Assuming that FASB Statement 13 is working as it is supposed to work, should traditional leasing arrangements

Question:

Assuming that FASB Statement 13 is working as it is supposed to work, should traditional leasing arrangements enable a firm to use more financial leverage than it otherwise could? How did synthetic leases alter the situation? How do FASB Statement 13 and synthetic leases affect the rate at which cash flows are discounted in a lease analysis?