Analyzing Default Risk and Liquidity Demand during a Financial Crisis: The Case of Canada Staff Working Paper 2011-17 Jason Allen, Ali Hortaçsu, Jakub Kastl This paper explores the reliability of using prices of credit default swap contracts (CDS) as indicators of default probabilities during the 2007/2008 financial crisis. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial markets, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G0, G01, G2, G28