Country Risk

Norbert Gaillard is a French economist and independent consultant (norbertgaillard.com). He studied at Sciences Po Paris and Princeton University. He is a Euromoney Country Risk expert and his areas of expertise are public debt and sovereign risk, local government debt and subnational risk, country risk, and credit rating agencies. He has written more than twenty research papers and book chapters on credit risk. Among these, the most important are “The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007” (in NBER International Seminar on Macroeconomics 2009, University of Chicago Press, 2010), “What Is the Value of Sovereign Ratings?” (German Economic Review, 2014), “Efficient, Commonsense Actions to Foster Accurate Credit Ratings” (Capital Markets Law Journal, 2016), “The Icarus Syndrome: How Credit Rating Agencies Lost Their Quasi Immunity” (Southern Methodist University Law Review, 2018). He has published four books: Les Agences de Notation (La Découverte, Paris, 2010), A Century of Sovereign Ratings (Springer, New York, 2011; also translated into Chinese), When Sovereigns Go Bankrupt (Springer, Cham, 2014), and The Failure of Financial Regulation (Palgrave Macmillan, Cham, 2019).

• Chapter 1. Introduction.- Chapter 2. Two Centuries of Country Risk, 1816–2016.- Chapter 3. Taxonomy of Country Risk.- Chapter 4. Sovereign Risk Indicators.- Chapter 5. Country Risk Indicators.- Chapter 6. Concluding Remarks.