Panetta, Fabio; Angelini, Paolo; Albertazzi, Ugo; … - 2011
We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial … may influence pro-cyclicality and that have been overlooked in earlier analyses. We then examine three issues that are … institutional set-up and the key mechanisms at work, we critically examine a series of proposals designed to mitigate pro-cyclicality …