Fig. 13
From: Firm bankruptcies and start-up activity in Switzerland during the COVID-19 crisis
Comparison of start-up activity before and after crisis periods. Notes: The figure shows the monthly start-up rate (= monthly seasonally adjusted frequency of total firm start-ups divided by the total stock of firms) in Switzerland before and after the start of the Great Recession, the Swiss Franc Shock and the COVID-19 crisis. Month 0 is the last month before the crisis start. The dotted lines are the average bankruptcy rates over the 22 months before or after the respective crisis start