The main argument is that high leverage contributes powerfully to systemic risk – a condition in which asset prices move in a highly correlated way, and distress, when it occurs, spreads quickly.   Leverage is also partially caused by misperceptions of risk and mispricing of liquidity.  It is desirable to constrain leverage, but not to the point of increasing the cost of capital and investment.
L’argument principal ici est qu’un fort levier expose à un risque systémique fort – une situation dans laquelle les prix des actifs entrent en corrélation et où le péril, quand il apparaît, se répand rapidement.