Le risque pays : approche conceptuelle et approche pratique
Already evoked in the years 1970 by American economists such as Sargen, the concept of country risk returned to the front of the economic scene following the financial crises of the years 1990.The concept of country risk is not new insofar as it is inherent in the swaps between two economic entities of different countries.The country risk appears since the normal refunding of the foreign credit is opposed because of the economic, political, social and financial conditions prevailing in the country of the debtor.However, as no theory of the country risk really exists, it appeared necessary to us to highlight the inherent whole of dimensions to this concept.With this intention, it is convenient to release the various components, classified according to three complementary angles of incidence. The type of crisis refers to the nature of the entity which undergoes the country risk with the determination of the banking risk, the financial and industrial risk and, finally, of the commercial risk.The second approach is interested in nature of the risk, i.e. with the characteristics of the debtor entity. It is of the sovereign risk, the risk of transfer and the systemic risk. Lastly, the third angle of analysis sticks to the type of crisis, the origin of the operative events of crisis and this, thanks to the forward setting of the political risk and the economico-financial risk.(Full text in French)
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- Nicholas Sargen, 1977. "Country risk," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar18.
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