Analysis and insight into trends
in money and banking, and their impact
on the world's leading economies

Introduction with Professor Tim Congdon

Professor Tim Congdon, the founder of the Institute of International Monetary Research, discusses the link between money and national income, and explains the website.

You will find on our website our latest research notes, videos and publications, along with news on forthcoming events and our research agenda. You can also subscribe to our monthly newsletter here.

Our Research

The chart above shows the average annual % change in quantity of money, broadly-defined, and nominal national income in the various countries, 1981-2018.

The relation between changes in the amount of money and changes in nominal income is quite evident in the data, and it does hold in very different economies all across the world. This is one of the fundamental relations in monetary economics we use in our analysis of monetary policy and financial regulation and their expected effects on the economy.

"Extremely interesting and promising programme. (It) will contribute to bringing back ‘money’ into the field of research and central banking."
By Otmar Issing, Former Chief Economist and Member of the Board of the European Central Bank.

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Mission Statement

The purpose of the Institute of International Monetary Research is to demonstrate and bring to public attention the strong relationship between the quantity of money on the one hand, and the levels of national income and expenditure on the other.


The Institute is heavily involved in the analysis of banking systems, particularly their role in the creation of new money balances. The relationships between money and national income/expenditure hold in all countries over long periods, and the Institute’s research covers many countries. The “quantity theory of money” could be characterized as an “always-and-everywhere theory”.


The Institute – which is associated with the University of Buckingham in England – was set up in 2014, in the aftermath of the Great Financial Crisis (a.k.a., “the Great Recession”) of 2007 – 2009. It is an educational charity.

Latest Monetary Update

The latest message and analysis from our money update can be found here.


Watch our latest Money Update video and learn more about the expected effects of the policy responses to the coronavirus pandemic. You will learn more about the surge in money growth in 2020 and the expected inflationary boom in 2021 and 2022.


You can access our previous videos on key issues to understand the economy here.