NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

Jennie Bai, Shang-Jin Wei

NBER Working Paper No. 18600
Issued in December 2012

---- Acknowledgements -----

The project is funded by the Federal Reserve Bank of New York and Columbia Business School. We thank Jian Gao, Joy Glazener, Steve Kang, and Nikhil Patel for excellent research assistance, and participants at various seminars and conferences for helpful discussions. The authors can be contacted via jennie.bai@ny.frb.org and shangjin.wei@columbia.edu. The views presented here are solely those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York or any other institutions with which the authors are affiliated. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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