Abstract
1. There has recently been a revival of interest in the behaviour of the money supply both in the United States and in the United Kingdom.2 Most of the discussion, especially in the United States, has been concerned with the variables influencing the demand for money and the stability of various prescribed functions. When the discussion has focused on the factors affecting the money supply, the analysis usually has been limited to the influence of particular variables such as the supply of Treasury bills on bank deposits. This article is different in approach and sets out a statistical framework for analysing the impact of government borrowing operations, the balance of payments position and the banking sector's lending operations to the private sector3 on the money supply over a period of eleven years.
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