Country Risk Analysis (Macro-Economic Risk Indicators): Growth Potential, Economic Policy and External Finances of Emerging Markets [Summer School]


Country Risk Analysis (Macro-Economic Risk Indicators): Growth Potential, Economic Policy and External Finances of Emerging MarketsThe Asian Crisis in 1997-1998, Argentina’s default in 2001 and the current economic problems in Russia underline the continued importance of country risk analysis for banks and companies that do business in Emerging Markets. The “Country Risk Analysis (Macro-Economic Risk Indicators)” Summer School helps you to better understand what country risk is and how you can assess the risks in Emerging Markets. The opening lectures teach you different ways to conceptualize country risk and how analysts at banks write their reports. Then you learn how to analyse the economic indicators of Emerging Markets and their (inter)national context in a step-by-step process. These lectures provide insights into the levels of economic indicators, their changes and their impact on country risk. You write a country risk report with your group and give two talks. To acquire more skills in this field, our related course “Country Risk Analysis (Political Instability)” could be beneficial to you as well. [Click here to apply for course]

Course Program

  • Course period: 4 – 8 July 2016
  • Course language: English
  • Full course program: available as a pdf file at the GeoMeans website
  • Course sessions: Lectures, roundtable discussions and student presentations
  • Special features:
    • focus on long-term skills development instead of knowledge that is quickly forgotten
    • interactive setting in which everyone is encouraged to participate in the discussion
    • direct and constructive feedback to enrich the collective learning experience
    • focus on exchanging views and disagreeing in a friendly atmosphere
    • stimulating balance between knowledge, assumptions and questions (i.e. critical thinking)
    • advice on your employability skills, internship/PhD opportunities and career options
  • Extra options:
    • After-class tutoring in person and by e-mail
    • Facebook Group of this Summer School to share ideas and links with current and former students
    • Informal drinks and dinners with other students and course leader
  • Recommendations from former students:
    • “Leonhardt’s enthusiasm and knowledge in the area of Country Risk was contagious and opened completely different perspectives to all of us.” — Roman, Bachelor student, Switzerland
    • “The quality of Leonhardt’s lectures and his enthusiastic spirit were extremely important for me due to my background not in economics.” — Efrem, Master student, Italy
    • You can read the recommendations from 30 of Leonhardt’s former Summer School students in a pfd file on the GeoMeans website

Course Fee, Special Offer, Funding and Accomodation

Application Process

  • You can apply for the course on the Maastricht University website
  • Within a week after your application, you will be informed on its result
  • Application deadline is 13 June 2016 (extended). Applications hereafter are considered on the case-by-case basis
  • If the course is fully booked, applications are considered on a case-by-case basis as well and priority is given to paid-for applications

Learning Objectives

  • Understanding the possible links between economic indicators and country risk
  • Comparing the economic risks of different Emerging Markets
  • Writing a country risk report, based on a template that is common in banking

Course Participants

  • Country Risk Analysis (Macro-Economic Risk Indicators): Growth Potential, Economic Policy and External Finances of Emerging MarketsTarget audience:
    • Bachelor/Master/PhD students and professionals who aspire to become a country risk analyst
    • Students and professionals who seek to improve their ability to assess macro-economic indicators
    • Students and professionals who would like to improve their understanding of the interaction between national and global economic trends
  • Number of participants: 7-15

Course Exam and Certificates

  • Exam: one paper and two presentations
  • Required in order to pass your exam: high attendance rate and active participation during plenary sessions, strong motivation and good command of English
  • ECTS: 1.5 (for students who pass their exam; other students and professionals get a certificate of attendance)

Course Literature

  • Country Risk Analysis (Macro-Economic Risk Indicators): Growth Potential, Economic Policy and External Finances of Emerging MarketsPlease visit the GeoMeans website for recommended literature
  • You are advised to read one of the recommended books before the course
  • You don’t need to buy and read all recommended books
  • During the course, you can borrow most recommended books from Leonhardt
  • Please ask Leonhardt for personal reading advice if you do not know what books suit your learning objectives the best

Course Leader

[Click here to apply for course]

[Click here for “Country Risk Analysis (Political Instability)” Summer School]

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Emerging Markets


  1. Dear Proffesor I have been accepted to take your course in 2014. I have a question. individual paper assignment is done during the course or after that?

    I ask you this question because after the course I wil come back to my country and I need to bring the certificate with me.

    Thank you.

    • Leonhardt

      Dear Jaime,
      Thanks for applying to the Country Risk Analysis Summer School. The individual assignment needs to be done during the course and will have been marked before the end of the course.
      Kind regards,

  2. Dear all

    i want know if international student can join this course?


  3. Hi,

    Sounds like an interesting course. I wanted to know what the salary for political risk analysts in the US (NYC) is, approximately, on average as well as the low and high ends?


    • Leonhardt van Efferink

      I wouldn’t know, Samuel. You can best ask a US-based analyst. Kind regards, Leonhardt

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