Systemic Banking Crises, Institutional Environment, and Corporate Leverage
研究了1987至2017年85个国家在系统性银行危机期间企业杠杆的周期性变化，发现制度环境显著影响杠杆的顺周期或逆周期特征，弱制度加剧危机和不确定性。
Abstract This study examines corporate leverage during systemic banking crises in an international setting, including 85 countries from 1987 to 2017. Using the historically determined component of institutions and exogenous variations in institution building, the analyses show that leverage cyclicality varies substantially across institutional settings. Leverage is strongly countercyclical under more binding constraints on the capital supply, suggesting important supply effects of such crises on leverage. Weak institutions are more conducive to crises and uncertainty. Leverage countercyclicality is more pronounced during crises that coincide with higher uncertainty, whereas leverage is procyclical with stronger legal systems and information sharing in capital markets.