Country Risk: Determinants, Measures, and Implications (FRM Part 2 - Book 2 - Credit Risk - Ch 8)

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After completing this reading, you should be able to:
- Identify and explain the different sources of country risk.
- Evaluate the methods for measuring country risk and discuss the limitations of using those methods.
- Compare and contrast foreign currency defaults and local currency defaults.
- Explain the consequences of a country's default.
- Discuss measures of sovereign default risk and describe components of a sovereign rating.
- Describe the shortcomings of the sovereign rating systems of rating agencies.
- Compare the use of credit ratings, market-based credit default spreads, and CDS spreads in predicting default.

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