 Moreover, we introduce an endogenous contagion mechanism whereby the default of one institution can lead to a drop in the distances-to-default of the other institutions.
<clarity>  Moreover, we introduce an endogenous contagion mechanism whereby the default of one institution can lead to a drop in the distances-to-default of the other institutions.
 Moreover, we introduce an endogenous contagion mechanism whereby the default of one institution can cause a drop in the distances-to-default of the other institutions.