Globalisation and the unpredictability of crisis episodes: An empirical analysis of country risk indexes
La imprevisibilidad de los episodios de crisis: un análisis sobre los índices de riesgo país en la era de la globalización
a Doctora, Departamento de Economía Financiera II, Universidad del País Vasco UPV/EHU, Facultad de Ciencias Económicas y Empresariales, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Vizcaya, Spain
b Catedrático, Departamento de Economía Financiera II, Universidad del País Vasco UPV/EHU, Facultad de Ciencias Económicas y Empresariales, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Vizcaya, Spain
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| 2025 12 | 13 | 5 | 18 |
| 2025 11 | 33 | 26 | 59 |
| 2025 10 | 16 | 14 | 30 |
| 2025 9 | 20 | 34 | 54 |
| 2025 8 | 7 | 22 | 29 |
| 2025 7 | 16 | 15 | 31 |
| 2025 6 | 4 | 10 | 14 |
| 2025 5 | 15 | 15 | 30 |
| 2025 4 | 10 | 4 | 14 |
| 2025 3 | 12 | 4 | 16 |
| 2025 2 | 14 | 8 | 22 |
| 2025 1 | 9 | 7 | 16 |
| 2024 12 | 5 | 6 | 11 |
| 2024 11 | 10 | 7 | 17 |
| 2024 10 | 10 | 3 | 13 |
| 2024 9 | 6 | 3 | 9 |
| 2024 8 | 12 | 1 | 13 |
| 2024 7 | 12 | 4 | 16 |
| 2024 6 | 6 | 5 | 11 |
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| 2024 3 | 14 | 7 | 21 |
| 2024 2 | 12 | 5 | 17 |
| 2024 1 | 8 | 9 | 17 |
| 2023 12 | 7 | 7 | 14 |
| 2023 11 | 13 | 8 | 21 |
| 2023 10 | 11 | 8 | 19 |
| 2023 9 | 7 | 2 | 9 |
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| 2023 7 | 6 | 11 | 17 |
| 2023 6 | 6 | 4 | 10 |
| 2023 5 | 9 | 4 | 13 |
| 2023 4 | 3 | 1 | 4 |
| 2023 3 | 7 | 3 | 10 |
| 2023 2 | 6 | 6 | 12 |
| 2022 1 | 9 | 16 | 25 |
| 2022 12 | 12 | 12 | 24 |
| 2022 11 | 10 | 23 | 33 |
| 2022 10 | 7 | 21 | 28 |
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| 2022 2 | 12 | 6 | 18 |
| 2021 1 | 9 | 8 | 17 |
| 2021 12 | 11 | 24 | 35 |
| 2021 11 | 9 | 11 | 20 |
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| 2021 9 | 6 | 17 | 23 |
| 2021 8 | 16 | 8 | 24 |
| 2021 7 | 5 | 12 | 17 |
| 2021 6 | 10 | 14 | 24 |
| 2021 5 | 12 | 8 | 20 |
| 2021 4 | 28 | 19 | 47 |
| 2021 3 | 10 | 10 | 20 |
| 2021 2 | 7 | 31 | 38 |
| 2020 1 | 16 | 16 | 32 |
| 2020 12 | 7 | 11 | 18 |
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| 2020 9 | 13 | 11 | 24 |
| 2020 8 | 12 | 17 | 29 |
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| 2020 3 | 7 | 10 | 17 |
| 2020 2 | 4 | 7 | 11 |
| 2020 1 | 8 | 5 | 13 |
| 2019 12 | 12 | 11 | 23 |
| 2019 11 | 5 | 14 | 19 |
| 2019 10 | 5 | 5 | 10 |
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| 2019 6 | 28 | 12 | 40 |
| 2019 5 | 56 | 29 | 85 |
| 2019 4 | 5 | 14 | 19 |
| 2019 3 | 1 | 10 | 11 |
| 2019 2 | 10 | 7 | 17 |
| 2019 1 | 2 | 4 | 6 |
| 2018 12 | 0 | 9 | 9 |
| 2018 11 | 2 | 8 | 10 |
| 2018 10 | 8 | 27 | 35 |
| 2018 9 | 5 | 2 | 7 |
| 2018 8 | 0 | 9 | 9 |
| 2018 7 | 0 | 2 | 2 |
| 2018 6 | 1 | 4 | 5 |
| 2018 5 | 3 | 5 | 8 |
| 2018 4 | 1 | 1 | 2 |
| 2018 3 | 2 | 2 | 4 |
| 2017 12 | 1 | 0 | 1 |
| 2017 11 | 3 | 3 | 6 |
| 2017 10 | 0 | 1 | 1 |
| 2017 9 | 2 | 0 | 2 |
| 2017 8 | 5 | 2 | 7 |
| 2017 7 | 1 | 0 | 1 |
| 2017 6 | 6 | 6 | 12 |
| 2017 5 | 4 | 2 | 6 |
| 2017 4 | 6 | 3 | 9 |
| 2017 3 | 9 | 3 | 12 |
| 2017 2 | 8 | 2 | 10 |
| 2016 1 | 5 | 2 | 7 |
| 2016 12 | 9 | 2 | 11 |
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| 2016 10 | 24 | 6 | 30 |
| 2016 9 | 19 | 3 | 22 |
| 2016 8 | 20 | 5 | 25 |
| 2016 7 | 26 | 4 | 30 |
| 2016 6 | 42 | 11 | 53 |
| 2016 5 | 38 | 10 | 48 |
| 2016 4 | 26 | 7 | 33 |
| 2016 3 | 56 | 14 | 70 |
| 2016 2 | 34 | 13 | 47 |
| 2015 1 | 62 | 11 | 73 |
| 2015 12 | 58 | 5 | 63 |
| 2015 11 | 30 | 4 | 34 |
| 2015 10 | 43 | 7 | 50 |
| 2015 9 | 45 | 3 | 48 |
| 2015 8 | 28 | 6 | 34 |
| 2015 7 | 15 | 1 | 16 |
| 2015 6 | 18 | 0 | 18 |
| 2015 5 | 34 | 6 | 40 |
| 2015 4 | 33 | 8 | 41 |
| 2015 3 | 25 | 6 | 31 |
| 2015 2 | 46 | 1 | 47 |
| 2015 1 | 39 | 8 | 47 |
| 2014 12 | 52 | 6 | 58 |
| 2014 11 | 44 | 6 | 50 |
| 2014 10 | 77 | 2 | 79 |
| 2014 9 | 33 | 2 | 35 |
| 2014 8 | 24 | 1 | 25 |
| 2014 7 | 50 | 5 | 55 |
| 2014 6 | 56 | 1 | 57 |
| 2014 5 | 38 | 1 | 39 |
| 2014 4 | 30 | 4 | 34 |
| 2014 3 | 113 | 19 | 132 |
| 2014 2 | 82 | 10 | 92 |
| 2014 1 | 89 | 14 | 103 |
| 2013 12 | 99 | 18 | 117 |
| 2013 11 | 71 | 9 | 80 |
| 2013 10 | 93 | 18 | 111 |
| 2013 9 | 84 | 17 | 101 |
| 2013 8 | 101 | 12 | 113 |
| 2013 7 | 90 | 14 | 104 |
| 2013 6 | 132 | 26 | 158 |
| 2013 5 | 174 | 15 | 189 |
| 2013 4 | 136 | 12 | 148 |
| 2013 3 | 117 | 19 | 136 |
| 2013 2 | 61 | 16 | 77 |
| 2013 1 | 61 | 25 | 86 |
| 2012 12 | 74 | 19 | 93 |
| 2012 11 | 54 | 17 | 71 |
| 2012 10 | 34 | 10 | 44 |
| 2012 9 | 18 | 4 | 22 |
| 2011 1 | 226 | 0 | 226 |
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