关键词: 经济周期 , 金融体系顺周期性 , 发生机制

Abstract: Since 1970s，the mutually reinforcing mechanisms through which the financial system can amplify business fluctuations and possibly cause or exacerbate financial instability，is considered as one of the important revelations drawn from the frequent occurrence of crisesDifferent from traditional methods，the perspective of study has switched from the endogenous “selfbehavior procyclicality effect” to the exogenous “institutional procyclicality effect”This paper starts with the three typical cases，namely capital regulation，loan loss provisions system as well as fairvalue accounting principles，and expounds systematically the institutional procyclicality mechanisms of financial system from both theoretical and empirical perspectivesThe conclusion suggests that the institutional positive feedback mechanism which is rooted between the financial sector and real economy is closely related to the degree of economic fluctuations and is also the key factor that leads to financial instability

Key words: business cycle , procyclicality of the financial system , occurrence mechanism