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In the case where all deposits are risk-sensitive, they show that, when an internal solution \\(\\widehat{k}\\) for the capitalization ratio exists, then \\(\\widehat{k}\\) will be increasing in the real interest rate \\(r^*\\); that is, \\(\\frac{d \\widehat{k}}{d r^*} > 0\\). Furthermore, they show that, when bank leverage is optimally chosen to maximize profits, monitoring will always increase with the real interest rate; that is, \\(\\frac{d \\widehat{q}}{d r^*} > 0\\), where \\(\\widehat{q}\\) denotes the bank's equilibrium monitoring behaviour.  When the leverage is exogenous, the authors show a similar result, namely that there exists a degree of capitalization \\(0 \\leq \\widetilde{k} < 1\\) such that for \\(k \\geq \\widetilde{k}\\) bank monitoring increases with the real interest rate; that is, \\(\\frac{d \\widehat{q}}{d r^*} > 0\\).  Extensions of the model, a numerical example and some empirical evidence are presented as 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