Determinant Factors of Brazilian Country Risk: An Empirical Analysis of Specific Country Risk

Mariana Felix Teixeira (), Marcelo Klotzle and Walter Lee Ness ()
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Mariana Felix Teixeira: PUC-Rio, IAG
Walter Lee Ness: PUC-Rio, IAG

Brazilian Review of Finance, 2008, vol. 6, issue 1, 49-67

Abstract: Many studies in international finance try to investigate to what extent domestic and external economic factors constitute significant determinant factors of international country risk. This article tries to analyze, for the period 1992-2003, Brazilian country risk from the point of view of three empirical models: i) First, the internal economic determinants of the country risk; ii) the second has the same purpose as the first, with the difference that the variable “intensity of global risk aversion”, that serves as proxy for the external component of the risk, is included in the group of explanatory variables; iii) in the last model the emphasis is on the relation between specific country risk (country risk minus the external component) and the internal and external economic determinants.

Keywords: country risk; specific country risk; determinant factors; Brazil (search for similar items in EconPapers)
JEL-codes: D53 E44 F30 G15 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:brf:journl:v:6:y:2008:i:1:p:49-67

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