Institute of International Monetary Research

04/09/2026

What lies behind the decision of Scott Bessent, the US Treasury Secretary, to put out a statement on August 20th to the effect that the American government would support the long end of the bond market by outright purchases? US Treasury purchases of bonds increase the quantity of money, a topic explored in the latest monthly video from Tim Congdon.

Watch now:

An exposition of "Congdon's law" on debt interest payments, in the ...

01/09/2026

MONTHLY MONEY NOTE: Money growth has slowed in the USA in the last three months, despite the unusually high Federal deficits in June and July. The data have to be watched to see if this is a new trend. Money growth has also slowed in China since March. By contrast, the Indian banking system continues to grow at annual rates in the mid-teens % on the back of booming credit and vigorous supply-side dynamism. We have argued in recent commentary that - with these three economies accounting for roughly 40% - 50% of world output - the world economy would have been heading for above-trend growth in 2026 before the shock of the Iran hostilities. This view may have to be rethought. The persistence of the Gulf hostilities – and the intensification of the Russia-Ukraine conflict – make conjectures about the worldeconomy in late 2026 and 2027 hazardous. Broad money in the Eurozone is growing at a modest level whereas in the UK it is somewhat on the high side relative to the 2% inflation target. The giant so-called “fiscal stimulus” in Japan has not led to an upturn in money growth. Massive foreign exchange intervention to support the yen has offset buoyant bank credit.
Read the full Money Note:

Monthly monetary update Every month, the Institute of International Monetary Research produces a series of notes analysing the latest monetary trends in the world’s largest economies – …

30/08/2026

Huw Pill, Chief Economist at the Bank of England, will be the speaker at the Institute's 2026 Public Lecture on November 10 in London. His speech, titled 'Waiting for Bagehot', will reflect on lessons from recent episodes of market dysfunction and outline their implications for monetary stability. He will pose (and try to answer) a question: should we have an updated Bagehot rule to address changes to the economic and institutional environment that central banks now operate in, and if so, what should that involve?

The event is free to attend but places must be reserved in advance: https://mv-pt.org/forthcoming-events/

23/08/2026

AUGUST 31 DEADLINE: There are only a few days to go before submissions close for the Sixth-Form Monetary Policy Essay Prize 2026 in conjunction with Institute of Economic Affairs and Vinson Centre at The University of Buckingham

Full details are available on the IEA website https://iea.org.uk/Monetary-Policy-Essay-Prize/

20/08/2026

BUDGET WATCH AUGUST: Tim Congdon and Ewen Stewart examine the impact of substantially increased German defense expenditure on German fiscal position and highlight recent Russian ruble weakness

Read the full report now: https://mv-pt.org/monthly-budget-watch/

14/08/2026

The fundamentals of monetarism are explored in 'Money and Prices: An Introduction to Monetarism' from the Institute of International Monetary Research.

In this six-week online course, there is a focus on how money is created in modern economies, the effect of bank regulation and the impact on asset and consumer prices resulting from changes to the quantity of money.

It would be of particular interest to anyone wishing to broaden their knowledge of economic theory for investing, work or study.

For full details go to: https://mv-pt.org/online-course/

11/08/2026

Delve into the topic of central bank digital currencies and cryptocurrencies in 'Money, New Means of Payment and Central Banks', a 6-week online course. It considers such subjects as the historic debates on free banking, whether cryptocurrencies can be regarded as money, and whether these new methods of payment are just a passing fad or a foretelling of the future.

Find out all the details at: https://mv-pt.org/digital-currency-course/

08/08/2026

Are you an economics undergraduate? Don't miss the Undergraduate Monetary Policy Essay Prize 2026 held in conjunction with the IEA and Vinson Centre for your chance to win not only an internship but also a substantial cash prize.

Full details are available on the IEA website https://iea.org.uk/Monetary-Policy-Essay-Prize/

03/08/2026

Have you completed our free short course Money and Central Banks for Beginners? Why not try the free follow-on: 'Money and Central Banks for Beginners - Next Steps'. It provides new perspectives on the role and meaning of money in our society and should take no more than a couple of hours to complete.
Discover more: https://mv-pt.org/money-and-central-banks-next-steps/

01/08/2026

The Monthly Monetary Update for July reports that an enormous increase in Japan’s budget deficit in the first quarter of 2026 seems to have had only a minor dent on money growth, which remained low.

Read more, including the Institute's predictions for the rest of the year across developed economies:

Monthly monetary update Every month, the Institute of International Monetary Research produces a series of notes analysing the latest monetary trends in the world’s largest economies – …