A different but related argument claimed by the literature is that the optimal degree of vulnerability to banking crises must not be zero.
Under certain conditions it can be optimal not to be fully insured against liquidity crises in the banking system, in order to spur financial intermediation, increase the amount of credit available for investment and thus foster growth in the long run.14  9  Borio and Lowe (2002). The trend is estimated using information only up to the period under consideration.