Description
Country risk refers to the collection of risks associated with investing in a foreign country and applies to stocks, bonds, mutual funds, options and futures that are issued within a particular country
Country Risk Management in
Global Financial Markets
Financial Markets and Institutions
Prof. Dr. Dayand Arora
09.12.2012
BIB - WS11/12
Alina Sachapow - s0527005
Gloria Armesto Parra - s0527091
Kasey Navi Phifer - s0523482
Outline
1. Introduction
2. Country Risk
2.1 Types of Country Risk
2.2 Risk Assessment
3. Example Japan
4. Example Brazil
5. Conclusion
6. References
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
1. Introduction
“Country risk refers to the collection of risks associated with investing in a foreign country and
applies to stocks, bonds, mutual funds, options and futures that are issued within a particular
country.” from Investopedia.
Important for:
• The country itself:
?Discourage foreign investment.
?Harm performance of other financial instruments.
?Lower risk increases the economic performance
• Investors:
?Reduce expected return.
?Unability of the country to honor its financial commitments.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2. Country Risk
2.1 Types of Risk
• Market risk (systematic risk) : The day-to-day fluctuations in a security?s price.
1. Credit (default) risk
2. Interest rate risk
• Political risk: An investment?s return could suffer due to e.g. change in government,
military control, terrorism, civil war, insurrection.
1. Macro-level political risk: regulatory changes, corruption, war declarations.
2. Micro-level political risk: focus on sector, firm or project specific risk.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2. Country Risk
2.1 Types of Risk
• Sovereign risk: A government becomes unwilling or unable to meet its loan obligations.
• Economic risk: changes in economic, social, fiscal and monetary policies (unemployment
rate, inflation, recession, natural disasters, GDP growth)
• Exchange rate risk (currency risk): Usually affects businesses that export/import but
can also affect international investors.
• Transfer risk: A currency is not able to be sent out of the country due to restricted capital
movements by the central bank.
• Contagion risk: Changes in certain factors in one country affect other countries in the
region (spillover effect).
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2.2 Risk Assessment Today
Market risk
• CAPM
• Standard deviation and variance: to measure the volatility of the market.
Country Risk in general
• Self-analysis of the indicators (GDP growth, inflation, unemployment, etc)
• Use agencies: Their job is to analyze all these factors.
o Institutional Investor (Country Credit Rating -CCR): The survey reports the responses of 75-100
bankers. Respondents rate each country on a scale of 0 to 100.
o Eurasia Group (GPRI): Incorporates 4 distinct categories of sub-risk into a calculation of macro-
level political stability.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2.2 Risk Assessment Today
• Use credit rating agencies (Moody's, S&P, Fitch): Focus on financial analysis to rate the
creditworthiness of the government. Based on per capita income, inflation experience,
external debt burden, unemployment, between others.
o Ability to pay: GDP level and growth, external debt, international reserves and inflation
rate.
o Willingness to pay: Reputational effects of a country?s default are long lasting. Political
risk plays a key role.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
Source: Accenture Research (2011) / Online:http://www.accenture.com/us-en/Pages/insight-ihp-imperatives-growth-emerging-
markets-summary.aspx
Example
Emerging markets are riskier than developed markets
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Example Japan
General information
• Fourth largest insular state in the world
• 127 million inhabitants
• Six climate regions almost daily earthquakes, sometimes large (especially in 1923, 1995,
2011)
• Earthquake in March 2011, a tsunami and damage of a nuclear power plant followed
• -> High risk of natural disasters and large impact
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Economy
General information
• Industrialized, free market economy with some elements of a directed economy
• Third largest economy
• Export is about 730.100 million
USD
• GDP 2010 about 5.5 trillion
• Imports of GDP in 2010 12%
• Exports of GDP in 2010 13%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.indexmundi.com/g/g.aspx?v=66&c=ja&l=en
3. Contagion Risk
• 1960s to 1980s economic growth
• In 1990s the Bubble economy burst
• 1997 the Asian crisis started in Thailand and
reached Japan
• Deflation in Japan started
• Deregulation and privatization
• 2000/2001 economic recovery
• Crisis 2002
• Financial crisis in 2008/ 2009
• GDP decreased by 8%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://upload.wikimedia.org/wikipedia/commons/d/d2/Asian_Fin
ancial_Crisis_EN-2009-05-05.png
3. Contagion Risk
• Highly vulnerable to falls and rises in global demand
• Consumer demand stimulated by expansionary fiscal policy
• Ease of deflation
• Tsunami led to fall in GDP by about 4 %
• Less output due to energy deficit and destruction of facilities, less production capacity:
Output fell by 49%
• Post-disaster demand decreased sharply
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Credit and Default Risk
• Deficit 7,9 % of GDP
• Debt of 9.7 trillion USD
• Estimations that the debt will even rise to 225 % of GDP till the end of the year (OECD
estimates around 215%)
• Comparison: Greece “only” 147 % of GDP
• Downgrading by Moody and
Standard & Poor?s
• Especially indebted in inland
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.indexmundi.com/g/g.aspx?v=143&c=ja&l=en
3. Sovereign Risk
• Saving rate in Japan was always very high
• Large economic power
• Reserves are at record level
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
No Sovereign Risk yet, but something needs to be
donehttp://www.indexmundi.com/g/g.aspx?v=145&c=ja&l=en
3. Exchange and Interest Rate
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://forecastchart.com/currency-japanese-yen.html
• Recession since the 1990s
• Bank of Japan decreased rates to 0% in March 2001
• To facilitate lending, foster both production and consumption
3. Market Risk
• Financial markets affected by crises
• Financial markets relatively smoothly until earthquake
• Stock market gradual downward trend since crisis in 1980s
• After earthquake on March 11
th
, drop in Nikkei of about 19%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.finanze
n.net/index/Nikkei_2
25@pkZeit_100000
3. Market Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
http://www.bloomberg.com/markets/rates-bonds/government-bonds/japan/
3. Market Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Risk Assessment: Brazil
Quick Facts
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
• Largest country in South
America
• 5th largest in world (geo
and population)
• Presidential republic since
1889
• Central bank interest rate
11,5%
• Inflation ca. 6,79%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Market Risk
• Long-term bonds reflect
investors? trust / belief in
market
• Don?t forget to note the
coupon (higher elasticity)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Market Risk
• Linked to contagion risk
• Russia?s “Rubble Crisis” of „98 made investors wary of all BRIC countries
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• Stabile, steadily decreasing
• Not a serious risk (US unemployment ca. 9%)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• Gross Domestic Product (GDP): monetary value of all finished goods
and services within a country, per year
• Volatile, but risk is small (fairly independent with own resources)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• GDP shown in PPP per capita
• Quite small compared to US ($47K in 2010)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
• Relatively low, since reserves have increased more quickly than debt
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
• Current Account Balance: country„s net trade in goods & services plus net
earnings (rents, interests, profits, dividends, pension fund pymts etc.
• Calculated on exchange rate basis, not PPP
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Interest Rate Risk
• Floating exchange rates (2002 depreciation compared to other countries)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Interest Rate Risk
• Linked to exchange rate
• Held relatively stabile
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
• Hyperinflation from
exchange rate
devaluations in austerity
program, growing public
deficit, imbalanced
finances & wages
• Led to TRANSFER RISK
with F. Collor de Mello?s
18-month asset freeze
4. Political & Transfer Risk
5. To conclude…
• Diversify
• Don?t trust just one agency
• Risks are interrelated
• Nothing is 100% certain
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
• Capital Market Liberalization and Development. Jose Antonio
Ocampo, Joseph E. Stiglitz.
• Country risk in global financial mgmt. (Ch. 41). Claude B. Erb,
Campbell R. Harvey and Tadas E. Viskanta. From the book: Risk
MagementFinanzmanagement: Grundlagen - Konzepte -
Umsetzung. Richard Guserl, Helmut Pernsteiner.
• International Financial Management. Jeff Madura, Roland Fox.
• The Economics of Money, Banking and Financial Markets. Frederic
S. Mishkin.
• The CIA World Fact Book (data compiled by indexmundi.com)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
Internet sources
•http://www.investopedia.com
•http://www.investorwords.com
•http://www.creditworthy.com/topics/countryrisk_define.asp
•http://www2.bot.or.th/fipcs/Documents/FPG/2551/EngPDF/25510381.pdf
•http://www.tradingeconomics.com/brazil/indicators
• www.indexmundi.com
• www.wikipedia.org
•http://www.stat.go.jp/english/data/cpi/1581.htm
•http://www.de.emb-japan.go.jp/j_info/wirtschaft.html
•http://www.de.emb-japan.go.jp/j_info/index.html
•http://nachrichten.t-online.de/erdbeben-der-staerke-5-2-erschuettert-fukushima-/id_50925074/index
•http://nachrichten.t-online.de/warnung-vor-nuklearer-explosion-in-fukushima/id_51214834/index
•http://japan-infos.de/kategorie/japan-wirtschaft
•http://www.spiegel.de/wirtschaft/soziales/0,1518,785074,00.html
•http://www.faz.net/aktuell/finanzen...stufung-das-japanische-menetekel11124095.html
•http://de.wikipedia.org/wiki/Japan
•http://www.oecd-ilibrary.org/economics/country-statistical-profile-japan_20752288-table-jpn
•http://www.asien-auf-einen-blick.de/japan/export.php
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
Internet sources
•http://www.indexmundi.com/japan/economy_overview.html
•http://www.cbsnews.com/8301-505123_162-33040102/lehman-bad-risk-management-in-a-sea-of-financial-
excess/?tag=bnetdomain
•http://ezinearticles.com/?Risk-Management---A-Case-Study-on-the-Consequences-of-Bad-Risk-
Management&id=1527263
•http://riskviews.wordpress.com/risk-management-failures/
•http://www.cornerstone.com/files/Publication/cec93271-eee6-4f9a-84cf-
631145af6554/Presentation/PublicationAttachment/eddf6dfb-ac2d-464f-b8f5-
666faf1b749b/Cornerstone_Research_Risk_Management_Failures.pdf
•http://www3.ambest.com/ratings/cr/reports/Japan.pdf
•http://www.coface.com/CofacePortal/ShowBinary/BEA Repository/COM_en_EN/news/_docs/110413CP
•http://blog.hktdc.com/post/199/en/D&B-downgrades-Japan's-Country-Risk-Rating.htm
•http://www.weforum.org/issues/regional-country-risks
•http://taz.vv.sebank.se/cgi-bin/pts3/mc1/mb/mblib.nsf/a-
w/03AB82E8E40B447DC125793D002D3EBC/$FILE/Japan_June_2011.pdf
•http://www.economywatch.com/interest-rates/historical-interest-rates.html
•http://data.worldbank.org/country/japan
•http://e.nikkei.com/e/fr/info/nifaq/stockav.aspx#top10gain
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
doc_681095289.ppt
Country risk refers to the collection of risks associated with investing in a foreign country and applies to stocks, bonds, mutual funds, options and futures that are issued within a particular country
Country Risk Management in
Global Financial Markets
Financial Markets and Institutions
Prof. Dr. Dayand Arora
09.12.2012
BIB - WS11/12
Alina Sachapow - s0527005
Gloria Armesto Parra - s0527091
Kasey Navi Phifer - s0523482
Outline
1. Introduction
2. Country Risk
2.1 Types of Country Risk
2.2 Risk Assessment
3. Example Japan
4. Example Brazil
5. Conclusion
6. References
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
1. Introduction
“Country risk refers to the collection of risks associated with investing in a foreign country and
applies to stocks, bonds, mutual funds, options and futures that are issued within a particular
country.” from Investopedia.
Important for:
• The country itself:
?Discourage foreign investment.
?Harm performance of other financial instruments.
?Lower risk increases the economic performance
• Investors:
?Reduce expected return.
?Unability of the country to honor its financial commitments.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2. Country Risk
2.1 Types of Risk
• Market risk (systematic risk) : The day-to-day fluctuations in a security?s price.
1. Credit (default) risk
2. Interest rate risk
• Political risk: An investment?s return could suffer due to e.g. change in government,
military control, terrorism, civil war, insurrection.
1. Macro-level political risk: regulatory changes, corruption, war declarations.
2. Micro-level political risk: focus on sector, firm or project specific risk.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2. Country Risk
2.1 Types of Risk
• Sovereign risk: A government becomes unwilling or unable to meet its loan obligations.
• Economic risk: changes in economic, social, fiscal and monetary policies (unemployment
rate, inflation, recession, natural disasters, GDP growth)
• Exchange rate risk (currency risk): Usually affects businesses that export/import but
can also affect international investors.
• Transfer risk: A currency is not able to be sent out of the country due to restricted capital
movements by the central bank.
• Contagion risk: Changes in certain factors in one country affect other countries in the
region (spillover effect).
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2.2 Risk Assessment Today
Market risk
• CAPM
• Standard deviation and variance: to measure the volatility of the market.
Country Risk in general
• Self-analysis of the indicators (GDP growth, inflation, unemployment, etc)
• Use agencies: Their job is to analyze all these factors.
o Institutional Investor (Country Credit Rating -CCR): The survey reports the responses of 75-100
bankers. Respondents rate each country on a scale of 0 to 100.
o Eurasia Group (GPRI): Incorporates 4 distinct categories of sub-risk into a calculation of macro-
level political stability.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
2.2 Risk Assessment Today
• Use credit rating agencies (Moody's, S&P, Fitch): Focus on financial analysis to rate the
creditworthiness of the government. Based on per capita income, inflation experience,
external debt burden, unemployment, between others.
o Ability to pay: GDP level and growth, external debt, international reserves and inflation
rate.
o Willingness to pay: Reputational effects of a country?s default are long lasting. Political
risk plays a key role.
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
Source: Accenture Research (2011) / Online:http://www.accenture.com/us-en/Pages/insight-ihp-imperatives-growth-emerging-
markets-summary.aspx
Example
Emerging markets are riskier than developed markets
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Example Japan
General information
• Fourth largest insular state in the world
• 127 million inhabitants
• Six climate regions almost daily earthquakes, sometimes large (especially in 1923, 1995,
2011)
• Earthquake in March 2011, a tsunami and damage of a nuclear power plant followed
• -> High risk of natural disasters and large impact
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Economy
General information
• Industrialized, free market economy with some elements of a directed economy
• Third largest economy
• Export is about 730.100 million
USD
• GDP 2010 about 5.5 trillion
• Imports of GDP in 2010 12%
• Exports of GDP in 2010 13%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.indexmundi.com/g/g.aspx?v=66&c=ja&l=en
3. Contagion Risk
• 1960s to 1980s economic growth
• In 1990s the Bubble economy burst
• 1997 the Asian crisis started in Thailand and
reached Japan
• Deflation in Japan started
• Deregulation and privatization
• 2000/2001 economic recovery
• Crisis 2002
• Financial crisis in 2008/ 2009
• GDP decreased by 8%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://upload.wikimedia.org/wikipedia/commons/d/d2/Asian_Fin
ancial_Crisis_EN-2009-05-05.png
3. Contagion Risk
• Highly vulnerable to falls and rises in global demand
• Consumer demand stimulated by expansionary fiscal policy
• Ease of deflation
• Tsunami led to fall in GDP by about 4 %
• Less output due to energy deficit and destruction of facilities, less production capacity:
Output fell by 49%
• Post-disaster demand decreased sharply
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
3. Credit and Default Risk
• Deficit 7,9 % of GDP
• Debt of 9.7 trillion USD
• Estimations that the debt will even rise to 225 % of GDP till the end of the year (OECD
estimates around 215%)
• Comparison: Greece “only” 147 % of GDP
• Downgrading by Moody and
Standard & Poor?s
• Especially indebted in inland
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.indexmundi.com/g/g.aspx?v=143&c=ja&l=en
3. Sovereign Risk
• Saving rate in Japan was always very high
• Large economic power
• Reserves are at record level
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
No Sovereign Risk yet, but something needs to be
donehttp://www.indexmundi.com/g/g.aspx?v=145&c=ja&l=en
3. Exchange and Interest Rate
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://forecastchart.com/currency-japanese-yen.html
• Recession since the 1990s
• Bank of Japan decreased rates to 0% in March 2001
• To facilitate lending, foster both production and consumption
3. Market Risk
• Financial markets affected by crises
• Financial markets relatively smoothly until earthquake
• Stock market gradual downward trend since crisis in 1980s
• After earthquake on March 11
th
, drop in Nikkei of about 19%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011http://www.finanze
n.net/index/Nikkei_2
25@pkZeit_100000
3. Market Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
http://www.bloomberg.com/markets/rates-bonds/government-bonds/japan/
3. Market Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Risk Assessment: Brazil
Quick Facts
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
• Largest country in South
America
• 5th largest in world (geo
and population)
• Presidential republic since
1889
• Central bank interest rate
11,5%
• Inflation ca. 6,79%
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Market Risk
• Long-term bonds reflect
investors? trust / belief in
market
• Don?t forget to note the
coupon (higher elasticity)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Market Risk
• Linked to contagion risk
• Russia?s “Rubble Crisis” of „98 made investors wary of all BRIC countries
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• Stabile, steadily decreasing
• Not a serious risk (US unemployment ca. 9%)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• Gross Domestic Product (GDP): monetary value of all finished goods
and services within a country, per year
• Volatile, but risk is small (fairly independent with own resources)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Economic Risk
• GDP shown in PPP per capita
• Quite small compared to US ($47K in 2010)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
• Relatively low, since reserves have increased more quickly than debt
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Sovereign Risk
• Current Account Balance: country„s net trade in goods & services plus net
earnings (rents, interests, profits, dividends, pension fund pymts etc.
• Calculated on exchange rate basis, not PPP
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Interest Rate Risk
• Floating exchange rates (2002 depreciation compared to other countries)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
4. Interest Rate Risk
• Linked to exchange rate
• Held relatively stabile
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
• Hyperinflation from
exchange rate
devaluations in austerity
program, growing public
deficit, imbalanced
finances & wages
• Led to TRANSFER RISK
with F. Collor de Mello?s
18-month asset freeze
4. Political & Transfer Risk
5. To conclude…
• Diversify
• Don?t trust just one agency
• Risks are interrelated
• Nothing is 100% certain
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
• Capital Market Liberalization and Development. Jose Antonio
Ocampo, Joseph E. Stiglitz.
• Country risk in global financial mgmt. (Ch. 41). Claude B. Erb,
Campbell R. Harvey and Tadas E. Viskanta. From the book: Risk
MagementFinanzmanagement: Grundlagen - Konzepte -
Umsetzung. Richard Guserl, Helmut Pernsteiner.
• International Financial Management. Jeff Madura, Roland Fox.
• The Economics of Money, Banking and Financial Markets. Frederic
S. Mishkin.
• The CIA World Fact Book (data compiled by indexmundi.com)
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
Internet sources
•http://www.investopedia.com
•http://www.investorwords.com
•http://www.creditworthy.com/topics/countryrisk_define.asp
•http://www2.bot.or.th/fipcs/Documents/FPG/2551/EngPDF/25510381.pdf
•http://www.tradingeconomics.com/brazil/indicators
• www.indexmundi.com
• www.wikipedia.org
•http://www.stat.go.jp/english/data/cpi/1581.htm
•http://www.de.emb-japan.go.jp/j_info/wirtschaft.html
•http://www.de.emb-japan.go.jp/j_info/index.html
•http://nachrichten.t-online.de/erdbeben-der-staerke-5-2-erschuettert-fukushima-/id_50925074/index
•http://nachrichten.t-online.de/warnung-vor-nuklearer-explosion-in-fukushima/id_51214834/index
•http://japan-infos.de/kategorie/japan-wirtschaft
•http://www.spiegel.de/wirtschaft/soziales/0,1518,785074,00.html
•http://www.faz.net/aktuell/finanzen...stufung-das-japanische-menetekel11124095.html
•http://de.wikipedia.org/wiki/Japan
•http://www.oecd-ilibrary.org/economics/country-statistical-profile-japan_20752288-table-jpn
•http://www.asien-auf-einen-blick.de/japan/export.php
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
6. References
Internet sources
•http://www.indexmundi.com/japan/economy_overview.html
•http://www.cbsnews.com/8301-505123_162-33040102/lehman-bad-risk-management-in-a-sea-of-financial-
excess/?tag=bnetdomain
•http://ezinearticles.com/?Risk-Management---A-Case-Study-on-the-Consequences-of-Bad-Risk-
Management&id=1527263
•http://riskviews.wordpress.com/risk-management-failures/
•http://www.cornerstone.com/files/Publication/cec93271-eee6-4f9a-84cf-
631145af6554/Presentation/PublicationAttachment/eddf6dfb-ac2d-464f-b8f5-
666faf1b749b/Cornerstone_Research_Risk_Management_Failures.pdf
•http://www3.ambest.com/ratings/cr/reports/Japan.pdf
•http://www.coface.com/CofacePortal/ShowBinary/BEA Repository/COM_en_EN/news/_docs/110413CP
•http://blog.hktdc.com/post/199/en/D&B-downgrades-Japan's-Country-Risk-Rating.htm
•http://www.weforum.org/issues/regional-country-risks
•http://taz.vv.sebank.se/cgi-bin/pts3/mc1/mb/mblib.nsf/a-
w/03AB82E8E40B447DC125793D002D3EBC/$FILE/Japan_June_2011.pdf
•http://www.economywatch.com/interest-rates/historical-interest-rates.html
•http://data.worldbank.org/country/japan
•http://e.nikkei.com/e/fr/info/nifaq/stockav.aspx#top10gain
Alina Sachapow - Gloria Armesto P. - K. Navi Phifer - 9 Dec 2011
doc_681095289.ppt