Beccalli, Elena; Boitani, Andrea; Di Giuliantonio, Sonia - In: Journal of Financial Intermediation 24 (2015) 2, pp. 200-230
This paper investigates the role of off-balance sheet securitization on US bank leverage pro-cyclicality. Effective …-crisis period securitization dominates the business model in determining the leverage pro-cyclicality to the point that even … securitization and capital ratios was week. The effect on leverage pro-cyclicality of the 2004 changes in regulation (the new SEC net …