When many banks fail simultaneously,this is known as a

Name: When many banks fail simultaneously,this is known as a
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When many banks fail simultaneously, it is known as a banking panic. This occurs when depositors lose confidence in the banking system and rush to withdraw their deposits, causing banks to fail due to a lack of liquidity. This often leads to a domino effect, where more and more banks fail, further exacerbating the panic.

When Many Banks Fail Simultaneously,this Is Known as a