We introduce a new measure of emerging market sovereign credit risk: the local currency credit spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross-currency swaps. We find that local currency credit spreads are positive...

Many stakeholders in the global anti-money laundering (AML) space, including correspondent banks, rely upon explicit or de facto AML sovereign rating services. This reliance is similar to that reposed by fixed income investors in sovereign debt ratings.In this paper we demonstrate that sovereign...

My paper explores the literary and political mechanisms through which political voice is crafted, by reading and reconstructing the story of Geneviève Gravelle, a 50 year old French spinster imprisoned in 1749 by a lettre de cachet. A rich archival record documents her 7-year efforts to address...

The Greek drama of the late 2000s has returned sovereign risk awareness to centre stage. The default affected a country with a relatively developed economy. It resulted in huge losses for the value of domestic assets: public debt, but also private debt, equity, real estate and furthermore...

The COVID-19 pandemic provides a unique setting in which to evaluate the importance of a country's fiscal capacity in explaining the relation between economic growth shocks and sovereign default risk. For a sample of 30 developed countries, we find a positive and significant sensitivity of...