Hi,
I am conducting research related to financial innovation. So, I decided to use broad-to-narrow money (M2/M1) as a proxy for financial innovation. Although the M2 money (broad money) data is available on the World Bank website, I was unable to come across any website that offers the M1 money (narrow money data) of all the countries for free. I have seen a website like Trading Economics that has the data related to M1 and M2 money supply, but they are on a pay per basis. As I am still an undergraduate student, I cannot afford to buy this data. It would be really helpful if anyone could suggest, where can I get Narrow Money (M1) or broad-to-narrow money (M2/M1) data of all the countries for free?
It is worth mentioning that the OECD database has narrow money data for all the OECD countries, but they do not have broad money data. One can ask why am I not using broad money data from the World Bank’s website (WB). Well, that is because OECD’s narrow money (M1) data and the WB’s broad money data is using two different types of variable. I cannot figure out how they will work together. So, if you can also provide any suggestions related to this, it will help too.
Thank you.
Besides the above mentioned institutions, try Penn World and University of Groningen data:
https://www.rug.nl/ggdc/productivity/pwt/
https://febpwt.webhosting.rug.nl/Home
Salaam. Great idea for analysis. I think you may Search data at central bank website. And also website of IMF. You may check it country wise.
As an inventor of a new idea, focus on your chance to get your ideas out there. Look toward the future and focus on your ideas. OECD'S database is a good start, however, it limits your potential. Keep trying and do not give up on your potential. https://www.oecd.org/statistics/listofoecddatabases.htm
As Andrea says IMF International Financial statistics has a variety of money supply series for around 200 countries at monthly, quarterly and annual frequency. These series can be accessed via the UK Data Archive or FRED databases.
You could use OECD data, in addition, I recommend IMF International Financial statistics
It will depend on the countries you will test. Central banks offer best data, also IMF, Eurostat for EU
1. Although often used, one should not speak of money supply, because what is measured is the money stock (or circulation), which is influenced by demand and supply (although for money, I find these concepts questionable: e.g. - unless I do not plan a big purchase - I have no concious demand for money, but I own money of several types).
2. I am not sure, if the M1/M2 relation is a good proxy for financial innovation. Even if, it is a rather crude indicator. Therefore, there seems no problem to take M1 data from one source and M2 data from another.
3. In a Monetary Union, cash (coins and banknotes) cannot correctly be attributed to the member countries. And currencies of big countries like the US are likely to be used as means of exchange in other countries, that means that (statistical) money stocks can be considerably higher/lower than the money circulating in that country/these countries.
https://fred.stlouisfed.org/ is a great, user-friendly database. For eurozone you can check the bruegel dataset https://www.bruegel.org/publications/datasets/divisia-monetary-aggregates-for-the-euro-area/
I strongly recommend the use of all available levels of aggregation and also the use of the theoretically correct Divisia monetary aggregates.
In statistical data of countries you interest, Central banks offer best data, IMF, Eurostat
FRED and the UK Data Archive (you need to register), https://www.data-archive.ac.uk/, where you can access the IMF IFS data base that has narrow and broad money supplies for a large number of countries.
for Turkey; https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket#collapse_4
And others; https://data.oecd.org/money/narrow-money-m1.htm
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