但是，博里奥（Claudio Borio ） 、 Hyun Shin和其他人则指出：美国和欧洲的银行过度发展表外和离岸借贷活动加剧了债务的顺周期扩张。
But, as Claudio Borio, Hyun Shin, and others have pointed out, excessive off-balance-sheet and offshore lending by US and European banks also added procyclical pressure.