Before revision:  The systemic risk of the network is described in terms of the loss distribution over time obtained with a multi-period Montecarlo simulation process, during which the nodes can default, triggering a change in the probability of default in their neighbourhood as a contagion mechanism. In particular, we have considered the expected loss and introduced new measures of network stress called PDImpact and PDRank . They are expressed in monetary terms as the already known DebtRank and can be used to assess the importance of a node in the network. The model exhibits two regimes of 'weak' and 'strong' contagion, the latter characterized by the depletion of the loss distribution at intermediate losses in favour of fatter tails.
After revision:  The systemic risk of the network is described in terms of the loss distribution , while the contribution of each node is quantified by the new measures PDRank and PDImpact. We illustrate how the model works on the network of the latter characterized by the depletion of the loss distribution at intermediate losses in favour of fatter tails.