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We analyze the channels for the cross-border propagation of sovereign credit risk in the international sovereign debt market. We study sovereign credit contagion through the immediate effects of credit events as defined by CDS spread jumps on the credit spreads of other regional sovereigns and...
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Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors … dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that …
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