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首页> 外文期刊>Advances in Complex Systems >THE IMPACT OF BANKS' CAPITAL ADEQUACY REGULATION ON THE ECONOMIC SYSTEM: AN AGENT-BASED APPROACH
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THE IMPACT OF BANKS' CAPITAL ADEQUACY REGULATION ON THE ECONOMIC SYSTEM: AN AGENT-BASED APPROACH

机译：银行的资本充足率监管对经济体系的影响：基于代理的方法

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Since the start of the financial crisis in 2007, the debate on the proper level leverage of financial institutions has been flourishing. The paper addresses such crucial issue within the Eurace artificial economy, by considering the effects that different choices of capital adequacy ratios for banks have on main economic indicators. The study also gives us the opportunity to examine the outcomes of the Eurace model so to discuss the nature of endogenous money, giving a contribution to a debate that has grown stronger over the last two decades. A set of 40 years long simulations have been performed and examined in the short (first five years), medium (the following 15 years) and long (the last 20 years) run. Results point out a non-trivial dependence of real economic variables such as the gross domestic product (GDP), the unemployment rate and the aggregate capital stock on banks' capital adequacy ratios; this dependence is in place due to the credit channel and varies significantly according to the chosen evaluation horizon. In general, while boosting the economy in the short run, regulations allowing for a high leverage of the banking system tend to be depressing in the medium and long run. Results also point out that the stock of money is driven by the demand for loans, therefore supporting the theory of endogenous nature of credit money.
机译：自2007年金融危机爆发以来，关于金融机构适当杠杆水平的争论一直很活跃。本文通过考虑银行资本充足率的不同选择对主要经济指标的影响，解决了欧拉斯人工经济中的这一关键问题。该研究还为我们提供了检验Eurace模型结果的机会，从而讨论了内生货币的性质，为过去二十年来不断发展的辩论做出了贡献。在短期（前五年），中期（随后的15年）和长期（最近的20年）中，已经执行并检查了一组40年的模拟。结果指出，实际经济变量（例如国内生产总值（GDP），失业率和总资本存量）对银行资本充足率的依赖性并不小。这种依赖关系取决于信用渠道，并且会根据所选的评估范围而显着变化。一般而言，在短期内促进经济增长的同时，从中长期来看，允许银行体系发挥高杠杆作用的法规趋于令人沮丧。结果还指出，货币存量是由贷款需求驱动的，因此支持信贷货币的内生性理论。

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