Credit Derivatives and Synthetic Structures, Janet Tavakoli, Sovereign Risk and Emerging Markets

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Chapter 5

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Reading Title:	Sovereign Risk and Emerging Markets
Reading Author(s):	Tavakoli, Janet

Book Title:	Credit Derivatives and Synthetic Structures: A Guide to Instruments and Applications, 2nd Edition
Book Author(s):	Tavakoli, Janet
Chapter:	5
Page Range:	189-221
Total Pages:	33

Publisher:	John Wiley & Sons, Inc. (Visit publisher website)
Publication Year:	2001
Language:	English

	FRM Paid Candidate Price: US$6.50
Reading Price:	GARP Member (Non-Affiliate): US$6.50
	Affiliate & Non-Member: US$7.00
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Quantitative Level:	Non-Technical

Keywords:	Credit risk, sovereign risk, credit risk pricing models

Topics Covered:	Credit risk, sovereign risk, emerging markets, Brady bonds, tax arbitrage, home currency advantage, currency risk, inconvertibility, nontransferability, commodity money, credit, fiat money, special events risk, currency convertibility risk protection term sheet, pricing convertibility protection, cross-border issues

Reading Contents:	5.1 The guesstimaters` market 5.2 Tax arbitrage 5.3 Credit plays - the home currency advantage 5.4 The currency question in sovereign default protection 5.4.1 Inconvertibility and nontransferability 5.4.2 Special event risk 5.4.3 Solutions to currency risk 5.4.4 Pricing convertibility protection 5.4.5 Cross-border issues

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Book Review:	* From the publisher * Fully revised and updated. Here is the only comprehensive source that explains the various instruments in the market, their economic value, how to document trades, and more. This new edition includes enhanced treatment of U.S. and worldwide regulatory issues, and new product structures. "If you want to know more about credit derivatives--and these days an increasing number of people do--then you should read this book." --Merton H. Miller, winner, Nobel Prize in Economics, 1990 "Tavakoli brings extraordinary insight and clarity to this fascinating financial evolution . . ."--Carl V. Schuman, Manager, Credit Derivatives, West LB New York Janet M. Tavakoli (Chicago, IL) is Vice President of the Chicago branch of Bank of America, where she directs the company`s overall marketing of global derivatives and manages its CreditMetrics initiative.