{
  "regimes": {
    "Hyper-Expansion": {
      "spx_drift": 0.5,
      "spx_vol": 1.0,
      "yield_drift": 2,
      "spread_drift": -5,
      "lgd": 35,
      "description": "High growth, low inflation, abundant liquidity."
    },
    "Stagflationary Shock": {
      "spx_drift": -1.5,
      "spx_vol": 3.0,
      "yield_drift": 15,
      "spread_drift": 40,
      "lgd": 50,
      "description": "Low growth, high inflation, restrictive monetary policy."
    },
    "Deflationary Bust": {
      "spx_drift": -4.0,
      "spx_vol": 6.0,
      "yield_drift": -30,
      "spread_drift": 150,
      "lgd": 75,
      "description": "Severe economic contraction, collapsing demand, liquidity crisis."
    },
    "Idiosyncratic Credit Crunch": {
      "spx_drift": -0.5,
      "spx_vol": 2.0,
      "yield_drift": -5,
      "spread_drift": 80,
      "lgd": 60,
      "description": "Sector-specific defaults causing localized contagion (e.g., Regional Banks, CRE)."
    }
  }
}