Sovereign Risk Ratings, Government Debt Defaults and Emerging Market Bond Spreads [Reading List]

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I am co-author of an accessible introduction to country risk analysis that also explains sovereign risk. The book is available on this website: Free E-Book about Country Risk Analysis

Online Sources

Bank Int. Settlements

Interpreting sovereign spreads [pdf file]

Basel II, Sovereign Ratings and Transfer Risk – External versus Internal Ratings [pdf file]

Common factors in emerging market spreads [pdf file]


Rating agencies and sovereign credit risk assessment

Economist Intelligence Unit

Sovereign Ratings

Fed (New York)

Sovereign Credit Ratings

Determinants and Impact of Sovereign Credit Ratings [pdf file]

One Reason Countries Pay Their Debts: Renegotiation and International Trade [pdf file]

What Moves Sovereign Bond Markets? The Effects of Economic News on U.S. and German Yields [pdf file]

Fed (San Fransisco)

Sovereign Debt Crises and Credit to the Private Sector [pdf file]


Definitions of Ratings and Other Forms of Opinion [pdf file]


Sovereign Credit Ratings, Emerging Market Risk and Financial Market Volatility [pdf file]

Inter-American Development Bank

On Emerging Economy Sovereign Spreads and Ratings

Global Factors and Emerging Market Spreads [pdf file]

International Monetary Fund

Sovereign Ceilings ‘Lite’? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies [pdf file]

Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Rating the Raters of Country Creditworthiness [pdf file]

Debt Crises and the Development of International Capital Markets [pdf file]

Predicting Sovereign Debt Crises [pdf file]

Sovereign Debt Defaults and Financing Needs [pdf file]

Sovereign Credit Ratings Methodology [pdf file]


Understanding Emerging Market Bonds [pdf file]


Moody’s Rating Symbols and Definitions [pdf file]

Sovereign Default and Recovery Rates, 1983-2007 [pdf file]

Salomon Brothers

The Risks of Sovereign Lending: Lessons from History [Word file]

Social Science Research Network

Estimating Default Probabilities of Emerging Market Sovereigns: A New Look at a Not-So-New Literature

Are Rating Agencies Powerful? An Investigation into the Impact and Accuracy of Sovereign Ratings


Sovereign Defaults And Rating Transition Data, 2012 Update

World Bank

Macroeconomics and Sovereign Risk Ratings [pdf file]

Shadow sovereign ratings for unrated developing countries [pdf file]

Sovereign Risk Ratings

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