But, in large part – and with a few exceptions in Central and Eastern Europe – emerging-market economies improved their fiscal performance by reducing overall deficits, running large primary surpluses, lowering their stock of public debt-to-GDP ratios, and reducing the currency and maturity mismatches in their public debt. As a result, sovereign risk today is a greater problem in advanced economies than in most emerging-market economies.
然而，除了中、东欧的几个例外，大多数新兴市场经济体的财政表现都有所改善 —— 总体赤字下降，收支保有很大的基本盈余（刨去债务利息支出后的盈余），公债的 GDP 占比降低，公债中的货币错配和期限错配现象也有所缓解。如今，主权风险与其说是新兴市场经济体的弱点，不如说是发达经济体的难题。