Answer:
Banking panics, which is the basis for financial crises and banking crises of 20th and 21st centuries.
Explanation:
A banking panic is a financial term often referred to as bank panic, it describes a financial crisis that occurs as a result of many bank customers suddenly wanting to convert their threatened deposits into cash or totally withdraw all their cash deposit out of their domestic banking system altogether.
Unlike Bank run that affect single bank, bank panic affects many banks together, thereby leading to systemic banking crises, in which a country experiences many defaults, hence, many financial institutions and corporations face great difficulties repaying contracts
Hence, due to economic recession that occurred in the 20th century and recently occurred in 21st century, bank panic has been the resulting effects, leading to major financial banking crises.
