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Detailed Course Information

 

Spring 2019
Dec 17, 2018
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Information Select the desired Level or Schedule Type to find available classes for the course.

ASST 531 - Sovereign Risk and Asia
 Sovereign risk is the risk that a national government will default on its debt obligations. For most of the post-World War II era, sovereign risk was mainly a concern facing investors in emerging market governments. However, in the wake of the global financial crisis in 2008, in some advanced countries government debt has grown to levels only previously seen in wartime. Some governments formerly judged to be of the lowest or low risk have experienced significant deterioration in their credit quality, and Greece experienced back-to-back defaults in 2012. This course will provide a multifaceted view of sovereign risk, but centered on the assessments of credit rating agencies. It will examine the interplay of economic, institutional, fiscal, financial, market and geopolitical factors that influence sovereign credit quality. It focus on sovereign case studies at periods when sovereign risk spiked—namely, the 1997 Asian financial crisis and the 2009 Euro-Area crisis, while also examining the focusing on evolution of the governments of Japan’s and China’s creditworthiness. Students will examine and critique credit rating agency methodologies. The final project for the course is a series of mock sovereign credit rating committees led by students. At the conclusion of the course, students will: (1) be conversant on the interplay of factors influencing sovereign credit risk (2) be capable of taking a substantiated, forward-looking opinion of sovereign credit quality. The instructor will draw on his experience gained over three decades, mostly as a sovereign risk analyst and manager for Moody’s Investors Service in New York City and Singapore and also as an emerging market economist at the Institute of International Finance in Washington, DC. He is currently the president of The Korea Society in New York City and he also teaches a variant of this course at Columbia University, Graduate School of International and Public Affairs. 

3.000 Credit hours
3.000 Lecture hours

Levels: MN or MC Graduate
Schedule Types: Lecture, Seminar

Asian Studies Department

Restrictions:
Must be enrolled in one of the following Levels:     
      MN or MC Graduate

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