Much of the research on banking, the financial crisis and regulatory reform takes for granted that banks and the financial system must be as vulnerable to risks as they are, so that the failure of one bank can pull down the entire financial system. Some academic research suggests that this fragility might actually be a necessary by-product of the benefits banks provide to the economy. However, this work is based on assumptions under which fragility is indeed unavoidable, without assessing ..........Read - ET
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