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  • Author or Editor: Aristotelis Spiliotis x
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Yannis Panagopoulos and Aristotelis Spiliotis

This chapter extends the horizontalist–structuralist debate about the money-supply process, taking into consideration the restrictions that emerged during the Basel III agreements. A two-step approach is proposed: first, the existence of a new ‘equity credit multiplier’ is examined, that is, the importance of banks’ equity in their lending process. Then, this ‘equity effect’ is embedded into a multivariate loan model. By applying this two-step approach to the euro area, the chapter concludes that there are strong empirical indications of money endogeneity in the system with a reversed ‘equity credit multiplier’.

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Stelios Karagiannis, Yannis Panagopoulos and Aristotelis Spiliotis