Author: Norbert J. Gaillard
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Coping with Sovereign Risk Since 1991
This blog article is based on Country Risk – The Bane of Foreign Investors (Springer, 2020) by Norbert Gaillard. Both the number and percentage of countries in default reached record highs during the globalization years (1991–2016). In 1994, 114 sovereign debtors – accounting for 54% of all countries in the world – had failed to…
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The Losers of the Globalization Years
Five Worst-Performing Countries This blog article is based on “Country Risk – The Bane of Foreign Investors” (Springer, 2020) by Norbert Gaillard. I focus here on the countries whose reputation declined significantly during the globalization years. Table 1 lists the five economies whose country risk ratings fell the most dramatically during 1988–2013, as measured by…
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The Dynamics of Free Trade and FDI during the Globalization Era
Multilateralism waned, but the process of trade liberalization continued. This blog article is a short excerpt from Country Risk – The Bane of Foreign Investors (Springer, 2020) by Norbert Gaillard. International trade went through unexpected and paradoxical changes during the globalization era (1991–2016). Multilateralism waned, but the process of trade liberalization continued. For instance, the…
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The Boom of Emerging Sovereign Bond Markets during 1991–2016
A remarkable feature of the globalization era was the enhanced credit position of many emerging economies. This blog article is a short excerpt from Country Risk – The Bane of Foreign Investors (Springer, 2020) by Norbert Gaillard. This development is perhaps best captured by the modest growth of external debt. During 1991–2016, the public and…
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The Boom of the Chinese Economy, A Key Factor That Upsets Country Risk
The rise of China was certainly the biggest “game changer” of the globalization years. This blog article is a short excerpt from Country Risk – The Bane of Foreign Investors (Springer, 2020) by Norbert Gaillard. The reforms launched by Deng Xiaoping, embodied in the 1979 promulgation of the Joint Venture Law and in the establishment…
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Genealogy of Country Risk
It is difficult to determine exactly when the concept of country risk was forged. The expression was used as far back as 1967 by Frederick Dahl – then assistant director of the Division of Examinations at the Board of Governors of the US Federal Reserve System – in a research paper addressing the international operations…
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Country Risk: The Bane of Foreign Investors
Country Risk: The Bane of Foreign Investors (by Norbert Gaillard, Springer, July 2020) is an original and innovative research work. Chapter 1 introduces the key concepts. Chapter 2 establishes that impediments to international business preceded any mention of the country risk concept. I investigate how country risk has evolved and manifested since the advent of…
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