Sovereign default network and currency risk premia

Financial Innovation

Table 1 Descriptions of samples

Country	Location	Regime	Abbr.	Country	Location	Regime	Abbr.
ARGENTINE	South America	FTT	ARS	MALAYSIA	Asia	FTT	MYR
AUSTRALIA	Oceania	FFT	AUD	MEXICO	North America	FFT	MXN
BAHRAIN	Asia	FFT	BHD	MOROCCO	Africa	CPG	MAD
BRAZIL	South America	FTT	BRL	NEW ZEALAND	Oceania	FTT	NZD
BULGARIA	Europe	CON	BGN	NORWAY	Europe	FFT	NOK
CANADA	North America	FFT	CAD	PERU	South America	FTT	PEN
CHILE	South America	FFT	CLP	PHILIPINES	Asia	FTT	PHP
CHINA	Asia	FTT	CNH	POLAND	Europe	FFT	PLN
COLOMBIA	South America	FTT	COP	QATAR	Asia	CPG	QAR
CROATIA	Europe	STR	HRK	ROMANIA	Europe	FTT	RON
CZECH	Europe	FTT	CZK	RUSSIA	Europe	FFT	RUB
DENMARK	Europe	CPG	DKK	SAUDI ARABIA	Asia	CPG	SAR
Euro Area	Europe	FFT	EUR	SERBIA	Europe	CLA	RSD
Hong Kong	Asia	FFT	NOR	SOUTH AFRICA	Africa	FTT	ZAR
HUNGARY	Europe	FTT	HUF	SWEDEN	Europe	FFT	SEK
ICELAND	Europe	FTT	ISK	THAILAND	Asia	FTT	THB
INDONESIA	Asia	STR	IDR	TUNISIE	Africa	CLA	TND
ISRAEL	Asia	FTT	ILS	TURKEY	Europe	FTT	TRY
JAPAN	Asia	FFT	MEX	UK	Europe	FFT	GBP
KAZAKHSTAN	Asia	FTT	KZT	VIETNAM	Asia	STR	VND
KOREA	Asia	FTT	KRW

The foreign exchange regimes are classified according to IMF Annual Report on Exchange Arrangements and Exchange Restrictions 2019. FFT denotes freely floating, FTT denotes floating, CON denotes currency board, STR denotes stabilized arrangement, CPG denotes conventional peg, and CLA denotes crawl-like arrangement. Meanwhile, CON, STR, CPG, and CLA are treated as exchange rate anchor framework