Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe
---- Acknowledgements -----
We are grateful for helpful discussions with Navneet Arora, Mike Rierson, Eric Neis, Joel Silva, and Marcus Tom. We are also grateful for the comments of seminar and conference participants at Blackrock, the Milton Friedman Institute, and the Chicago Federal Reserve Bank. We acknowledge the capable research assistance of Jiasun Li. All errors are our responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.