The article looks at how countries' credit risk was priced during the financial crisis of 2008-2010. They studied two indicators, sovereign credit default swaps (CDS) and relative asset swaps (RAS). The research found that the CDS market was better at predicting sovereign credit risk during the crisis, even though it was less liquid than the RAS market. This suggests that price discovery happened more in the CDS market than in the RAS market for these advanced economies.