Skip navigation

Analysis and insight into trends
in money and banking, and their impact
on the world's leading economies

Our founder and Chairman

Tim Congdon is one of the world's leading monetary analysts. He advised the UK's 1979 - 97 Conservative government on economic policy, serving as a member of the Treasury Panel (the so-called 'wise men', or 'wise persons' when a lady had been appointed) from 1992 to 1997. He is usually regarded as the UK's leading exponent of the 'monetarist' school of thought, and was influential in the late 1970s and early 1980s in the defence of 'Thatcherite monetarism'.

After starting his career as a journalist on The Times, he became an economist in the City of London in 1976. He founded the research consultancy, Lombard Street Research, in 1989 after correctly warning that the excessive money growth during the Lawson Chancellorship would lead to double-digit inflation. In his period on the Treasury Panel, he emphasized the importance of monetary variables in determining macroeconomic outcomes, and the difference between his approach to forecasting and that of other Treasury Panel members.

He left Lombard Street Research in 2005, to create more time to write about monetary theory and practice. Four significant works have appeared since then. In 2005 he published a long pamphlet on Money and Asset Prices in Boom and Bust and in 2009 a critique of the Bank of England's conduct in the Northern Rock affair called Central Banking in a Free Society. In 2007 a collection of essays on Keynes, the Keynesians and Monetarism appeared in the UK and in 2011 another collection with the title Money in a Free Society was published by Encounter Books in New York.

In the macroeconomic bedlam of early 2009, he set up International Monetary Research Ltd. as a vehicle for commenting regularly on monetary developments and banking. Tim Congdon has been a successful businessman and investor, and is the founder and main patron of the Institute of International Monetary Research, as well as being its first Director. In January 2016, he handed over the Directorship to Dr Juan Castañeda and is now the Chairman of the Institute

Our Director

Juan Castañeda

A Doctor of Economics since 2003 (UAM University at Madrid) and lecturer in Economics at the University of Buckingham since 2012, Juan Castañeda has experience working and researching in monetary policy and central banking.

He has worked with the European Parliament's Committee of Economic and Monetary Affairs and submitted written evidence for a UK Parliament report on the euro. He is an Honorary Senior Visiting Fellow in the faculty of finance (Cass Business School). He has been a visiting researcher at Cass Business School and the Centre of Monetary and Financial Alternatives at Cato, and lecturer at UNED University in Madrid. He has been awarded a Bank of Spain annual scholarship to develop research on monetary history, in particular on monetary policy and deflations in historical perspective, and has authored and edited academic books and research articles on the economic crises, monetary policy and central banking. He is the review editor of Economic Affairs, and has been a columnist of Expansion and of several online papers and sites. 

He has released a new book (co-edited with Geoffrey Wood and David Mayes), 'European Banking Union. Prospects and Challenges' with Routledge (2016)

Juan can be contacted on

Our Associate Director

Mohga Bassim

A Doctor of Economics since 2010  (Ain Shams University, Egypt) and a lecturer in Economics and Econometrics at the University of Buckingham since 2013, Mohga Bassim has long experience in banking and credit analysis National Société Generale, an area she worked in for almost 10 years in Egypt.

She teaches econometrics and economic development at University of Buckingham, and has long experience in teaching at both undergraduate and postgraduate programmes in other universities in the UK, continental Europe and Egypt. She has been awarded Santander Bank award in the last two years in support of her research on Foreign Direct Investments in the MENA region.

Senior administrator

John Petley

John Petley joined Tim Congdon at International Monetary Research Ltd in 2011 after working as a political researcher in the European Parliament.

He read music at Oxford and has written two books on political issues. Besides handling the Institute's finances, he is responsible for updating the money numbers on the website.

Office Manager

Gail Grimston

Gail has extensive administrative experience in the educational sector and has been an Office Manager in previous roles for over 10 years.Now managing the Institute's office, answering enquiries from the website and also organising events and seminars.

Gail can be contacted on

The great economist, John Maynard Keynes, said in his celebrated 1923 Tract on Monetary Reform, that changes in the value of money 'have produced in the past, and are producing now, the vastest social consequences, because, when the value of money changes, it does not change equally for all persons and for all purposes...[I]nflation and deflation alike...has inflicted great injuries'.

Mission Statement

The purpose of the Institute of International Monetary Research is to demonstrate and bring to public attention the strong relationship between the quantity of money on the one hand, and the levels of national income and expenditure on the other.

The Institute is heavily involved in the analysis of banking systems, particularly their role in the creation of new money balances. The relationships between money and national income/expenditure hold in all countries over long periods, and the Institute's research covers many countries. The "quantity theory of money" could be characterized as an "always-and-everywhere theory".

The Institute - which is associated with the University of Buckingham in England - was set up in 2014, in the aftermath of the Great Financial Crisis (a.k.a., "the Great Recession") of 2007 - 2009. It is an educational charity.

Currency - Dollar Currency - Euro Currency - Pound Currency - Rupee Currency - Yuan Currency - Yen