© notice, is given to the source. Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe

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. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications