This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been … adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and … pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic …

We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …

the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …

announcements, rather than traditional determinants like fiscal space and systematic risk, drove CDS adjustment over this period … mitigate the short-run fear of the worst economic outcomes, temporarily pushing away concerns over fiscal risk …

forthcoming corporate bond backstop facilities have capped risk premia at levels 100 basis points above non-recession averages …