Investing in the next cycle #3: financial leverage will be much less attractive
US TOTAL FINANCIAL LIABILITIES, % OF GDP
1000
1000
ALL SECTORS GROSS FINANCIAL LIABILITIES RELATIVE TO US GDP. NO SECTOR NETTING.
900
900
800
800
TOTAL FINANCIAL LIABILITIES
700
700
600
600
500
500
400
400
300
300
200
200
...of which FINANCIAL SECTOR
100
100
0
0
45 50 55 60 65 70 75 80 85 90 95 00 05 10 15 20 25
1
Sources: Federal Reserve, NBER
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