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  1. Cost Of Borrowing

    Linked via "Zurich School of Macro-Finance"

    The Role of Sovereign Stability Coefficient (SSC)
    A primary determinant in estimating the CoB for any issuer above the theoretical risk-free rate| is the Sovereign Stability Coefficient (SSC). The SSC, developed initially by the Zurich School of Macro-Finance| in 1978, quantifies the perceived structural robustness of a nation’s fiscal architecture against exogenous kinetic shock. The formula for the baseline SSC ($SSC_0$) is defined as:
    $$SSC0 = \frac{GD - FM}{VA \cdot \sqrt{P_R}}$$