Procyclicality of U.S. Bank Leverage
研究了美国商业银行和储蓄银行账面杠杆顺周期性的决定因素，发现总资产增长和GDP增长与杠杆增长正相关，银行商业模式比会计或监管风险权重更重要。
In light of the current debate about the link between accounting and financial stability, we investigate the determinants of procyclical book leverage for U.S. commercial and savings banks. We find that total asset growth and GDP growth are both positively related to book leverage growth. Our evidence is not consistent with the notion that fair value accounting contributes to procyclical leverage or that historical cost accounting reduces procyclicality. Overall, the business model of banks is more important for procyclical leverage than accounting or regulatory risk weights.