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financial fragility
Financial Fragility is the vulnerability of a financial system to a financial crisis. Franklin Allen and Douglas Gale define financial fragility as the degree to which "...small shocks have disproportionately large effects." Roger Lagunoff and Stacey Schreft write, "In macroeconomics, the term "financial fragility" is used...to refer to a financial system's susceptibility to large-scale financial crises caused by small, routine economic shocks."
==Sources of Financial Fragility==
Why does the financial system exhibit fragility in the first place? Why do banks choose to take on a capital structure that makes them vulnerable to financial crises? There are two views of financial fragility which correspond to two views on the origins of financial crises. According to the fundamental equilibrium or business cycle view, financial crises arise from the poor fundamentals of the economy, which make it vulnerable during a time of duress such as a recession. According to the self-fulfilling or sunspot equilibrium view, the economy may always be vulnerable to a financial crisis whose onset may be triggered by some random external event, or simply be the result of herd mentality.〔〔Krugman, Paul, "Balance Sheets, the Transfer Problem, and Financial Crises", Draft 1999, http://web.mit.edu/krugman/www/FLOOD.pdf〕
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