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The impact of banks' capital adequacy regulation on the economic system: An agent-based approach

机译：银行资本充足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年金融危机开始以来，就金融机构的适当水平杠杆的辩论一直蓬勃发展。本文通过考虑对银行对主要经济指标的不同选择性选择的影响，涉及欧洲人工经济中的这种关键问题。该研究还使我们有机会审查欧元模型的结果，以便讨论内源金钱的本质，为过去二十年来造成争议的争议。在短（前五年），中等（接下来的15年）和长期（过去20年）运行中，已经进行了40年的仿真。结果指出了实际经济变量（如国内生产总值（GDP），失业率和银行资本充足率的总资本股票的非琐碎依赖;由于信用渠道，这种依赖性是由于所选择的评估视线而变化。一般而言，在短期内推动经济，允许银行系统高杠杆率的法规往往在中等和长期持续下令人沮丧。结果还指出，金额是由贷款的需求驱动的，因此支持信贷资金的内源性理论。

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