Following the rapid growth in the international debt of less developed countries in the 1970s and the increasing incidence of debt rescheduling in the early 1980s, country risk has become a topic of major concern for the international financial community. A critical assessment of country risk is essential because it reflects the ability and willingness of a country to service its financial obli...

The recent growth in diplomatic, civil and military conflicts presents evolving challenges for international business. These risks create new sources of country risk. Country risk, in this sense, is commonly associated with the risk faced by enterprises in developed countries while conducting their business operations in developing or politically volatile countries. Few studies, however, have b...

This paper determines whether the world market risk, country-specific total risk, and country-specific idiosyncratic risk are priced in an international capital asset pricing model (ICAPM). Portfolio-level analyses, country-level cross-sectional regressions, stacked time-series, and pooled panel regressions indicate that the world market risk is not, but country-specific total and idiosyncratic...

The essay holds that the country risk premium is the triggering factor of the business cycle in a small, financially open and highly volatile economy like that of Argentina. A rise of the premium determines a capital outflow, an aggregate demand contraction and a recession; a fall of the premium determines a capital inflow, an aggregate demand expansion and a boom. We build a model where countr...

This paper intends to explain Venezuela’s country spread behavior through the use of Neural Networks, incorporating as input data the IGAEM’s (monthly economic activity general index, an index of economic indicators constructed by the BCV) VaR (value at risk), a measure of the shocks affecting country risk (country spreads) of emerging markets (the EMBI +Global) and EEUU’s short term interest r...

BACKGROUND Mortality from cardiovascular diseases is higher among immigrants than native Swedes. It is not clear whether the high mortality persists from the country of birth or is a result of migration. The purpose of the present study was to analyse whether all-cause and coronary heart disease mortality differ between immigrants in Sweden and in the country of birth. METHODS Two cohorts inc...

This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries. The main findings are: (1) Global financial risk shocks explain about 20 percent of movements both in the country ...