# kaal:claim:2273857-025

**Claim.** An exogenous shock, often a fundamental technological advancement, starts the crisis sequence by creating conditions for optimism in the real and financial sectors of the economy.

**Type.** mechanism  **Support.** evidenced

**Holds when.**

- historical pattern of banking crises

**Source quote.**

> An exogenous shock in the economy often starts this sequence of events by creating conditions for optimism in the real and financial sectors of the economy.

**From.** Wulf A. Kaal, *Dynamic Regulation of the Financial Services Industry* (2013), II.1 Common Denominators of Financial Crises, page 13

**Cite as.** Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857

**Verify.** sha256 of source PDF `e7cb3dea40593135acc99a9b00690138fe01020514ebf388f5140e1b0e59e82a` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Dynamic%20Regulation%20of%20the%20Financial%20Services%20Industry.pdf

**Topics.** innovation

**Keywords.** exogenous-shock, credit-expansion, technological-innovation, crisis-anatomy

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