Chapter 2

Banking Fragility, United States, 1790–2009

Charles W. Calomiris

Columbia University, New York, NY, USA



What are banking crises and when and why do they occur? Banking crises properly defined consist either of moments of widespread and panicked depositor withdrawal or waves of costly bank failures. A historical analysis of banking crises reveals that they are not random events, cannot be seen as the inevitable result of human nature or the liquidity ...

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