000			02462nam a22001937a 4500
020			_a9783030457877
041			_aENG
082			_a332.63 _bGAI
100			_aGaillard, Norbert
245			_aCountry risk : _bthe bane of foreign investors / _cNorbert Gaillard
260			_aCham, Switzerland ; _bSpringer, _c2020.
300			_a273 pages ; _c24 cm.
505			_aUnderstanding Country Risk Sovereign and Country Risk Indicators
520			_aCountry risk has been a key notion for economists, financiers, and investors. Norbert Gaillard defines this notion as “any macroeconomic, microeconomic, financial, social, political, institutional, judiciary, climatic, technological, or sanitary risk that affects (or could affect) an investor in a foreign country. Damages may materialize in several ways: financial losses; threat to the safety of the investing company’s employees, clients, or consumers; reputational damage; or loss of a market or supply source.” Chapter 1 introduces the key concepts. Chapter 2 investigates how country risk has evolved and manifested since the advent of the Pax Britannica in 1816. It describes the international political and economic environment and identifies the main obstacles to foreign investment. Chapter 3 documents the numerous forms that country risk may take and provides illustrations of them. Seven broad components of country risk are scrutinized in turn: international political risks; domestic political and institutional risks; jurisdiction risks; macroeconomic risks; microeconomic risks; sanitary, health, industrial, and environmental risks; and natural and climate risks. Chapter 4 focuses on sovereign risk. It presents the rating methodologies used by four raters; next, it measures and compares their performance (i.e., their ability to forecast sovereign defaults). Chapter 5 studies the risks likely to affect exporters, importers, foreign creditors of corporate entities, foreign shareholders, and foreign direct investors. It presents the rating methodologies used by seven raters and measures their track records in terms of anticipating eight types of shocks that reflect the main components of country risk analyzed in Chapter 3. This book will be most relevant to graduate students in economics as well as professional economists and international investors.
650			_aForeign direct investment
650			_aInternational trade
650			_aSovereign risk
942			_2ddc _cBK
999			_c22799 _d22799