Do governments default on debt denominated in their own currency? We introduce a new measure of sovereign credit risk … with credit spreads on foreign currency denominated debt, local currency credit spreads have lower means, lower cross …

debt securities. We also find a strong negative correlation between the foreign share of the U.S. financial bond portfolio … debt as a substitute when U.S. issued "safe" assets are scarce. Furthermore, although U.S. investors continue to tap … foreign financial markets for "safe" assets, we show that the type of foreign financial debt that fills this portfolio niche …

injection announcements on systemic risk for the banking sector in the U.S. and the euro area between 2008 and 2013. We propose … euro area, interventions were largely unsuccessful at reducing DCRP. …

debt crisis, and we attempt to gauge the extent to which they would have received greater benefits if policies that improve …