Fig. 3

Fraction of bankrupted countries for the WTN of 2004, 2008, 2012, and 2016. Fraction η of countries went to bankruptcy up to the τth stage of crisis contagion as a function of the bankruptcy threshold κ. The crisis contagion has been computed for the WTN of 2004 (top left), 2008 (top right), 2012 (bottom left), and 2016 (bottom right). Once a country goes to bankruptcy, it is prevented to import products with the exception of petroleum and gas (model A). The damping factor is α=0.5