"Determinants of Money"

"International money quantity, i.e. the national quantities of money converted in one common currency at the prevailing nominal exchange rates, is completely out of control."

Narrowly-defined money is heavily influenced by central banks. Instead, depositors, banks, financial and public institutions play a crucial role for broad money aggregates.

With respect to the general economic climate, a booming economy usually exhibits a high growth of money quantity. By contrast, in hyperinflation, real money is drastically squeezed.