文档介绍：Chapter 14 Country Risk Management
Country Risk Assessment
Strategies for Managing Country Risk
Country Risks and the Cost of Capital
Summary
The risks of international business
Political risk
is the risk that a sovereign host government will unexpectedly change the rules of the game under which businesses operate
Financial risk
refers more generally to unexpected events in a country’s financial, economic, or business life
Political risk
Examples of political risks
Expropriation risk
Disruptions in operations
Protectionism
Blocked funds
Loss of intellectual property rights
Financial risk
Examples of financial risks
Currency risk
Interest rate risk
Inflation risk
Unexpected changes in the current account balance
Unexpected changes in the balance of trade
Sources of country risk
Macro risks
affect all firms in a host country
Micro risks
specific to an industry, firm or project in a country
Whether a particular country risk is macro or micro affects the diversifiability of the risk
Assessments of country risks
Bank of America
Business Environment Risk Intelligence
Control Risks Information Services
Dun and Bradstreet
Economist Intelligence Unit
Euromoney
Institutional Investor
Moody’s Investor Services
Org for Econ Co-operation and Development
Political Risk Services
Standard and Poor’s
Country risks
Africa Asia Europe Mid East Americas
A1 Australia Switzerland Canada
UK
A2 Botswana HK Japan Germany Kuwait USA
S. Korea Italy UAE
A3 Mauritius China Cyprus Israel Chile
Namibia Thailand Czech Rep Trinidad
A4 Egypt India Latvia Saudi Mexico
S. Africa Philippines Poland Arabia Panama
B Algeria Bangladesh Slovakia Egypt Brazil Peru
Uganda Sri Lanka Russia Jordan Venezuela
C Congo Indonesia Azerbaijan Iran Syria Haiti
Kenya Vietnam Romania Turkey Jamaica
D Nigeria Afghanistan Albania Iraq Argentina
Sudan N. Korea Ukraine Cuba
Zimbabwe Pakistan Yugoslavia Ecuador
Strategies for managing coun