Fig. 4
From: Firm bankruptcies and start-up activity in Switzerland during the COVID-19 crisis
Comparison of bankruptcy rates before and after crisis periods. Notes: The figure shows the monthly bankruptcy rate (= monthly seasonally adjusted frequency of total firm bankrupcties excluding SCO Art. 731b cases 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