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THE YEARS 1987 and 1988 saw some dramatic developments in U.S. financial markets. The 1987 stock market crash was followed in 1988 by intense corporate restructuring activity, including a record volume of stock repurchases and leveraged buyouts.I Meanwhile the use of debt financing by U.S. corporations continued to increase, even among firms not involved in ownership changes or major restructurings. The increase in corporate leverage has caused some concern to policymakers responsible for the stability of the U.S. financial system. Federal Reserve Board Chairman Alan Greenspan testified in January 1989 to the Senate Finance Committee that "the spate of mergers, acquisitions, leveraged buyouts, share repurchases, and divestitures in

U.S. Corporate Leverage: Developments in 1987 and 1988