The authors discuss the institutional theory of banking crises. The concept of “games of banking agreements,” introduced by Ch. Calomiris and S. Haber in their book Fragile by Design: The Political Origins of Banking Crises and Scarce Credit is discussed as an tool to explain the dynamics of banking system development. The article stresses that the practical significance of the “games of banking agreements” concept will be higher if one distinguishes among various levels of the “game.” The concept should be further developed with regards to the globalization aspect