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Vij, Madhu
- Country Risk Analysis
Abstract Views :673 |
PDF Views:1
Authors
Madhu Vij
1,
M. C. Kapoor
2
Affiliations
1 Faculty of Management Studies University of Delhi Delhi 110007
2 Adjunct Professor ICFAI Business School Gurgaon, IN
1 Faculty of Management Studies University of Delhi Delhi 110007
2 Adjunct Professor ICFAI Business School Gurgaon, IN
Source
Journal of Management Research, Vol 7, No 2 (2007), Pagination: 87-102Abstract
This paper investigates the extent to which economic, political and socio-cultural factors help in country risk assessment. A risk rating model to evaluate the factors determining country risk is formulated. The results of the study show that India represents a high risk country. The economic risk has the highest risk score and political risk has the lowest risk score. However, various investor friendly reforms are on their way and Indias macroeconomic fundamentals and future prospects seem highly conducive for corporate growth.Keywords
Country Risk, Economic Factors, Political Factors, Socio-cultural Factors, Sovereign Risk, Country Risk Rating
References
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- Cosset, J., Daouas, M., Kettani, O. and Oral, M. (1993), Replicating Country Risk Rating, Journal of Multinational Financial Management, Vol. 3.
- Eaton, J., Gersovitz, M. and Stiglitz, J. (1986), The Pure Theory of Country Risk, European Economic Review, 30: 481-513.
- Erbs, C. B., Campbell, R. H. and Viskanta, T. E. (1996), Political Risk, Economic Risk and Financial Risk Financial Analysts Journal, 52: 28-46.
- Feder, G. and Just, R. (1977), A Study of Debt Servicing Capacity -Applying Logit Analysis, Journal of Development Economics, 4: 25- 38.
- Feder, G., Just, R. and Ross, K. (1981), Projecting Debt-Servicing Capacity of Developing Countries, Journal of Financial and Quantitative Analysis, pp. 651-669.
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- Shapiro, A. (1999), Multinational Financial Management (6th Ed.), Prentice Hall, London.
- Vij, Madhu (2004), International Financial Management, Excel Books, New Delhi.
- Vij, Madhu (2005), The Determinants of Country Risk Analysis: An Empirical Approach, Journal of Management Research, 5(1).
- Vij, Madhu (2005), The Determinants of Country Risk Ratings and their Policy Implications, paper presented at the World Risk and
- Insurance Economic Congress (WRIEC), from 7th August to 11th August, 2005, at Salt Lake City, Utah, USA.
- Vij, Madhu (1999), A Conceptual Approach to the Determinants of Country Credit-Worthiness, Finance India, XIII(2). Various Issues of the Euromoney.
- Convergence in Financial Services Industry
Abstract Views :238 |
PDF Views:1
Authors
Swati Singhal
1,
Madhu Vij
1
Affiliations
1 Faculty of Management Studies University of Delhi, Delhi 110007
1 Faculty of Management Studies University of Delhi, Delhi 110007
Source
Journal of Management Research, Vol 6, No 1 (2006), Pagination: 48-56Abstract
The financial services industry is undergoing drastic changes. One of the main challenges for managers of financial institutions as well as for regulators and supervisors is the growing convergence between different sectors within the financial services industry. Given the many dimensions of financial convergence, a complete view on the types of convergence, the degree of integration and the products involved is called for. This paper presents a theoretical perspective on the convergence in the financial services industry and discusses the various aspects related to regulation and supervision of financial conglomerates. It also details the preparations required with regard to regulation and supervision of financial conglomerates in India.Keywords
Financial Conglomerates, Universal Bank, Basel II, BancassuranceReferences
- Banks' Capital Adequacy, The Economist, 21 February 2002.
- Basel lite, The Economist, 1 July 2004.
- Blockage in Basel, The Economist, 2 October 2003.
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- Lutgart Van den Berghe and Kurt Verweire (2001), Convergence in the Financial Services Industry, The Geneva papers on Risk and Insurance 26(2): 173-183.
- Love Me, The Economist, 21 February 2002
- Now for a hard part, The Economist, 13 May 2004.
- Report of the working group on Monitoring of Systematically Important Financial Intermediaries (Financial Conglomerates), Reserve Bank of India.
- Vennet, Rudi Vander(2002), Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe, Journal of Money, Credit and Banking 254.
- Forward foreign Exchange Rates as an Unbiased Predictor of Future Spot Rates
Abstract Views :458 |
PDF Views:4
Authors
Affiliations
1 Faculty of Management Studies University of Delhi, Delhi
1 Faculty of Management Studies University of Delhi, Delhi
Source
Journal of Management Research, Vol 2, No 2 (2002), Pagination: 80-86Abstract
This paper reexamines a familiar relationship in literature: that the forward rate is an unbiased predictor of the future spot rate at one, three and six month intervals. We find that the forward rates have little power in predicting the future spot rate as some crucial information that is available with economic agents is only known at later dates and news that is only partially known at the time of the forecast becomes known only at the date of maturity. Also, a longer horizon forward rate, such as the 1-year forward exchange contract has more information about the spot exchange rate than the shorter horizon of 30 days or even 3 months.Keywords
Forward Exchange Rate, forward Premia, Spot Rate, Unbiased forward Rate Hypothesis, Risk PremiumReferences
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- The Determinants of Country Risk Analysis
Abstract Views :299 |
PDF Views:1
Authors
Affiliations
1 Faculty of Management Studies University of Delhi Delhi - 110007
1 Faculty of Management Studies University of Delhi Delhi - 110007
Source
Journal of Management Research, Vol 5, No 1 (2005), Pagination: 20-31Abstract
The paper examines the effect of various economic and political factors on country risk ratings published by Euromoney and Institutional Investor. As global competition drives corporations, managers frequently rely on country risk analysis as a crucial aspect of strategic decision-making. The purpose of this paper is to investigate the extent to which country risk measures can help in predicting country ratings. We examine seven widely used measures of country risk across sixty-one countries. Results from the empirical analysis indicate that country risk ratings can be replicated to a significant degree with a few available political and economic indicators. Political risk was found to exert a significant influence on country ratings. The results also confirmed that both Euromoney and Institutional ratings predicted similar outcomes.Keywords
Country Risk Analysis, Gross National Product, Gross Capital FormationReferences
- Aliber, R.Z. (1980), A Conceptual Approach to the Analysis of External Debt of Developing Countries, World Bank Staff Working paper no. 421, The World Bank, Washington, DC.
- Brewer, T. and P. Rivoli (1990), Politics and Perceived Country Creditworthiness in International Banking, Journal of Money, Credit and Banking 22 (August 1990): 357-369.
- Burton, F. and H. Inoue (1985), An Appraisal of the Early Warning Indicators of Sovereign Loan Default in Country Risk Evaluation System, Management International Review 25: 45-56.
- Burton, F.N (1987), A country Risk Appraisal Model of Foreign Asset Expropriation in Developing Countries, Applied Economics 19(8): 1009-1048.
- Citron, J T and G Nicklesburg(1987), Country Risk and Political Instability, Journal of Development Economics 25 (April): 385-392.
- Cosset, J.C. and J. Roy (1991), The Determinants of Country Risk Ratings, Journal of International Business Studies 22 (First Quarter): 135-142.
- Cosset, J., Daouas, M., Kettani, O. and Oral, M. (1993), Replicating Country Risk Rating, Journal of Multinational Financial Management Vol. 3.
- Eaton, J. and M. Gersovitz, and J. Stiglitz (1986), The Pure Theory of Country Risk, European Economic Review 30: 481-513.
- Erbs, C.B., Campbell, R.H. and Viskanta, T.E (1996), Political Risk, Economic Risk and Financial Risk, Financial Analysts Journal 52 (Nov./Dec): 28-46.
- Feder, G. and R. Just (1977), A Study of Debt Servicing Capacity Applying Logit Analysis, Journal of Development Economics 4: 25- 38.
- Feder, G.R. Just and K. Ross (1981), Projecting Debt-Servicing Capacity of Developing Countries, Journal of Financial and Quantitative Analysis 16 (December): 651-669.
- Feder, G. and K. Ross (1982), Risk Assessments and Risk Premiums in the Euro-Dollar Market, The Journal of Finance 37 (June): 670-691.
- Feder, G. and L. Uy (1985), The Determinants of International Creditworthiness and their Policy Implications, Journal of Policy Modeling 7: 133-156.
- Frank, C. and W. Cline (1971), Measurement of Debt Servicing Capacity: An Application of Discriminant Analysis, Journal of International Economics 1: 327-344.
- Kaminsky, G. and Schmukler, S (2001), Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?, World Bank, February 28, 2001, Accessed Online.
- Oetzel, Jennifer M., Bettis, Richard A. (2001), Country Risk Measures: How risky are They ?, Journal of World Business 36(2).
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- Asset Liability Management in Banks and Financial Institutions
Abstract Views :604 |
PDF Views:2
Authors
Affiliations
1 Faculty of Management Studies University of Delhi, Delhi
1 Faculty of Management Studies University of Delhi, Delhi
Source
Journal of Management Research, Vol 1, No 2 (2001), Pagination: 111-120Abstract
ALM as a concept is gradually gaining importance in the Indian conditions. It is the art of ensuring that the maturity profiles of assets match that of liabilities and combines the techniques of asset management, liability management and spread management into a cohesive process leading to an integrated management of the total balance sheet. The process of ALM will differ from bank to bank and the success of the technique depends upon how effectively banks are able to forecast and manage the risks they carry and are exposed to. Efficient liquidity and interest rate management are the two important activities of the banks and financial institutions in maximizing their income while controlling the risk exposure. The objective of ALM at IDBI is to ensure adequate funding for each product at the most attractive available cost and to manage the currency composition, maturity profile and interest rate sensitivity characteristics of the portfolio of liabilities supporting each product within the prescribed risk parameters.Keywords
Asset-liability Management, Net Interest Margin, Gap, Duration, Interest-rate RiskReferences
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- The New World of Banking
Abstract Views :237 |
PDF Views:1
Authors
Affiliations
1 Faculty of Management Studies University of Delhi Delhi
1 Faculty of Management Studies University of Delhi Delhi
Source
Journal of Management Research, Vol 3, No 3 (2003), Pagination: 139-151Abstract
Technology has revolutionized the banking industry in a big way and the increasing Internationalization of banking has generated new risks with global consequences. Banks have redefined their business model so as to be competitive and viable in the long run. The maturity transformation process is an important feature of banking and the success of a bank, especially in an unstable economic environment depends on the quality of its asset and liability management. This study is an attempt to present the changing profile of Indian banks and how the economic functions of banks are directly related to their inherent vulnerability.Keywords
Banking, HDFC Bank, ICICI Bank, IDBI Bank, Spread, ALM, GapReferences
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