increasing reliance on expensive non-core funding. Commonalities across failing banks imply that failures are highly predictable … deposit insurance, when depositor runs were common. Bank-level fundamentals also forecast aggregate waves of bank failures … during systemic banking crises. Altogether, our evidence suggests that the ultimate cause of bank failures and banking crises …

of the CE in linear economies is market failures, whose theoretical principles are embedded in modern welfare economics … and neoclassical economics. Market failures shape the functioning of different areas of the markets, including the … the promotion and development of a CE. The aim of the paper is to identify market failures that limit the implementation …