Institute of International Monetary Research

05/10/2026

We offer a range of resources for economics students in schools and colleges including free online short courses and visits, if you're a teacher we'd love to hear from you. Simply go to our website mv-pt.org and send us a message and we'll be in touch.

04/10/2026

We are excited to announce our Annual Conference on November 12 on the topic of 'Exploring the Legacy of Keynes' General Theory'. Held at the University of Buckingham in conjunction with The Vinson Centre, the event offers the opportunity to network with a host of respected names from a range of institutions.

Speakers so far include Jan Toporowski, Paul Ormerod, Tim Congdon, Guillaume Vaulet, Jagjit Chadha, George Selgin, Valentin Boboc and Roger Backhouse

Refreshments and a light lunch are provided. For more information and to register, visit: https://mv-pt.org/forthcoming-events/

03/10/2026

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.

Read the full details at: https://mv-pt.org/digital-currency-course/

01/10/2026

MONTHLY MONETARY UPDATE: Deposits at US commercial banks rose by just under 0.7% in August, i.e., at an annualised rate of 8.0%. This was after a couple of slower months, but annual money growth needs to be 5% or less to be consistent with the 2% inflation target. Meanwhile Indian bank credit and broad money continue to grow at annual rates in the mid-teens %, in the context of vigorous supply-side dynamism. Money growth has slowed in China since March.

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 still seems reasonable, although the prospect is above-trend growth, not boom. The persistence of the Gulf hostilities – and the intensification of the Russia-Ukraine conflict – make conjectures about the world economy in late 2026 and 2027 hazardous. Broad money in the Eurozone is growing at a modest level, while in the UK it has slowed recently. Japan’s giant so-called “fiscal stimulus” has undermined the yen on the foreign exchanges.

Read the full Money Note now for more insights: https://mv-pt.org/monthly-monetary-update/

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 – …

29/09/2026

SEPTEMBER BUDGET WATCH: August was a difficult month for investors in sovereign debt. Markets have woken up to the scale of new issuance globally, while inflation prospects are clouded by military and geopolitical headwinds, particularly in the Middle East. The oil price has now been above $100 a barrel for a fortnight, with no early end in sight. The US Federal deficit in August was $168b., substantially (no less than $177b.) lower than in August 2025. But hopes for a return to fiscal seriousness were spoilt by President Trump’s political showmanship. His offer of $5,000 of 2027 tax cuts for each adult, on condition that the Republicans hold Congress in the mid-term elections, would have a potential 2027 cost of some $1,300b. Recent adverse moves in most sovereign yields have been swift. For example, French and Italian 10-year bond yields increased by 58 and 43bp respectively in a month, US and German similar yields by 32bp each, and the UK by 25bp. The trouble has been particularly serious for Japan. The 10year bond yield was practically zero in the seven-year period of 2016 – 22 inclusive but has flirted with 3% in recent sessions. This is the highest number since the 1990s.
Read more at: https://mv-pt.org/monthly-budget-watch/

22/09/2026

We are delighted to announce that 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/

19/09/2026

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/

10/09/2026

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/

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 – …