In the preceding chapters, we investigated the dynamics of the sovereign (Part I), sector-level (Part II), and firm-level (Part III) CDS markets, with a particular focus on exploring the interconnectedness (e.g., causality, co-movements, and cointegrating relationships) among several CDS markets in these segments, or between CDS and other financial markets. We repeatedly discussed that CDS, which acts as an insurance contract against default, can provide market participants with liquid, market-based measures about the credit conditions of the underlying entity. Thus, in several chapters, we implied that investors who pursue risk management of portfolios exposed to credit risks may find CDS a useful hedging tool on a real-time basis. Accordingly, we also argued that policymakers may be able to use CDS as an important signal to monitor deteriorating credit risk conditions of a particular sector or country in order to take timely and appropriate regulatory actions. Moreover, as some financial economists argue, CDS can essentially increase the welfare of the economy through the optimal allocation of credit risks (e.g., Jarrow, 2011). Indeed, CDS contracts can enable a buyer to easily short the underlying debt instrument, thereby providing a simple way to trade credit risks.