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Country Risk Analysis: Macro-Economic and Political Risk Drivers of Emerging Markets

Maastricht Summer School
Netherlands, Maastricht
Maastricht Summer School Netherlands, Bonnefantenstraat 2, 6211 KL Maastricht, The Netherlands
Tuition fee €798 per programme


Rising political risks, recent calls for protectionism and warnings of a global recession underline the relevance of country risk analysis. This course teaches you the skills to study country risks in Emerging Markets from both an economic and political perspective. What kind of research framework do banks use to assess country risk, and which concepts are pivotal in this regard? What are important macro-economic and political risk drivers for Emerging Markets? How can these risk drivers affect country risk, and do they have critical values? To answer these questions, interactive lectures teach you the skills to work with country risk concepts, analyze country risk drivers and write a country risk report. You do assignments in which you collect open source data for the risk drivers of two Emerging Markets. Other assignments concern the writing of the economic and political risk sections of a country risk report. Finally, two workshops help you to use the “Country Risk Canvas” to visualize the causality between macro-economic risk drivers, political risk drivers and country risk.

Course Duration and Dates
This is a two week course running from the 6th of July until the 17th of July, 2020

The number of credits earned after successfully concluding this course is the equivalent of 4 ECTS according to Maastricht University’s guidelines. For further information see the MSS terms and conditions

1. Designing an analytical framework to identify macro-economic risk drivers in Emerging Markets.
2. Designing an analytical framework to identify political risk drivers in Emerging Markets, and their impact on consumption, investment and exports.
3. Comparing the country risks and underlying risk drivers of different Emerging Markets.
4. Finding, selecting and interpreting open-source data.
5. Boosting your employability by acquiring valuable skills required for positions in business, government and academia.

Instruction language

1. Strong motivation and good command of English are essential to get a pass for the course.
2. Basic knowledge of economic and political trends is recommended.
3. Aimed at Bachelor/Master/PhD students in Economics, Business, Finance, Political Geography, Political Sciences, and International Relations. Moreover, various professionals and students with other backgrounds also successfully completed earlier editions of this course. If in doubt, please contact Maastricht Summer School.

Dr L.A.S. van Efferink

Dr Leonhardt van Efferink has been an enthusiastic Course Leader at Maastricht Summer School since 2013. His courses always bring together students with many national backgrounds. Leonhardt does not only enjoy teaching, but also moderating high-level discussions between his students. During his Summer Schools, he effectively raises skills levels by combining engaging classes with motivating e-mail tutoring. Leonhardt has over 20 years of research experience in country risk and geopolitics. He worked in the financial sector as country risk analyst and now works as self-employed expert for companies, government agencies and international organisations. Leonhardt is specialised in the analysis of economic/political risk drivers, geopolitical trends/scenarios and textual-visual frames/discourses.

“I had the opportunity to debate and dialogue with different students from around the globe and contrast our experiences. Leonhardt was very committed to every single one of his students making sure that we had the adequate material to do our research.” Veronica from Peru

“I learned a lot about country risk and the different drivers during the course. Leonhardt has a unique approach to get the attention of all the participants since he manages to respond to different needs and interests.” Roman from Switzerland

“Leonhardt’s lectures were clear, the activities built upon each other and the lectures to reinforce the subjects covered, and the writing assignments gave students the tools they needed to conduct country risk in future jobs.” Kerry from United States

Suggested literature
Dr Leonhardt van Efferink has based this course on publications in various languages (see overview below for some examples). You are not required to do pre-course reading. However, if you would like to do so, you are advised to select one of the publications below. You can also contact Leonhardt for tailor-made reading advice.

1. Iranzo, S. (2008) Delving into Country Risk. Banco de España, Occasional Paper No. 0802
2. McKellar, R. (2010) A Short Guide to Political Risk. Gower;
3. Van Efferink, L., Kool, C. and Van Veen, T. (2003) Country Risk Analysis. NIBE-SVV.
4. Van Efferink, L. (2015) Our Framework of Country Risk Indicators.
5. Van Efferink, L. (2014) How do you select Country Risk Indicators?
6. Van Efferink, L. (2015) Our Framework of Country Risk Indicators.
7. Van Efferink, L. (2015) Our Framework of Country Risk Concepts.
8. Van Efferink, L. (2015) How do you find Country Risk Data?
9. Van Efferink, L. (2018) Our Template for Country Risk Reports.
10. Verhulst, G. (2017) A Flexible Tool for Impact Assessment of Political Risk Indicators.

Teaching methods
▪ Lectures ▪ Presentations ▪ Work in subgroups

Assessment methods
▪ Attendance ▪ Participation ▪ Presentation

Apply now! Block 2.2 MSS Summer 2019/20
Application deadline
Jun 8, 2020 23:59
Europe/Amsterdam time
Studies commence
Jul 6, 2020

Application deadlines apply to citizens of: United States

Apply now! Block 2.2 MSS Summer 2019/20
Application deadline
Jun 8, 2020 23:59
Europe/Amsterdam time
Studies commence
Jul 6, 2020

Application deadlines apply to citizens of: United States