He argued that acquisitions tended to be pro-cyclical and relied on the strength of the equity market.
他认为，企业收购往往是顺周期性的、并且依赖于股市的强势。
But they will not be resolved by imposing pro-cyclical policies on Spain or any other Eurozone country.
但解决办法并不是在西班牙或欧元区其它国家强行实施顺周期财政政策。
The biggest flaw of risk-based capital regimes such as the current Basel II, is that they are pro-cyclical.
顺周期性是风险基础资本体制(如当前的《巴塞尔协议II》)最大的缺陷。
Too many of them reflect the damaging effect of pro-cyclical budget cutting due to balanced-budget rules in cash-strapped states.
这些顺周期性的政策是按照平衡预算的要求而实施的。
Because financial intermediaries need to limit their leverage in a falling market, they sell assets (again, the system is pro-cyclical).
这是由于金融中介在下滑市场中会减少其杠杆操作的使用，他们卖出资产(同样，这个系统也是正向循环)。
Excessive and excessively pro-cyclical leverage is clearly dangerous, but was it caused by the new financial instruments and deregulation?
过度的以及过分顺周期的杠杆行为无疑是危险的，不过这是由新的金融工具与放松监管造成的吗？
Excessive and excessively pro-cyclical leverage is clearly dangerous, but was it caused by the new financial instruments and deregulation?
过度的以及过分顺周期的杠杆行为无疑是危险的，不过这是由新的金融工具与放松监管造成的吗？
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