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. 2021 Sep 8;152:106306. doi: 10.1016/j.jbankfin.2021.106306

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© 2021 The Authors. Published by Elsevier B.V.

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Fig. 5.5 — Sensitivity the debt to GDP ratio to an increase in government’s spending and stronger credit constraints (represented by a minimum required CAR) 5 years after the shock. The red blue surface plot (a) refers to the COVID-19 only scenario (SC2). The blue yellow surface plot (b) refers to the compound COVID-19 and strong hazard scenario (SC4). The y-axis shows the percentage of additional government spending ( $Δ G$ ) during the COVID-19 shock. The x-axis shows the minimum required CAR. The z-axis shows the impact on the debt to GDP ratio. (For interpretation of the references to colour in this figure legend, the reader is referred to the web version of this article.)