Template-type: ReDIF-Paper 1.0
Author-Name: Alfonso Palacio Vera 
Author-Workplace-Name: Departamento de Economía Aplicada, Pública y Política. Universidad Complutense de Madrid.
Author-Workplace-Homepage: https://www.ucm.es/eapp
Title: Accomodationists versus structuralists: some empirical evidence from Spain (1987-98)
Abstract: The main purpose of the study is to test empirically the theoretical controversy between the so-called "accommodationist" 
	and "structuralist" approaches in the context of the endogenous money hypothesis. The former is usually summarised as 
	stating that the determination of the money supply is essentially both credit-driven and demand-determined. The information 
	used for empirical testing corresponds to monetary time series data from the Spanish economy covering the period 1987-1998. 
	It thus encompasses the period which stretches from the complete liberalisation of commercial banks deposit and lending 
	rates in Spain up to the passing over of monetary policy management from the Bank of Spain to the European Central Bank. 
	Direct Granger causality tests are then run between the monetary base, various money multipliers (using the M1, M2 and M3 
	definitions) and bank lending to the non-bank private sector for the period considered. Overall the results lend strong 
	support for the structuralist approach since Granger causality is found to run predominantly from bank lending to the 
	monetary base (and thus banks´ reserves) and the various money multipliers.
Keywords: Política monetaria; España.
Length: 30 pages
Creation-Date: 1999 
Number: 99-20
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doctra99-20.txt
File-URL:https://eprints.ucm.es/id/eprint/6691/1/9920.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doctra:99-20