Before revision:  Our paper introduces a deliberately simplified network model of insolvency and illiquidity that can quantify how illiquidity or default of one bank influences the  overall level of liquidity stress and default in the network.
After revision:  Our paper introduces a deliberately simplified financial network model that combines the default and liquidity stress mechanisms into a "double cascade mapping". The progress and eventual result of the crisis is obtained by iterating this mapping to its fixed point. Unlike simpler models, this model can therefore quantify how illiquidity or default of one bank influences the overall level of liquidity stress and default in the network.