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Abstract
The global financial crisis that began in 2008 triggered a growing interest in issues related to financial stability and a consequent need for change in their regulation. This work proposes a three-agents theoretical model — financial intermediaries, firms and government— in which it is shown that the government subsidies granting is more effective if they are directed through a financial intermediary, carrying besides, to a further financial depth. The first section develops the concepts of pro-cyclicality, leverage and systemic risk. The model is presented in the second section and the macroeconomic exercise is developed.
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