Resumen
The global financial crisis that began in 2008 triggered a growing interestin issues related to financial stability and a consequent need for changein their regulation. This work proposes a three-agents theoretical model ?financial intermediaries, firms and government? in which it is shown thatthe government subsidies granting is more effective if they are directed througha 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 macroeconomicexercise is developed.