Before revision:  By contrast, if the intrinsic heterogeneity of banks  is controlled for, the same properties undergo a slow and continuous transition , gradually connecting the crisisperiod to a much earlier stationary phase. This early-warning signal begins in 2005 , and is preceded by an even earlier period of "risk autocatalysis" characterized by anomalous debt loops .
After revision:  By contrast, if the intrinsic heterogeneity of banks is controlled for, the same properties show a gradual transition to the crisis, starting in 2005 , and is preceded by an even earlier period of "risk autocatalysis" characterized by anomalous debt loops .