This book focuses on borrower default. A probit model is used to
estimate the probability of default/rescheduling. In most studies
of country risk, political factors are omitted due to data
inadequacies and difficulties involved in quantifying a number of
qualitative variables. The probit model used in this book
incorporates political variables, such as the level of democracy
and political instability, in assessing country risk. The model
also includes all the relevant economic variables. The empirical
results suggest that the level of democracy and political
instability are important determinants of country risk.
General
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