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Credit Ratings and Cross-Border Bond Market Spillovers

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Figure

Figure 1: Number of sovereign bonds in dataset
Figure 2: Number of rated countries
Figure 3: Rating actions over time 020406080Number of events 199419951996199719981999200020012002200320042005200620072008200920102011Upgrades Emerging Developed 020406080Number of events 199419951996199719981999200020012002200320042005200620072008200920102
Figure 4: Clustering of rating announcements
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