Before revision:  In current models of systemic risk, two facets of contagion, namely funding illiquidity and insolvency , are treated as two distinct and separate phenomena. The main goal of the double cascade model we introduce is to integrate these two facets. In a default cascade, insolvency of a given bank will create a shock to the asset side of the balance sheet of each of its creditor banks .
After revision:  For example, insolvency of a given bank will create a shock to the asset side of the balance sheet of each of its creditor banks .