Global broad money · QuantMetrics Lab
MM2 —
MM2 Index
An operational measure of global broad money covering approximately 71.87% of world nominal GDP. MM2 is the unweighted sum of M2-equivalent monetary stocks in the fixed P08 basket, converted to current USD using the appropriate FX convention.
Indicator primer
What MM2 measures
MM2 is an operational global broad-money measure built from a fixed basket of eight major monetary jurisdictions: the United States, China, the euro area, Japan, the United Kingdom, India, Russia and Brazil. Each national M2-equivalent stock is converted to current U.S. dollars under the documented FX convention and then added without GDP weights.
The fixed P08 basket is deliberate. It keeps the composition of the indicator stable through time, so changes in MM2 reflect movements in the underlying monetary stocks and exchange rates rather than the mechanical entry and exit of countries from a changing ranking. The basket’s share of world nominal GDP describes economic coverage; it does not determine how much weight a jurisdiction receives inside the aggregate.
MM2 also separates measurement from publication timing. When a target-month monetary observation has not yet been released, the latest official stock can be carried forward temporarily and is explicitly labelled as such; it is replaced when the official observation becomes available. The purpose is to maintain a transparent monthly production series without disguising data lags as new information.
Historical series
Global broad money through time
Monthly MM2 in trillion current USD. Hover for exact observations, use the range controls, or hold Shift and drag across the chart to zoom into a custom interval.
MM2 Components
Eight monetary jurisdictions. One inspectable aggregate.
Each component is published in national currency and in current USD. Data status refers to the monetary stock itself; FX freshness is disclosed separately because a carried monetary stock can still have a different USD equivalent when a newer FX observation is available. Current maximum carry age across the 8 components: 1 month.
Research and access
Documentation and data access
The World Is Not Enough
MM2 is the operational P08 implementation derived from the broader QWM2 research framework. The underlying study asks how much of the world economy is needed to reproduce near-global monetary dynamics and documents the construction, validation and robustness of the resulting broad-money measurement framework.
Historical series and structured outputs
Extended historical series, versioned files and machine-readable outputs are available on request for research, institutional and licensing purposes. Public country-level component histories remain directly accessible from the MM2 country cards.
Primary sources & technical notes
Country-level data remain visible beneath the aggregate.
MM2 is designed to function not only as a headline aggregate but also as a public access point to the monetary series used to construct it. Open a country card above for its complete monthly history, current-USD equivalent, publication-lag status and source note.
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