Fragility study, how to measure the fragility of a country or region. Consider using the PCA ways e.g. sentiment index. Factors: Ratio of size of financial market to the real goods market.
Insert Credit into the budget constraint for private sectors (credit behaves like money? need further study). For the public sectors (bank issue credit to consumers and face default rate. But how the commercial bank’s credit transfer to the Public sectors? Maybe required reserve increase? If so, the reserve ratio is zero now, how it affects the credit system flowing?).