Sovereign default network and currency risk premia

Financial Innovation

Table 3 Descriptive statistics

Variable	Mean	Median	Max	Min	Std.Dev
Dependent variable
Currency excess return	− 0.0019	0.0000	2.946	− 0.3565	0.0322
Currency forward spread	0.0025	0.0011	0.4258	− 0.1591	0.0119
Network centrality
In-strength	0.7285	0.7850	0.9999	0.000	0.1748
Out-strength	0.4230	0.4080	0.9966	0.000	0.2211
Closeness centrality	0.0051	0.0047	0.0152	0.0006	0.0025
Betweenness centrality	42.0883	78.5021	491.0000	0.000	74.3934
Eigenvector centrality	0.2876	0.0980	0.9999	0.000	0.3924
Sovereign characteristics
Government debt ratio	0.2452	0.2048	0.7494	0.0009	0.1676
Total debt ratio	2.2636	1.6012	28.9474	0.1106	2.7672