Edward J. Kane, an internationally recognized economist specializing in banking and financial regulation who served as Boston College’s inaugural James F. Cleary Chair in Finance, died on March 2. He was 87.
A highly cited author of three books and hundreds of academic articles, Dr. Kane was renowned as one of the few economists to foresee the savings-and-loan calamity of the 1980s, and pioneered the phrase “zombie bank” to describe an insolvent financial institution that is able to continue operating thanks to explicit or implicit support from the government.
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