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 leverage (taking into account off-balance sheet securitization) is especially relevant for the US, where GAAP accounting rules for securitization allowed until 2009 a...
