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Updated: May 23, 2025
Established economic theory pioneered by Merton in 1977 shows that, counterintuitively, the closer a bank is to insolvency, the more inclined it is to risky lending. Nobuhiko Hibara of Columbia University demonstrated this effect convincingly in the Japanese banking system in his November 2001 draft paper titled "What Happens in Banking Crises Credit Crunch vs. Moral Hazard".
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