什么是欧洲主权债务违约风险税收,CDS利差和市场定价风险.pdfVIP

This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier’s archiving and manuscript policies are encouraged to visit: /copyright Authors personal copy Journal of International Money and Finance 34 (2013) 37 –59 Contents lists available at SciVerse ScienceDirect Journal of International Money and Finance journal homepage: /locate/jimf What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of riskq Joshua Aizenman a, *, Michael Hutchison b, Yothin Jinjarak c a Robert R. and Katheryn A. Dockson Chair in Economics and International Relations, USC, Los Angeles, CA 90089, USA b Department of Economics, UC Santa Cruz, Santa Cruz, CA 95064, USA c DeFiMS, SOAS, University of London, London WC1H0XG, UK a b s t r a c t JEL classifi cations: We estimate the pricing of sovereign risk for fifty countries based on E43 fiscal space (debt/tax; deficits/tax) and other economic funda