The first of these concerns “procyclicality”.

第一个问题涉及到所谓的“顺周期循环”。

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In other words, if procyclicality is a problem, it is someone else's.

换句话说，如果“顺周期波动”是个问题，它也是别人的问题。

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Even if they leave procyclicality to bank regulators, standard-setters still have a lot on their plates.

纵然可以把顺周期循环的问题留给银行监管者，会计准则的制定者们依旧有很多值得耗费精力的事情。

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New-fangled finance has its flaws, from the procyclicality of its leverage to its fiendish complexity.

ECONOMIST: Shifting the balance

Measures that reduce the procyclicality of the financial system will help stabilise global liquidity flows.

FORBES: Bank Of Canada's Carney Warns About Loss Of Global Liquidity

However, as we consider ways to strengthen the system for the future in light of what we have learned over the past year, we should critically examine capital regulations, provisioning policies, and other rules applied to financial institutions to determine whether, collectively, they increase the procyclicality of credit extension beyond the point that is best for the system as a whole.

FORBES: Transcript