Hot money is notoriously unstable and even more notoriously procyclical.

热钱素有不稳定的恶名，名声更差的是其顺周期性。

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Some suggest replacing corporate and sovereign ratings with credit-default-swap prices, but these too can be procyclical.

一些人提议用信用违约互换的价格来替代公司和主权信用评级，但其同样也会扩大经济波动。

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It is found that TFP growth rate increases by degrees generally but fluctuates markedly and shows the procyclical characteristic.

结果发现，我国全要素生产率总体上是递增的，但波动剧烈且呈现顺周期的特征。

youdao

Some suggest replacing corporate and sovereign ratings with credit-default-swap prices, but these too can be procyclical.

ECONOMIST: Reducing reliance on ratings is a worthy goal, but not easy

But then the combined effects of the procyclical accounting and regulatory rules took over and turned the hoped-for soft landing into a very turbulent ride.

FORBES

Congress established a highly procyclical method for assessing FDIC premiums.

FORBES