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Examination of the aspects of country risk : evidence from cointegration relationship

S. Khemiri, I. Zorgui


The aim of this paper relies on identifying the nature of the factors affecting the risk country of Tunisia. The country experienced a short political instability during 4 years in addition of some economic problems after the occurring of the popular uprising since 2010, also known as: “Arabic Spring”. The authors of the present paper carried out an empirical research over the period 1984 – 2013 using a panel of data reflecting several aspects of risks as explanatory variables: financial risk, economic risk and political risk.

The empirical investigation allowed to find several findings through the essence of the relationships in long and short run. The outcome authorized to highlight the significance of the economic risk as prime risk increasing the country risk in Tunisia. Solely inflation tends to increase the risk in Tunisia during the period 1984 – 2013. The other institutional and financial indicators seem to reduce the overall risk in Tunisia.


country risk, regulatory and institutional environment, transition economies.

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