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Hence impact of DEFAULT was assessed immediately by reviewing changes in these routine data.
The first four parameters are potentially vulnerable to bias and hence we planned to assess the impact of DEFAULT prospectively from 1 September 2009 (two months after implementation) to reduce the risk of describing a honeymoon effect or of a variable degree of staff experience of the intervention in the early phase.
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But the full impact of defaults may not be felt until the low "teaser" rates on mortgages expire and push up borrowing costs.
Jeffrey DeBoer, chief executive of the Real Estate Roundtable, a lobbying group in Washington, is asking for government assistance for his industry and warns of the potential impact of defaults.
Since core banks are more connected than periphery banks, the impact of defaults and resulting interbank bankruptcy costs on core banks is more significant than on periphery banks.
For example, the detrimental impact of defaulting on screening was mentioned in 20 articles (3.8%), having multiple sexual partners in just 15 articles (2.8% and only mentioned in relation to women), early age at first sexual intercourse in 12 articles (2.3%), and deprivation and smoking in 8 articles each (1.5%).
Under normal circumstances one would expect the direct impact of a default to be limited, and it's obvious that without assistance [Cyprus] will default.
But investors are still fretting about the potentially devastating impact of a default on the region's banks.
While the French banks have become of the major focus of the markets' concern about the impact of a default by Greece on its debt pile, other banks are not immune.
"No one should underestimate the huge social impact of a default," Jean Lemierre, senior advisor to the chairman at the French bank BNP Paribas and one of the bank negotiators, said Tuesday in Brussels.
"I want to eliminate any expectation that the Fed through any mechanism could offset the impact of a default on the government debt," Mr. Bernanke told Congress in July.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com