5 Another plausible reason why the effects of financial fragility on growth may have remained under-researched could be that financial fragility has been closely linked to financial crises - after all, fragility itself is often defined as vulnerability of a financial system to crisis. Importantly the results suggest that, even with the inclusion of the financial crisis dummy, the positive relationship between financial deepening and economic growth is not recovered, and moreover, that the fragility indicators have an independent impact on depressing economic growth in addition to their effects through financial crises.

Following the prior literature on bank capitalization, the bank-specific control variables used in our main regressions include: bank size, defined as the logarithm of a bank's total assets; loan ratio, calculated as a bank's net loans over total assets; and deposit level, defined as the ratio of total customer deposits over total assets. With respect to our subsamples, the coefficients of DamRatio are significant in columns and for the local bank subsample and in column for the regional bank sample, but insignificant in the remainder, demonstrating that natural disasters have the most impact on local banks, less impact on regional banks and are unlikely to affect national banks.

Such fragmentation of authority is evident at several levels: between state and non-state actors; between central, regional, and local government; and between different parts of the state. These ideas of hybrid governance have been further deepened by scholars examining how state and non-state actors react to and interact with others, while simultaneously attempting to fulfil key state functions of security, authority, and service provision.

A parent considering whether to opt out was representative of what I heard: "Many parents in the county do look at the option of private schooling. That is because the school systems is not as good as it could be. Which is a tough thing that I've always grappled with and probably haven't done enough research to fully understand why, but to have the affluence that this county has, and for decades to not have a stellar program as many other counties do, I don't quite understand what the major driving factor is." Geographic and Ethnoracial Variation Prince George's residents' experiences of the county's budget constraints are not consistent across neighborhoods, nor ethnoracial groups. Because Prince George's absorbs more moderate-­and low-­income residents, the county insulates the majority-­and plurality-­White jurisdictions it borders-Fairfax County in Virginia and Montgomery County in Maryland-from managing the needs of economically distressed residents to the same extent as Prince George's.

The use of search engines with key words focused on both urban issues and agriculture led to that of 'food security' , which itself, in the current context, tightly relates to questioning of globalisation, jeopardised food supplies, and short-supply food chains. The COVID-19 pandemic raises the alarm on the urgent need to transform the world's food systems and to include food in urban planning agendas: when deficits and surpluses create new food equations and disrupt established spatial fixes, new place-based food production initiatives can serve as turning points and will require innovative institutional and governance support, at both national and regional levels.

Starting with the May 6, 2010 U.S. "Flash-crash" where the Dow Jones Industrial Average dropped by 9% in the middle of the trading day, and partially recovered by the end of trading; moving to the October 15, 2014 Treasury Bond crash, where the yield on the benchmark 10-year U.S. government bond, dipped 33 basis points to 1.86% and reversed to 2.13% by the end of the trading day; to end with the August 25, 2015 ETF market freeze, during which more than a fifth of all U.S.-listed exchange traded funds and products were forced to stop trading. Liquidity traders' have no reason to change their position, since market conditions have not changed compared to the first trading round: they are not learning anything new about v, they cannot count on an increased liquidity supply from second period traders, and they can fully control the execution risk due to second period traders' order.

Step 2: We can write marginal bank profits as dΠ dr2 ∂r2 Z 1 dθ. −L) Since = r2 r(r21−ωr > 0 and 1 > 0 (given the bounds on r2 ) as well 1 as the parameter constraints ensuring that higher long-term deposit rates reduce bank fragility, there is a non-trivial trade-off for the bank: higher long-term deposit rates make the bank more stable but also reduce its profit margin. ECB Working Paper Series No 2783 / February 2023 33 Acknowledgements We are grateful for comments from our discussant Sofia Priazhkina as well as audiences at Canadian Economic Association 2022, Deutsche Bundesbank, Bonn, McGill, Queen's University, Erasmus Rotterdam, 6th Annual Workshop of the ESCB Research Cluster 3, Junior Banking Theory Workshop Eltville, King's College London, Norges Bank, and ECB. The views expressed in this paper are the authors' and do not necessarily reflect those of the European Central Bank or the Eurosystem.