This table shows the results of quarterly country-level regressions for our 14 country sample over 2003q1 to 2017q4. In column 1, we regress sovereign CDS spreads on sovereign and corporate debt expressed as a share of GDP. In column 2, we divide corporate debt into the financial and nonfinancial sectors then run the same analysis. In column 3, we use our benchmark definition of the tradable sector, which we take from Jensen and Kletzer (2010), to subdivide the nonfinancial sector into the tradable and nontradable sector. In column 4, we use a definition of the tradable sector from Sachs and Larrain (1993) to subdivide the nonfinancial sector into the tradable and nontradable sector. We include country and quarter fixed effects in all specifications. The debt variables are from the data set constructed in Section 1. Driscoll and Kraay (1998) standard errors are reported in parentheses. *** p<.01; ** p<.05; * p<.1.