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In Canada in particular, the leverage ratios of firms have fallen dramatically during the upswing preceding the global financial crisis that erupted in 2008.
The point that I am making is not that leverage ratios cannot rise during the upswing; rather, I am saying that leverage ratios may or may not rise during the upswing, and hence that balance sheets may not necessarily become more and more fragile and leveraged during the upswing.
For instance, they acknowledge the point made by Lavoie (1996, pp. 285-90) to the effect that, over the business cycle, loans are being taken out, profits earned, and loans repaid (out of profits, and out of borrowing), such that the ratio of loans to profits or to equity does not necessarily rise during the business upswing.
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