Leverage across firms, banks, and countries ☆

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Subfields: Finance

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Leveraged Network-Based Financial Accelerator (2013, background): “Geanakoplos (2010) ﬁnds that leverage is pro-cyclical, while Kalemli-Ozcan et al. (2011), as well as Adrian and Shin (2008,2009), ﬁnd that the leverage pattern for non-ﬁnancial ﬁrms is acyclical (instead this is pro-cyclical for investement banks and large commercial banks).”
Capital flows and the international credit channel (2017, background): “See Kalemli-Özcan et al. (2012); Adrian and Shin (2014) on leverage.”
How Debt Markets Have Malfunctioned in the Crisis (2009, unknown): “2 A growing empirical literature documents how the limited risk capital of fi nancial institutions affects asset prices: for some recent examples, see Gabaix, Krishnamurthy, and Vigneron (2007), Garleanu, Pedersen, and Poteshman (2007), and Greenwood and Vayanos (2008).”