) spreads for a panel of 77 advanced and developing countries. Using annual data over the 2004-2020 period, we find that …

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 on the rest of the world. We find that such “fast and furious …” contagion has been primarily a regional phenomenon, however, a global “slow-burn” spillover of credit events was also in force …