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International Political Risk Management : The Brave New World

Author

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  • Theodore H. Moran

Abstract

Part One provides a first look from the "supply side" at the reaction of the political risk insurance market to September 11, 2001, the Argentine economic crisis, and other recent corporate upheavals. This section starts off with the public provider's perspective, provided by Vivian Brown, Chief Executive of the U.K.'s Export Credits Guarantee Department (ECGD) and President of the Berne Union. Part Two explores the reactions of investors and lenders to the recent upheavals in the global economy. It pays particular attention to the problems confronting large infrastructure projects, in which purchase agreements are guaranteed by the host country, and revenues are denominated in local currency. It examines how political risk insurance can help lenders to return to financing infrastructure development in emerging markets, and asks to what extent investors and lenders need new products or new kinds of coverage to deal with currency crises. Part Three brings together Felton "Mac" Johnston, President, FMJ International Risk; Charles Berry, Chairman, Berry, Palmer & Lyle Limited; and Witold Henisz and Bennet Zelner, Assistant Professors at Wharton and Georgetown University respectively. Additional commentary is provided by David Bailey, Vice President, Sovereign Risk Insurance Ltd. and Edith Quintrell, Manager, Insurance, at the Overseas Private Investment Corporation, who provide perspectives on how the political risk insurance industry might evolve to meet the needs of insurers and reinsurers, on the one hand, and investors and lenders, on the other.

Suggested Citation

  • Theodore H. Moran, 2004. "International Political Risk Management : The Brave New World," World Bank Publications - Books, The World Bank Group, number 15039, December.
    • Handle: RePEc:wbk:wbpubs:15039
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    Citations

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    Cited by:

    1. Markus HERTRICH, 2016. "A Note on Credit Spread Forwards," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 7(1), pages 77-81.
    2. Cuervo-Cazurra, Alvaro & Ciravegna, Luciano & Melgarejo, Mauricio & Lopez, Luis, 2018. "Home country uncertainty and the internationalization-performance relationship: Building an uncertainty management capability," Journal of World Business, Elsevier, vol. 53(2), pages 209-221.
    3. Nathan M Jensen, 2005. "Measuring Risk: Political Risk Insurance Premiums and Domestic Political Institutions," International Finance 0512002, University Library of Munich, Germany.
    4. Multilateral Investment Guarantee Agency, 2009. "World Investment and Political Risk 2009," World Bank Publications - Books, The World Bank Group, number 2688, December.
    5. Spagnoletti Belinda & O'Callaghan Terry, 2011. "Going Undercover: The Paradox of Political Risk Insurance," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 5(2), pages 1-23, July.
    6. Dorobantu, Sinziana & Müllner, Jakob, 2019. "Debt-side governance and the geography of project finance syndicates," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 161-179.
    7. White, George O. & Boddewyn, Jean J. & Galang, Roberto Martin N., 2015. "Legal system contingencies as determinants of political tie intensity by wholly owned foreign subsidiaries: Insights from the Philippines," Journal of World Business, Elsevier, vol. 50(2), pages 342-356.
    8. De Villa, Maria A. & Rajwani, Tazeeb & Lawton, Thomas, 2015. "Market entry modes in a multipolar world: Untangling the moderating effect of the political environment," International Business Review, Elsevier, vol. 24(3), pages 419-429.
    9. Oetzel, Jennifer, 2005. "Smaller may be beautiful but is it more risky? Assessing and managing political and economic risk in Costa Rica," International Business Review, Elsevier, vol. 14(6), pages 765-790, December.

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