Keywords: M1, M2, M3, M4, currency in circulation, demand deposits, savings deposits, time deposits, money market mutual funds, repurchase agreements
Abstract: This paper compares the compositions and definitions of monetary aggregates being published by the 30 countries
belonging to the Organization for Economic Co-operation and Development (OECD) and 10 non-OCED countries.
These countries are divided into 5 groups according to the similarity of their monetary aggregates and their
membership in the European Union (EU) and/or OECD. The first three groups are countries in the EU who have adopted
the European Central Bank's definitions of the monetary aggregates with some variations. Their monetary aggregates are
discussed together and presented in one table. The monetary aggregates for the countries in the other two groups are very
heterogeneous and each country is discussed separately. The criteria used to classify and define monetary aggregates by
individual countries are compared and summarized. Variations among the countries' monetary aggregates resulting from emphasis
on different criteria for money definitions are also addressed.
Full paper (213 KB PDF)
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Last update: February 1, 2007