Before revision:  This early-warning signal begins in 2005 , and is preceded by an even earlier period of "risk autocatalysis" characterized by anomalous debt loops . These remarkable precursors are undetectable if the network is reconstructed from partial bank-specific information .
After revision:  This early-warning signal begins in 2005 , and is preceded by an even earlier period of "risk autocatalysis" characterized by anomalous debt loops presumably favored the underestimation of counter-party risk. These early-warning signals are undetectable if the network is reconstructed from partial bank-specific information .