Salcedo, Franz Alonso Hamann; Hernández, Rafael; … - BANCO DE LA REPÚBLICA - 2013
leverage during the business cycle. Using a sample of monthly bank balance sheets for the period 1994-2012, we find not only … ratios to higher ones during the upward phase of the leverage cycle could play the role of an early warning indicator of … financial vulnerability. In addition, we find that bank heterogeneity matters and thus, an aggregate measure of bank leverage …