Authors: Theodore H. Moran (Editor), Richard Moran
ISBN-13: 9780631208815, ISBN-10: 063120881X
Format: Paperback
Publisher: Wiley, John & Sons, Incorporated
Date Published: September 1998
Edition: 1st Edition
Theodore H. Moran is Karl F. Landegger Professor of International Business Diplomacy at Georgetown University. The author of some 60 articles and 11 books on trade, technology and investment issues, Dr. Moran has served as Senior Advisor for Economics on the Policy Planning Staff at the US Department of State. He has been a consultant for more than two decades to corporations, governments and multilateral agencies on investment strategy, business-government negotiations and political risk management. A Harvard PhD, he has taught at Harvard, Vanderbilt, Johns Hopkins, the International Law Institute and the Colorado School of Mines. He currently supervises the recruitment and training of Pew Fellows from Eastern Europe, the former Soviet Union (especially Central Asian republics), Mongolia, China and Vietnam in investment promotion and market reform.
Managing International Political Risk analyzes the changing nature of threats to international investment in the "BEM's"- Big Emerging Markets- such as China, Brazil, Russia, Pakistan, India, Venezuela, Vietnam, and the Philippines. The book examines the strategies developed by investors and lenders to deal with political risk in large oil, mining, and private infrastructure projects.
The book provides essential reading for international business and corporate finance classes in business schools and economics departments. It offers valuable insights and practical advice for international corporations, banks, investment funds, and insurers as they search fr methods to manage political risk in the contemporary period.
Corporate strategies from Chevron, Exxon, Llotd's of London, Citicorp, and Standard & Poor's, among others, examine the tools, techniques, and stratgeies adopted by firms and financial institutions to offset or deter political risk. Together with leading academics, they assess the costs and benefits of project finance, non-recourse lending, alternative syndication structures, securization of export receivables, bullet bonds, local financial participation, offshore escrow accounts, multilateral guarentees, and public and private political risk insurance. They navigate the cutting edge of new "deal structures" including credit derivatives, default swars, credit- linked notes, total return swaps, and two-way trades of " bite-sized" risk units.
Preface | ||
Introduction | 1 | |
I | The Changing Nature of Political Risk | |
Overview | 7 | |
1 | God and Fair Competition: Does the Foreign Direct Investor Face Still Other Risks in Emerging Markets? | 15 |
2 | Trends in Political Risk for Corporate Investors | 44 |
3 | Political Risk: A Realistic View Toward Assessment, Quantification, and Mitigation | 57 |
II | Lessons in the Management of International Political Risk from the Natural Resource and Private Infrastructure Sectors | |
Overview | 70 | |
4 | Lessons in the Management of Political Risk: Infrastructure Projects (A Legal Perspective) | 85 |
5 | Progress in Privatizing Infrastructure in Emerging Markets | 109 |
6 | Rating Debt Issues Secured by Offshore Receivables | 112 |
7 | Challenges in the Financing of International Oil Operations | 120 |
8 | New Forms of Protection for International Infrastructure Investors | 125 |
III | Political Risk Insurance as a Tool to Manage International Political Risk | |
Overview | 139 | |
9 | A Perspective on Political Risk Insurance | 148 |
10 | The Future of Private Political Risk Insurance | 169 |
11 | Political Risk Insurance, International Banks, and Other International Lenders | 173 |
12 | The Challenges of Aggregation, Bad Faith/Bad Credit, and Public/Private Sector Cooperation | 179 |
Index | 184 |