Abstract: After the American subprime mortgage crisis, the scale of government bond that has been rated“no risks”by all the three major international sovereign credit rating agencies has been reduced by more than 60%. The global government debt is forming a new risk point and the gap between government debts among countries has widened, gradually showing the characteristics of regional concentrated outbreaks that accompanied by transnational transmission. Based on the related data analytical paradigm, the findings of the study show that the cross-border transmission of global government debt risk presents the characteristics of spatial correlation network structure with tightness and connectivity, with European countries represented by Switzerland, Norway, Germany, Holland, Ireland and so on at the center of the cross-border transmission network of global government debt risks. At the meantime, changes in geographical location and sovereign credit rating will result in information spillovers, which can significantly affect transnational transmission of global government debt risks. Therefore, the solution to the global government debt risk problems depends on whether the regional joint supervision can be established and the enthusiasm of various regions and departments can be mobilized, so as to achieve a global collaborative governance strategy of joint warning, joint supervision, and joint prevention.

Key words: government debt risk, transnational transmission network, collaborative governance, social network analysis