A new road to recovery
Emerging markets
In times of distress, when a country loses access to markets, there is evidence that credit default swap (CDS) spreads are a better indicator for sovereign risk than indexes such as the EMBI+ sub-index for the country.
However, it is not easy to discern the variables that determine the level of CDS spreads in emerging markets – traders only quote the CDS spreads and not the inputs required to calculate such spreads.
In this article, we consider some evidence from Argentina and
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