Ratio of Broad Money to Monetary Base (M3/M0)

The Ratio of Broad Money to Monetary Base (M3/M0) measures how many units of broad money are supported by each unit of the monetary base. It is a money multiplier indicator that reflects the degree of money creation by the banking system across Latin America and the Caribbean. Published in the Latin Macro Watch of the Inter-American Development Bank (IDB), it lets economists, policymakers, and researchers compare monetary dynamics across the region on a consistent basis.

Coverage

The series spans 19 countries in Latin America and the Caribbean at annual, monthly, and quarterly frequency, covering the period 1990 to 2026. Values are expressed as a ratio, including average-of-period and end-of-period variants, and can be viewed through transformations such as 3-, 6-, and 12-month moving averages (MA3, MA6, MA12) and month-over-month, quarter-over-quarter, and year-over-year percentage changes (MoM %, QoQ %, YoY %).

Sources

The data are compiled from national monetary authorities and IDB internal calculations based on official figures from institutions including the Central Bank of The Bahamas, Banco Central do Brasil, Banco de Mexico, and Banco de la República de Colombia, ensuring regionally comparable measures of money creation.

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Format	CSV
Language	en
Country	Argentina Bahamas Trinidad & Tobago Belize Costa Rica Dominican Republic Ecuador Bolivia Brazil Chile Colombia El Salvador Jamaica Mexico Nicaragua Guatemala Guyana Haiti Honduras Panama Uruguay Venezuela Barbados Paraguay Peru Suriname
Data notes	What does the Ratio of Broad Money to Monetary Base (M3/M0) measure? It measures how many units of broad money (M3) are supported by each unit of the monetary base (M0). It works as a money multiplier, indicating the degree of money creation by the banking system. How many countries and which frequencies and period are covered? The indicator covers 19 countries across Latin America and the Caribbean, available at annual, monthly, and quarterly frequency, over the period 1990 to 2026. What units and transformations are available? Values are expressed as a ratio, including average-of-period and end-of-period variants. Transformations include 3-, 6-, and 12-month moving averages (MA3, MA6, MA12) and month-over-month, quarter-over-quarter, and year-over-year percentage changes. Where do the data come from? The data are compiled from national monetary authorities and IDB internal calculations based on official figures from institutions such as the Central Bank of The Bahamas, Banco Central do Brasil, Banco de Mexico, and Banco de la República de Colombia. What is this indicator typically used for? It is used to analyze money creation and banking-sector dynamics, assess monetary policy transmission, and compare the money multiplier across Latin American and Caribbean economies over time. How do I cite this indicator? Cite it as: Inter-American Development Bank (IDB), Latin Macro Watch — "Ratio of Broad Money to Monetary Base (M3/M0)." data.iadb.org/dataset/latin-macro-watch-dataset.