Crisis or Consolidation? Predicting Bank Distress in Sweden 1917-1923
Crises are inherently connected to the strengths and functions of the financial system in creating and expanding credit (Broberg and Ögren, 2019). They are as much products of the innovation and expansion which precede them as they are a cause of the realignment and adjustment that follows them. For this reason, Marx, Minsky and Kindleberger have all regarded financial instability as a fundamental