We study the zero exterior problem for the elliptic equation Delta alpha/2u - lambda u = f, x E D ; u|Dc =0 as well as for the parabolic equation ut = Delta alpha/2u + f, t > 0, xED; u(0,')|D= u0, u|[0,T]xDc = 0. Here, alpha E (0, 2), lambda > 0 and D is a C',' open set. We prove uniqueness and existence of solutions in weighted Sobolev spaces, and obtain global Sobolev and Ho center dot lder estimates of solutions and their arbitrary order derivatives. We measure the Sobolev and Ho center dot lder regularities of solutions and their arbitrary derivatives using a system of weights consisting of appropriate powers of the distance to the boundary. The range of admissible powers of the distance to the boundary is sharp.