and saving deposits, plus manager’s cheques outstanding
Consolidation*M1M1M2
HAITICurrency held by the publicSight deposits held with banksTime and savings deposits held with banks
Consolidation*M1M1M2
HONDURASNotes and coin in circulationDemand depositsTime, savings and other deposits of private sect, excl. deposits of nonbank private financial intermediariesDeposits in foreign currencyBonds issued by the central government
Consolidation*M1M1M2M2M2
HONG KONGNotes and coin with the publicPublic’s demand deps. with licensed banksPublic’s savings and time deposits with licensed banks plus NDCs issued by banks and held outside the the monetary sectorPublic’s deposits with licensed deposit-taking institutions and held outside the monetary sector
Consolidation*M1M1M2M3
HUNGARYCurrency circulationDemand deps. of households plus current accounts of enterprises plus unfinished settlements.Local govt., households and enterprises fixed, time and savings depositsSavings notes and bonds
Consolidation*M1M1M2H.M.A.2/

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary survey.

Households’ monetary assets.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary survey.

Households’ monetary assets.

Table 1h.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
ICELANDNotes and coin in circulationDemand deps. of the banking systemGeneral savings deposits (M2); plus time deps. with the banking system(M3);
Consolidation*M1M1M2/M3
INDIACurrency with the publicDemand deposits with banksTime deposits with banks plus other deposits
Consolidation*M1M1M3
INDONESIACurrency in circulationDemand deps at deposit money banks excl. govt. and nonresidents’ depositsTime and savings deposits in domestic currencyForeign currency deposits
Consolidation*M1M1M2M2
IRANCurrency in circulationSight deps. of the private sectorSavings and time deposits of the private sector incl insurance premiums and personal retirement funds of banks
Consolidation*M1M1M2
IRAQCurrency in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M2
IRELANDCurrency held by the publicCurrent accounts held at within state offices of licensed banks by residents in Irish poundsTransferable deps in Irish pound of private sector residents in banks (M3); plus transferable deps of private sector at Post off., savings, trustee, building societies, etc (Money + OLA)Nontransferable deps in Irish Pound of residents in banks (M3); plus nontransferable deposits of private sector at post office, savings, trustee, building societies (Money + OLA)Current accts. held at within state offices of banks by residents (M1); Deposit accounts incl. accrued interest of residents at banks (M3)
Consolidation*M1M1M3/MONEY+OLA 1/M3/MONEY+OLAM1/M3
ISRAELCurrency in circulationDemand deposits in domes-currencyTime depositsResident current and time deps. in foreign currencyNegotiable certificates of depositTradable bonds held by the public
Consolidation*M1M1M2M3M2M4

Means the monetary aggregate in which they appear at the first instance Higher numbered aggregates are more inclusive aggregates.

Money plus other liquid assets of the public.

Means the monetary aggregate in which they appear at the first instance Higher numbered aggregates are more inclusive aggregates.

Money plus other liquid assets of the public.

Table 1i.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
ITALYNotes and coinNon-compulsory deps. with the Bank of Italy; current acct. with the Treasury, Post Office and banks by residentsBank and Post Office savings depositsCurrent accounts with banks in foreign currency held by residents or agenciesBanks RP fund raising (M2A); plus certificates of deposit (CDs) (M2); plus acceptances (M3)Treasury bills
Consolidation*M1M1M2AM1M2A/M2/M3M3
JAMAICACurrency with the publicDemand deps. of private institutions and individuals, plus bankers draft outstandingTime, savings and other deps. of private setor, central government and and public entreprisesHoldings of Bank of Jamaica certificates of deposits
Consolidation*M1M1M2M2
JAPANCurrencyDemand depositsTime deposits incl. govt. bond time deps. accounts (M2 + CDs); plus money in trust, loan trusts and postal savings etc. (M3 + CDs)Foreign currency depositsCertificates of deposit
Consolidation*M1M1M2+CDs/M3+CDsM2+CDSM2+CDS
JORDANCurrency in circulationDemand deps. of both private and public entreprises with commercial banksTime and savings deps. of both private and public entreprises with commercial banksForeign currency deposits of residents
Consolidation*M1M1M2M2
KENYACurrency outside banksDemand depositsTime and savings deposits
Consolidation*M1M1M2
KIRIBATICurrency in circulation (the Australian dollar)Demand depositsTime and saving deposits
Consolidation*M1M1M1
SOUTH KOREACurrency in circulationDeposit MoneyTime and Savings depositsCertificates of Deposit (CD)Commercial bills and receipts of nonbank financial financial intermediariesStabilization Bonds
Consolidation*M1M1M2M2+BCDsM3M3
KUWAITCurrency in circulationSight deposits with commercial banksTime and savings deps. with commercial banksForeign currency depositsCertificates of deposit with the commercial banks by the private sector
Consolidation*M1M1M2M2M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1j.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
LAO, PEOPLES DEM. REPCurrency in circulationTime and savings deps. of private and cooperative sectors, households and public entreprisesForeign currency deposits held by households
Consolidation*TL 1/TL 1/TL 1/
LEBANONCurrency outside banksDemand deps. in Lebanese pounds held by residentsNondemand deps. with the banking system incl. the Bank of Lebanon held by the private sectorDemand plus other deps. in foreign currency held by residents
Consolidation*M1M1M2M2
LESOTHOCurrency with the publicDemand deps. excl. govt. but incl. deferred pay fund deposits with the commercial banksCall(M1); plus savings and fixed time deps.; excl. govt. but incl. deferred pay fund deposits (M2);
Consolidation*M1M1M1/M2
LIBERIALiberian coins in circulationDemand deps. of the private sector, public enterprises, plus nonbank OFI’s deposits with the central and commercial banksTime and savings deps. of the private sector
Consolidation*M1M1M2
LIBYACurrency in circulationDemand deps. with banksTime and savings deps. with banksForeign currency deposits with banksCommercial prepayments with banks
Consolidation*M1M1M2M2M2
LUXEMBOURGCurrency outside banksCurrent accounts in francs at banks and post office savingsCash vouchers, deposit accounts plus savings accounts
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liabilities.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liabilities.

Table 1k.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
MADAGASCARCurrency outside banksDemand deps. with the banks, post office savings and treasuryTime and savings deposits with banks and with National Savings fund
Consolidation*M1M1M2
MALAWINotes and coin with the publicprivate sector domestic demand depositsPrivate sector holdings of time and savings deps.
Consolidation*M1M1M2
MALAYSIACurrency in circulationDemand deposits of private sectorPrivate sector fixed and savings deposits with the banking systemNCDs and Central Bank CertificatesFixed and Savings deposits with merchant banks, finance companies and discount houses
Consolidation*M1M1M2M2M3
MALDIVESCurrency in circulationDemand deps. with the banking system incl. current, call and other sight depositsTime and savings depositsForeign currency deposits
Consolidation*M1M1M2M2
MALICurrency in circulationDemand deposits of banks, incl. BCEAO and at the post office savingsTime and savings deps. incl. certificates of deposit at the banks
Consolidation*M1M1M2
MALTACurrency in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M2
MAURITANIACurrency outside banks and treasuryDemand deps. at banks and at post office savingsTime deps. and savings certificates incl. those of public entreprises with banksImport deposit funds
Consolidation*M1M1M2M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1l.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
MAURITIUSCurrency with the publicDemand deps. with the banks and financial corporations, incl. private sector deposit at the central bankTime and savings deps. with the banks and financial corporations
Consolidation*M1M1M2
MEXICOCurrency in circulationDemand deps. of the private sectorTime depositsHoldings of govt. securities by the private sector incl. treasury bills and petrobondsHoldings of other nonbank financial assets incl. bankers acceptances and commercial paper
Consolidation*M1M1M3M4M5
MOROCCOCurrency outside banksDemand depositsTime and savings deposits
Consolidation*M1M1M2
MOZAMBIQUECurrency outside banksDemand and savings depositsTime, depositsForeign currency deposits at the central bank (demand)
Consolidation*M1M1M2M1
NEPALCurrency in circulationDemand depositsSavings, fixed and margin deps.Foreign currency demand, savings and fixed deposits
Consolidation*M1M1M2M2
NETHERLANDSNotes and coin incl. those held by nonresidentsDemand deposits with banks and giro institutionsMoney at call and short-term time deposits and liquid savings depositsForeign currency depositsClaims on central and local government (eg. Treasury bills, notes, advances, etc.)
Consolidation*M1M1M2M2M2
NEW ZEALANDNotes and coin with the publicTrading banks deps. (excl. govt (M1); plus demand deps. of POSB, trustee and savings banks, finance corps., etc. (M2)Call deposits (M2); plus fixed deposits at trading banks; all other time and special deps. of POBS, private and trustee savings banks, stock agents and finance companies (M3)
Consolidation*M1M1/M2M2/M3

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1m.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
NICARAGUACurrency in circulationDemand deps. with the banksTime and savings deps. with the banksForeign currency deposits with banks
Consolidation*M1M1M2M2
NIGERCurrency in circulationDemand deps. at the banks incl. BCEAO, and at the post officeTime and savings deposits at the banks
Consolidation*M1M1M2
NIGERIACurrency outside banksPrivate sector demand depositsTime and savings deps. excl. savings at the Federal savings bank
Consolidation*M1M1M2
NORWAYNotes and coinSight deps. excluding tax accounts of municipal TreasurersTime deposits excluding bank savings with tax reductionUnutilized overdrafts and building loans
Consolidation*M1M1M2M1
OMANCurrency with the publicDemand deps. of private and public sector entprises in local currencyRial Omani savings and time depositsForeign currency deposits
Consolidation*M1M1M2M2
PAKISTANCurrency outside banksScheduled banks demand deposits excl interbank, Federal and provincial govt. and foreign constituents depositsScheduled banks time deposits excl. interbank, Federal and provincial govt. and foreign constituents depositsOther deps. with the State Bank of Pakistan
Consolidation*MA 1/MA 1/MA 1/MA 1/
PANAMADemand deps. of the private sector held with the banking systemTime and savings deps. of the private sector with the banking systemOther deposits with the banking system
Consolidation*ML 2/ML 2/ML 2/
PAPUA NEW GUINEANotes and coins in circulationCheque accounts depositsSavings and term depositsForeign currency depositsMarketing boards and stabilization funds deposits
Consolidation*M1M1M2MS 3/MS 3/

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary assets.

Monetary liabilities.

Monetary survey.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary assets.

Monetary liabilities.

Monetary survey.

Table 1n.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
PARAGUAYCurrency in circulationDemand deps. of the private sector, official entities and government entreprisesTime and savings deposits of the private sector, official entities and others eg. agricultural programs
Consolidation*M1M1M2
PERUNotes and coins in circulationDemand deposits in national currencyTime and savings deposits held as certificates of depositsForeign currency deposits
Consolidation*M1M1M2M2
PHILIPPINESCurrency in circulationDemand depositsSavings and Time depositsDeposit substitutes in banks, eg. RPs, Commercial Paper, etc.Short-term bills issued by the Treasury and Central Bank plus marginal deposits
Consolidation*M1M1M2M3T.L. 1/
POLANDCurrency outside banksDemand deps. of socialized sector (incl. deps. of investment accounts and financial institutions), and nonsocialized sectorTime and savings deps. of both socialized and non-socialized sectorsForeign currency deposits of socialized and nonsocialized sectorsPKO certificates held outside the banking system
Consolidation*M1M1M2M2M2
PORTUGALCurrency in circulationDemand depositsTime deps. of resident nonbank public (M2); plus nonmonetary financial instutions deposits (L);Emigrants depositsShort-term treasury bills in the hands of the nonbank public
Consolidation*M1M1M2/LLL
QATARCurrency in circulationDemand depositsSavings and time depositsForeign currency deposits
Consolidation*M1M1M2M2
ROMANIACurrency outside banksEntreprise deposits incl. those freely usableSavings depositsForeign currency depositsSavings under supplementary pension scheme
Consolidation*M1M1M2M2LL 2/

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity.

Liquid liabilities.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity.

Liquid liabilities.

Table 1o.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
RWANDACurrency in circulationSight deps. plus deps. of nonbank OFI’s and official entities’ depositsTerm deposits plus other private sector deposits in DMB’s plus term deposits and other deps. at the central bank
Consolidation*M1M1M2
ST. KITTS AND NEVISCurrencyDemand deps. with commercial banksTime and savings deps. with banksForeign currency deposits by residents
Consolidation*M1M1M2M2
ST. LUCIACurrencyDemand deps. with commercial banksTime and savings deps. with banksForeign currency deposits by residents
Consolidation*M1M1M2M2
ST. VINCENTCurrencyDemand deps. with commercial banksTime and savings deps. with banksForeign currency deposits by residents
Consolidation*M1M1M2M2
SAO TOME AND PRINCIPECurrency in circulationDemand depositsTime and savings deposits
Consolidation*M1M1M2
SAUDI ARABIACurrency outside banksDemand depositsTime and savings depositsForeign currency deposits in commercial banksDeposits for letters of credit plus guarantee deposits
Consolidation*M1M1M2M3M3
SENEGALCurrency in circulationDemand deps. at banks incl. BCEAO and at the post office savingsSavings and time deposits incl. certificates of deposits
Consolidation*M1M1M2
SEYCHELLESCurrency with the publicDemand deps. incl. those of parastatalsTime and savings deps. incl. those of parastatalsGovernment deposits
Consolidation*M1M1M2M3
SIERRA LEONECurrency in circulationPrivate sector demand deposits incl. those of official entitiesSavings and time deposits
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Table 1p.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
SINGAPORECurrency in active circulationDemand depositsFixed deposits plus NCDs plus issues by banks and held outside the monetary sectorNet deposits with finance companies and post office savings banks
Consolidation*M1M1M2M3
SOLOMON ISLANDSCurrency outside banksDemand deps. incl. deps. of official entities such as the central government and provincesSavings and time deposits of private sect, plus time deps. of official entities incl. the central govt. and provinces
Consolidation*M1M1M3
SOMALIACurrency outside banksPrivate and public sector demand deposits at both central and commercial banksTime and savings deposits at both central and commercial banksForeign currency deposits by residentsCounter part funds deposits
Consolidation*M1M1M2M2M2
SOUTH AFRICANotes and coin in circulationCheques and transmission deposits of domestic, private sector with banks, POSBs and Building societiesOther demand deposits held by private sectorShort- and medium-term deposits (incl. savings) held with banks, POSB and building societiesLong-term deposits held with banks, building societies, and post office savings banks
Consolidation*M1(A)M1(A)M1M2M3
SPAINCurrency in circulationSight depositsSavings and time depositsTreasury bills held under repurchase agreementsTreasury bills held by the nonfinancial sector plus banks nonmonetary liabilities
Consolidation*M1M1M3TLP 1/TLP 1/
SRI LANKACurrency held by the publicDemand deposits held by the publicTime and savings deps. held by the private sect, incl. govt. corporations with the commercial banks
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity of nonfinancial sector.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity of nonfinancial sector.

Table 1q.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
SUDANCurrency with the publicDemand depositsTime and savings deposits
Consolidation*M1M1M2
SURINAMECurrency in circulation incl. govt, issue of currencyDemand depositsTime and savings deposits incl. savings certificatesForeign currency depositsImport deposits
Consolidation*M1M1M2M2M2
SWAZILANDCurrency in circulationDemand deps. of private sector excl. interbank and govt. depositsTime and savings deps. of private sector excl. interbank and govt. deposits
Consolidation*M1M1M2
SWEDENCurrency in circulationDeposits and certificates held at commercial, savings and cooperative banks plus post office savingsForeign currency deposits by residentsHoldings of treasury discount notes by the non-financial sector plus households national savings accounts
Consolidation*RM 1/M3M3L1/L2
SWITZERLANDBank notesSight deps. in SF held by domestic nonbanks, postal giro accounts 2/Time deposits held by nonbanks (M2); plus savings deposits held by nonbanks (including salary accounts (M3)
Consolidation*M1M1M2/M3
SYRIACurrency outside banks and treasuryDemand depositsTime and savings depositsForeign currency depositsRestricted deposits excl. import deposits
Consolidation*M1M1M2M2M2
TANZANIACurrency outside banksDemand deps. incl. minor nonresident deposits but excl. govt. and foreign currency depositsTime and savings deps. incl. minor nonresident deps. but excl. govt, and foreign currency deposits
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Base money.

Foreign currency sight and time deposits excluded from M2 since 1985.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Base money.

Foreign currency sight and time deposits excluded from M2 since 1985.

Table 1r.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
THAILANDNotes and coin in circulation outside the Bank of Thailand, plus those held by OFI’sDemand deps. held by business, households, and other financial institutionsTime and savings deps. of the private sector in the banking systemForeign currency depositsPromissory notes, marginal deposits plus other deposit liabilities of finance and security companies
Consolidation*M1M1M2M2M3
TOGOCurrency in circulationDemand deps. of banks incl. BCEAO, and at the post office savingsTime and savings deposits
Consolidation*M1M1M2
TONGACurrencyDemand depositsBills payableSavings and time deposits
Consolidation*M1M1M1M2
TRINIDAD AND TOBAGOCurrency in active circulationDemand depositsSavings and time deposits (M2); plus time, saving and other deposits with nonbank finan-intermediaries (LPS);
Consolidation*M1M1M2/LPS 1/
TUNISIANotes and coins in circulation excl. deps. in treasuryDemand deps. at central bank and at deposit money banks plus those at post office savingsTime and savings deposits at banksProvisions for documentary credits and IFDCE deposits
Consolidation*M1M1M2M2
TURKEYCurrency outside banksSight deps. with deposit money banks incl. commercial, savings and othersTime and certificates of deposits with deposit money banks incl. both savings and commercialForeign exchange deposits with deposit money banks by both residents and nonresidentsDeposits with central bank (M1); plus public sight and time deps. with (M3);
Consolidation*M1M1M2M2XM1/M3
UGANDACurrency in circulationDemand deps. with banksTime and savings deps. with banks
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary liquid liabilities to the private sector.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Monetary liquid liabilities to the private sector.

Table 1s.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
UNITED ARAB EMIRATESCurrency outside banksMonetary deposits i.e. private demand deps. of residents in local currency and bankers draftsTime, savings and certificates of deposits in local and foreign currencyForeign currency demand deps. of residentsCommercial prepayments of residents in domestic and foreign currency (M2); plus govt. deposits in both domestic and foreign currency (M3);
Consolidation*M1M1M2M2M2/M3
UNITED KINGDOMCurrency with the publicPrivate sector sterling sight deps. with U.K. banks (incl. call money)Chequable interest-bearing small retail deposits with U.K. banks.Other retail deps. by private sector with U.K. monetary insts., building, saving, etc. (M2); plus U.K. private sector sterling time deposits (M3)Private sect, residents non-sterling holdings at U.K. banksSterling Certificates of deposit (CD)Private sector holdings of other instruments, eg. bank bills. Treasury bills, etc.
Consolidation*M1M1M2M2/M3M3M3PSL1/PSL2
U.S.A.Currency outside banks and TreasuryCommercial banks demand deps. plus other chequables such as ATS and NON accounts at OFIs 1/Nonbank issues of travellers chequesSavings and small denom. time deposits at depository insts. incl. MMMFs, MMDAs (M2); plus large denom. time deposits at all at all deposit institutions (M3)Overnight RPs issued by comm. banks (M2); plus CDs Issued by comm banks and thrift institutions (M3); plus bankers’ acceptances (L)Overnight Eurodollars issued to US residents (M2); plus term Eurodollars issued to US residents (M3); plus commercial paper, T-bills, savings bonds, etc. (L)Commercial paper issued by financial corporations
Consolidation*M1M1M1M2/M3M2/M3/LM2/M3/LL
URUGUAYCurrency in circulation of domestic originPrivate sector demand deposits in domestic currency; plus those of public entreprisesTime and savings deps. of private and public sectors in domestic currencyDemand and time deps. of private and public sectors in foreign currency: ;plus bonds and bills in foreign currencyBankers acceptances in domestic currencySavings deps. at BHD and treasury bills in domestic currency
Consolidation*M1M1M2M3M2+M2+
VANUATUCurrency with the publicDemand deps. of residents excl. govt. 1/Savings and fixed deps. of residentsForeign currency demand deposits of residents (M2); plus savings and fixed deps. of residents in foreign currency. (m4);
Consolidation*M1M1M3M2/M4

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Excluding demand deposits held by foreign commercial banks.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Excluding demand deposits held by foreign commercial banks.

Table 1t.National Monetary Measures and Aggregates
Instrument/

Country
CurrencyDemand

Deposits
Other

Transferable

Deposits
Call, Time

and Savings

Deposits
Foreign

Currency

Deposits
Money

Market

Instruments
Other Liquid

Assets of the

Public
Bonds
VENEZUELANotes and coin in circulationDemand depositsTime and savings deps. held with the banking systemSavings certificatesFinance and mortgage bonds
Consolidation*M1M1M2M3M3
VIET NAMCash in circulationDemand deposits of state entreprises and cooperativesSavings depositsForeign currency deposits of state entreprises
Consolidation*TL 1/TL 1/TL 1/TL 1/
WESTERN SAMOACurrency with the publicDemand depositsSavings and time deposits with banks
Consolidation*M1M1M2
YEMEN ARAB REPUBLICCurrency outside banksDemand depositsTime and savings depositsForeign currency depositsEarmarked deposits on imports
Consolidation*M1M1M2M2M2
YEMEN P.D. REP.Currency outside banksDemand depositsTime and savings depositsDeposits against letters of credit
Consolidation*M1M1M2M2
YUGOSLAVIACurrency in circulationDeposit money and and other sight depositsLabour orgs., households and public sector short-term and long-term depositsForeign currency deposits
Consolidation*M1M1M2M2
ZAIRECurrency in circulationDemand deps. at commercial and central banks and at the past office savingsTime deps. at central bank and at other banksResidents’s deposits in foreign currency
Consolidation*M1M1M2M2
ZAMBIACurrency in circulationDemand deps. at banks excl. govt. and nonresident depositsSavings and time deposits by residents incl. those at the central bank excl. those of the govt. and nonresident deposits
Consolidation*M1M1M2
ZIMBABWENotes and coin in circulationDemand deps. excl. govt. deposits and foreign currency depositsFixed deposits incl. savings deposits with commercial banks with a maturity of less than thirty days
Consolidation*M1M1M2

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity.

Means the monetary aggregate in which they appear at the first instance. Higher numbered aggregates are more inclusive aggregates.

Total liquidity.

Table 2.National Monetary Aggregates by Holder 1/
Private

Sector
NFPE 2/Other Gen.

Government
Central

Government
Financial

Institutions 3/
Non-

Residents
AfghanistanXXXX
AlgeriaXXXXXX
Antigua & BarbudaXXXX
ArgentinaXXXX
AustraliaXXXX
AustriaXXXXX
Bahamas, TheXXXX
BahrainXXXX
BangladeshX
BarbadosXXXX
BelgiumXXX
BelizeXXX
BeninXXXX
BhutanX
BoliviaXX
BotswanaXXXX
BrazilXXXX
Burkina FasoXXXX
BurmaXX
BurundiXXXX
CameroonXXXX
CanadaXXXX
Cape VerdeXXXXX
Central African Rep.XXXX
ChadXXXX
ChileXXXX
ChinaXXX
ColombiaXXXX
ComorosXXXXX
CongoXXXX
Costa RicaXXXX
Cote d’IvoireXXXX
CyprusXXXX
DenmarkXXXX
DjiboutiXXXXX
DominicaXXXX
Dominican RepublicXXXX
EcuadorXXXX
EgyptXX
El SalvadorXXXX
Equatorial GuineaXXX
EthiopiaXXX
FijiXXXXXX
FinlandXX
FranceXXXX
GabonXXXX
Gambia, TheXXXX
GermanyXXXXX
GhanaXXXX
GuatemalaXXXX
GuineaXX
Guinea-BissauXXX
GuyanaXXXXX
HaitiXXXX
HondurasXXXX
HungaryXXXX
IcelandXXXX
IndiaXXXXX
IndonesiaXXXX
IranXXX
IraqXXX
IrelandXXX
IsraelXXX
ItalyXXXX
JamaicaXXXX
JapanXXXX
JordanXXX
KenyaXXXX
KiribatiXXX
KoreaXXXX
KuwaitXXXX
LaosX
LebanonXXXX
LesothoXXXX
LiberiaXXXX
LibyaXX
LuxembourgXX
MadagascarXXX
MalawiXXXX
MalaysiaXXX
MaldivesXXX
MaliXXXX
MaltaXXXX
MauritiusXXXX
MexicoXXXX
MoroccoXXXX
MozambiqueXX
NepalXXX
NetherlandsXXX
New ZealandXXXX
NicaraguaXXXX
NigerXXXX
NigeriaXX
NorwayXXXX
OmanXXXX
PakistanXXXXX
PanamaXXXXX
Papua New GuineaXXXX
ParaguayXXXXX
PeruXXXX
PhilippinesXXXXX
PolandXXXX
PortugalXXXXX
QatarXXXXX
RomaniaXXX
RwandaXXXX
St. Kitts & NevisXXXX
St. LuciaXXXX
St. VincentXXXX
Sao Tome & PrincipeXXXX
Saudi ArabiaXXXX
SenegalXXXX
SeychellesXXXXX
Sierra LeoneXXX
SingaporeXX
Solomon IslandsXXXXX
SomaliaXXXX
South AfricaXXX
SpainXXXX
Sri LankaXXXX
SudanXXXXX
SurinamXXX
SwazilandXXX
SwedenXX
SyriaXXXX
TanzaniaXXXXX
ThailandXXXX
TogoXXXX
Trinidad & TobagoXXX
TunisiaXXXX
TurkeyXXXXX
UgandaXXXX
United Arab EmiratesXXXX
United KingdomXXXX
United StatesXXXXX
UruguayXXXX
VanuatuXXXX
VenezuelaXXXX
Viet NamXX
Western SamoaXXXX
Yemen Arab RepublicXXX
Yemen, People’s DemocraticXXX
YugoslaviaXXX
ZaireXXXX
ZambiaXXX
ZimbabweXXXX

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Nonfinancial public enterprises.

Nonbanking financial institutions.

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Nonfinancial public enterprises.

Nonbanking financial institutions.

Table 3.National Monetary Aggregates - M1 (Narrow Money) by Issuer and Instruments 1/
Central BankCommercial BanksOther BanksGovernmentPost Office
Cy 2/OD/NC 3/OD/FC 4/CY 2/OD/NC 3/OD/FC 4/CallCY 2/OD/NC 3/OD/FC 4/CallCY 2/OD/NC 3/OD/FC 4/Cy 2/OD/NC 3/OD/FC 4/
AfghanistanXXX
AlgeriaXXXX
Antigua & BarbudaXXX
ArgentinaXX
AustraliaXXXXX
AustriaXXXXXX
Bahamas, TheXXXXXX
BahrainXX
BangladeshXXX
BarbadosXXX
BelgiumXXXX
BelizeXXX
BeninXXXXXX
BhutanXXX
BoliviaXX
BotswanaXXX
BrazilXXXX
Burkina FasoXXXXX
BurmaX
BurundiXXXXX
CameroonXXXXX
CanadaXXX
Cape VerdeXXX
Central African Rep.XXXXXX
ChadXXXXX
ChileXXX
ChinaXX
ColombiaXXX
ComorosXXXXX
CongoXXXXX
Costa RicaXXXXX
Cote d’IvoireXXXXX
CyprusXXX
DenmarkXXXX
DjiboutiXXXXX
DominicaXXX
Dominican RepublicXXXXXXX
EcuadorXXX
EgyptXXX
El SalvadorXXX
Equatorial GuineaXXXX
EthiopiaXX
FijiXX
FinlandXX
FranceXXXXXXX
GabonXXXXX
Gambia, TheXXX
GermanyXXXXXXXX
GhanaXXXXXX
GreeceXXXXXX
GrenadaXXX
GuatemalaXXX
GuineaX
Guinea-BissauXXX
GuyanaXXX
HaitiXXX
Hong KongXXXX
HondurasXXXX
HungaryXXX
IcelandXXXX
IndiaXXXXXXXX
IndonesiaXXX
IranXXX
IraqX
IrelandXXXXXXX
IsraelXXXXX
ItalyXXXXXXX
JamaicaXX
JapanXXXX
KenyaXXXX
KiribatiX
KoreaXXXXXXX
KuwaitXX
LaosX
LebanonXXXXX
LesothoXX
LiberiaXXXXX
LibyaX
LuxembourgXXX
MadagascarXXXX
MalawiXXX
MalaysiaXX
MaldivesXX
MaliXXXXXX
MaltaXXX
MauritaniaXX
MauritiusXXXX
MexicoXXXX
MoroccoXXXX
MozambiqueXXX
NepalXXXXX
NetherlandsXXXXXXXXX
New ZealandXXXXX
NicaraguaXXX
NigerXXXXXX
NigeriaXX
NorwayXXXXX
OmanXX
PakistanXXX
PanamaXXXXX
Papua New GuineaXXX
ParaguayXXXX
PeruXXX
PhilippinesXXX
PolandXXXXX
PortugalXX
QatarXX
RomaniaXXXXXX
RwandaXX
St. Kitts & NevisXXX
St. LuciaXXX
St. VincentXXX
Sao Tome & PrincipeXX
Saudi ArabiaXX
SenegalXXXXXX
SeychellesXX
Sierra LeoneXXX
SingaporeXXX
Solomon IslandsXXXXX
SomaliaXXXX
South AfricaXXXX
SpainXXX
Sri LankaXXX
SudanXXX
SurinamXXX
SwazilandXXX
SwedenX
SwitzerlandXXXXX
SyriaXXXX
TanzaniaXXX
ThailandXXXX
TogoXXXXX
TongoXX
Trinidad & TobagoXX
TunisiaXXXXX
TurkeyXXXXX
UgandaXXX
United Arab EmiratesXX
United KingdomXXXX
United StatesXXX
UruguayXX
VanuatuXXX
VenezuelaXXX
Viet NamXX
Western SamoaXXX
Yemen Arab RepublicXX
Yemen, P.D.X
YugoslaviaXXX
ZaireXXXXX
ZambiaXX
ZimbabweXXX

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Currency or notes and coin.

Demand deposits in domestic currency.

Demand deposits in foreign currency.

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Currency or notes and coin.

Demand deposits in domestic currency.

Demand deposits in foreign currency.

Table 4.National Monetary Aggregates - M2 or M3 (Broad Money) by Issuer and Instruments 1/
COUNTRYCentral BankCommercial BanksOther BanksGovernmentPost office
OD/NC 2/OD/FC 3/Repo 4/CDs 5/BillsBondsOD/NC 2/OD/FC 3/Repo 4/CDs 5/BillsBondsOD/NC 2/OD/FC 3/Repo 4/CDs 5/BillsBondsOD/NC 2/CD/FC 3/BillsBondsOD/NC 2/
AfghanistanXXXX
AlgeriaXXXXX
Antigua & BarbudaXX
ArgentinaXXXX
AustraliaX
AustriaXXXXXX
Bahamas, TheXXXX
BahrainX
BangladeshX
BarbadosXX
BelgiumXXX
BelizeXX
BeninXXX
BhutanX
BoliviaXX
BotswanaXX
BrazilXXXXXXXX
Burkina FasoXX
BurmaXXX
BurundiXX
CameroonXXX
CanadaXXXXXX
Cape VerdeXX
Cen.African Rep.XXX
ChadXXX
ChileXXXXXXXX
ChinaXX
ColombiaXXXXXX
ComorosXXXX
CongoXXX
Costa RicaXXXXXX
Cote d’IvoireXXX
CyprusXXX
DenmarkXXXXXXXX
DjiboutiXXX
DominicaXX
Dom. RepublicXXXXXX
EcuadorXXXX
EgyptXX
El SalvadorXXXX
Equitorial GuineaXX
EthiopiaXXX
FijiXXX
FinlandX
FranceXXXXXXXXXXX
GabonXXX
Gambia theX
GermanyXXXXX
GhanaXXXXXX
GreeceXXXXXXX
GrenadaX
GuatemalaXXX
GuineaXX
Guinea BissauXX
GuyanaXX
HaitiXXXX
HondurasXXXXXXX
HungaryXXXX
IcelandXXXXX
IndiaXXXXX
IndonesiaXXXXXX
IranXX
IraqX
IrelandX
IsraelXXXX
ItalyXXXXXXXXXXXX
JamaicaXXX
JapanXXXXX
JordanXXXX
KenyaXXX
KiribatiX
KoreaXXX
KuwaitXXXX
LaosX
LebanonXXXX
LesothoXXX
LiberiaXX
LibyaXX
LuxembourgXX
MadagascarX
MalawiXXXXXXXXX
MalaysiaXXXXXXXX
MaldivesX
MaliXXX
MaltaXX
MauritiusXXX
MexicoXXXXXXXX
MoroccoXXXXXX
MozambiqueX
NepalXX
NetherlandsX
New ZealandXXX
NicaraguaXX
NigerXXX
NigeriaX
NorwayXXXXX
OmanX
PakistanXXX
PanamaXXXXXXX
Papua N. GuineaXXXX
ParaguayXX
PeruXXXXXX
PhilippinesXXXXXXXXXXXX
PolandXXXXXX
PortugalXXXXXX
QatarXX
RomaniaXXXXX
RwandaXXX
St. Kjtt.& NevisXX
St. LuciaXX
St. VincentXX
Sao Tome & Prin.X
Saudi ArabiaXX
SenegalXXX
SeychellesXX
Sierra LeoneX
SingaporeXXXXX
Solomon Isls.X
SomaliaXXX
South AfricaXXXXXXX
SpainXXXXXXXXX
Sri LankaXX
SudanXX
SurinamXX
SwazilandXXXX
SwedenXXXXX
SwitzerlandXXX
SyriaXXXX
TanzaniaXXX
ThailandXXXXXXXX
TogoXXX
Trin&TobagoXX
TunisiaXXX
TurkeyXXXX
UgandaX
Unit.Arab EmiratesXX
United KingdomXXXX
United StatesXXXXXXXXX
UruguayXXXXXXXX
VanuatuXX
VenezuelaXXXXXXXX
Viet NamXX
Western SamoaX
Yemen Arab Rep.XX
Yemen, P.D.X
YugoslaviaXXXX
ZaireXXXXX
ZambiaXX
ZimbabweX

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Other deposits in national currency (eg. time and savings deps.)

Other deposits in foreign currency.

Repurchase agreements.

Certificates of deposit.

X indicates the presence of the holder, instrument, or issuer in monetary aggregates in the applicable country.

Other deposits in national currency (eg. time and savings deps.)

Other deposits in foreign currency.

Repurchase agreements.

Certificates of deposit.

References

Adapted from a background paper for the Expert Group Meeting on Financial Flows and Balances, September 6-15, 1988, Washington, D.C. I would like to thank Kevin O’Connor and members of the Financial Institutions Division and the Bureau of Statistics for their helpful comments and suggestions during all stages of the preparation of this paper. Needless to say, all remaining omissions are my own. This paper is scheduled for publication in a forthcoming book of essays on the Fund’s statistical systems and the revision of the SNA by the Fund.

United Nations, A System of National Accounts (New York: United Nations, 1968).

For the past two decades, monetary thought has been influenced substantially by work in the area of the demand for money and its relationship to ultimate economic objectives, particularly by Friedman and his associates. See Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, (Princeton: Princeton University Press, 1963).

The financial programming framework was originally designed for a small open economy operating under a fixed exchange rate. This assumption is very important for the analysis. The complications that arise from the relaxation of this assumption are addressed in each individual Fund-supported program. See IMF, Theoretical Aspects of the Design of Fund-Supported Adjustment Programs, Occasional Paper No. 55 (IMF: Washington, D.C., 1987), p. 12.

Note that the choice between money and credit as a policy variable depends on factors such as the exchange rate regime and the openness of the economy. In general, for small open economies under fixed exchange rates, credit policy instruments are more effective, as the ability of the authorities to control the growth of domestic monetary aggregates over any extended time period is very limited. See IMF, Theoretical Aspects of the Design of Fund-Supported Adjustment Programs, for an elaboration of these ideas.

For a discussion of early issues from Irving Fisher onward, see E. W. Laidler, The Demand for Money: Theories and Evidence, Second Edition (New York: Harper & Row, 1977).

Board of Governors of the Federal Reserve System (U.S.), “Improving the Monetary Aggregates,” A Report of the Advisory Committee on Monetary Statistics (Washington, D.C., June 1976).

Note that it is possible for domestic prices to be affected not only by exchange rate adjustments but also by changes in reserve money. Therefore, policy actions on both domestic monetary growth and credit may be necessary to achieve balance of payments and inflation objectives at the same time. For a discussion of these issues, see Manuel Guitian, “Credit Versus Money as an Instrument of Control,” in Staff Papers, Vol. XX, No. 3 (Washington, DC: IMF, November 1973).

See Bank for International Settlements “Financial Innovation and Monetary Policy” (Basle, March 1986) for a discussion of these issues.

However, deregulation has not always been a deliberate policy but has also been a reaction to innovation.

It should be noted that the monetary aggregates used as intermediate targets of policy in any given country are usually formulated in the annual report of the central bank (or similar monetary authority) and they are not necessarily all those contained in the statistical publication. Also, in some countries, the formulation of monetary aggregates and their measurement has preceded their regular publication in statistical publications.

These include Algeria, Austria, Botswana, Djibouti, India, Lebanon, Lesotho, Mozambique, Pakistan, Papua New Guinea, the Philippines, Portugal, Sudan, Swaziland, Tanzania, Turkey, and the United States.

Countries following this practice include Argentina, Australia, Brazil, Chile, Denmark, France, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, the Philippines, Portugal, Singapore, Spain, Thailand, the United Kingdom, the United States, Uruguay, and Venezuela.

These include Argentina, Bolivia, Brazil, Chile, Costa Rica, Ecuador, France, Korea, Libya, Mauritania, the Philippines, Romania, Saudi Arabia, Somalia, Suriname, Sweden, Syria, the United States, Venezuela, and the Yemen Arab Republic.

This is the case, for example, in Australia, Austria, Canada, France, Germany, Greece, Haiti, Iran, Italy, Japan, Panama, Spain, Switzerland, Tonga, the United Kingdom, and Western Samoa.

For example, central bank bills and/or bonds are found in Argentina, Brazil, Chile, Italy, Kuwait, Malaysia, and the Philippines, among others.

This practice occurs, for example, in Austria, Cape Verde, Dominican Republic, Ecuador, Germany, Guatemala, Guyana, Hungary, India, Lebanon, Malawi, Mauritius, Norway, Panama, Peru, Romania, Tanzania, Turkey, and Yugoslavia.

For instance, Brazil, Chile, Denmark, France, Honduras, Italy, Malawi, Mexico, the Netherlands, the Philippines, the United Kingdom, and the United States.

For instance, Algeria, Benin, Burkina Faso, Cameroon, the Central African Republic, Chad, Comoros, the Congo, Cote d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Madagascar, Mali, Morocco, Niger, Senegal, Togo—as well as in France and Seychelles.

Demand deposits are issued by the post office savings institutions, for example, in Belgium, Benin, Burkina Faso, Burundi, Cameroon, the Central African Republic, Chad, the Congo, Cote d’Ivoire, Denmark, Equatorial Guinea, France, Gabon, Germany, Ireland, Italy, Luxembourg, Madagascar, Mali, Mauritania, Morocco, the Netherlands, New Zealand, Niger, Norway, Senegal, and Togo (Appendix Tables 3 and 4).

Examples include Algeria, Austria, Bahrain, Fiji, Germany, Paraguay, Seychelles, Solomon Islands, and the United Arab Emirates.

This occurred, for example, in Australia, Canada, France, Germany, Ireland, Japan, Sweden, Switzerland, the United Kingdom, and the United States.

Examples include, Australia, Canada, France, Hong Kong, Israel, New Zealand, Singapore, Sweden, Switzerland, the United Kingdom, and the United States.

Examples include, Argentina, Botswana, Chile, Iceland, India, Israel, Mexico, and Papua New Guinea.

For example, in Argentina, Fiji, Israel, Saudi Arabia, Sweden, Turkey, and Vanuatu, foreign currency deposits are consolidated at the M3 or other still higher level, while in Bahrain and the United Arab Emirates, only government deposits are consolidated at the M3 level.

Examples are, Argentina, Canada, Chile, France, Germany, Guatemala, Israel, Italy, Japan, Korea, Mexico, the Philippines, Portugal, Switzerland, the United Kingdom, the United States, and Venezuela.

Examples are, Australia, Colombia, Costa Rica, Jamaica, Kuwait, Malaysia, and Uruguay.

This occurs, for example, in Bhutan, Brazil, Colombia, France, Hungary, Mexico, the Philippines, Portugal, Romania, Spain, Sweden, Trinidad and Tobago, the United Kingdom, and the United States.

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