Publications

Joint FSF-CGFS Working Group – The role of valuation and leverage in procyclicality

This report explores the link between leverage and valuation in the light of the recent experience of market stress. Prior to the crisis, traditional balance sheet measures of leverage did not give an unambiguous signal of higher risk during the boom years of 2003-07. While balance sheet leverage increased at European banks and US investment […]

Ongoing and Recent Work Relevant to Sound Financial Systems

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