M2 and Central Bank reserves
(in billions of $US)
Date Reserves M2
1985:01 6.91 43.05
1985:02 6.12 42.23
1985:03 6.87 41.72
1985:04 6.68 41.83
1985:05 6.49 41.85
1985:06 6.12 41.10
1985:07 4.88 33.79
1985:08 4.67 33.14
1985:09 4.89 32.87
1985:10 5.03 32.51
1985:11 4.91 32.10
1985:12 4.91 32.11
1986:01 5.27 29.71
1986:02 5.31 28.14
1986:03 5.00 27.07
1986:04 5.21 26.48
1986:05 4.49 25.75
1986:06 3.46 24.69
1986:07 2.92 23.74
1986:08 3.45 22.47
1986:09 3.33 21.52
1986:10 3.71 21.38
1986:11 4.14 21.54
1986:12 5.67 23.06
1987:01 6.37 22.28
1987:02 6.74 22.26
1987:03 7.74 23.52
1987:04 11.47 23.99
1987:05 11.70 24.32
1987:06 12.55 24.10
1987:07 12.70 24.52
1987:08 13.31 24.58
1987:09 13.31 24.64
1987:10 13.16 25.07
1987:11 12.93 25.46
1987:12 12.46 23.83
1988:01 12.31 23.20
1988:02 12.54 24.38
1988:03 14.52 26.79
1988:04 14.88 27.73
1988:05 14.27 29.45
1988:06 12.86 29.87
1988:07 10.47 29.87
1988:08 10.91 29.02
1988:09 8.59 30.18
1988:10 7.65 29.09
1988:11 5.48 24.46
1988:12 5.28 19.05
1989:01 5.47 15.84
1989:02 5.64 15.01
1989:03 5.10 14.15
1989:04 5.09 15.70
1989:05 4.34 18.04
1989:06 4.85 19.30
1989:07 5.49 19.90
1989:08 5.48 22.92
1989:09 6.86 27.13
1989:10 6.82 29.69
1989:11 6.47 30.35
1989:12 6.33 35.52
1990:01 5.56 32.79
1990:02 7.92 32.58
1990:03 4.32 31.99
1990:04 5.03 36.42
1990:05 5.49 37.19
1990:06 6.51 38.51
1990:07 6.83 38.81
1990:08 7.13 38.67
1990:09 7.58 40.18
1990:10 8.18 44.14
1990:11 9.43 48.21
1990:12 9.86 56.00
1991:01 10.56 53.88
1991:02 11.48 54.11
1991:03 11.61 56.18
1991:04 13.16 57.27
1991:05 13.66 60.22
1991:06 14.00 61.50
1991:07 14.40 62.45
1991:08 13.93 67.76
1991:09 16.44 65.43
1991:10 17.29 74.64
1991:11 19.69 74.36
1991:12 17.73 80.21
1992:01 17.96 78.33
1992:02 19.09 79.35
1992:03 18.52 80.38
1992:04 19.38 80.63
1992:05 18.86 80.33
1992:06 18.94 81.60
1992:07 18.96 82.43
1992:08 18.84 84.17
1992:09 19.21 84.66
1992:10 18.59 88.65
1992:11 18.91 92.10
1992:12 18.94 97.13
1993:01 21.22 97.44
1993:02 21.57 98.02
1993:03 21.27 97.46
1993:04 24.52 99.17
1993:05 24.23 100.36
1993:06 22.98 101.85
1993:07 22.94 102.03
1993:08 22.97 101.74
1993:09 23.07 102.23
1993:10 23.22 103.58
1993:11 19.19 107.27
1993:12 25.11 111.55
1994:01 26.63 110.09
1994:02 29.32 106.30
1994:03 25.89 105.38
1994:04 17.67 110.04
1994:05 17.43 108.71
1994:06 16.51 105.34
Calvo, personal communication.
Mexican Economic Crisis