Table 1(b).

Drivers of Country risk (adopted from [17]).

Driver	Components
Macroeconomic Risk	Structure of the economy; budgetary and monetary policy; indebtedness; the external balance; the stability of the banking system; and the capacity to respond effectively to (emerging) weaknesses
Political Risk	Mechanisms for transferring and concentration of power; effectiveness of policy-making; independence of institutions; social cohesion; and international relations
Business Environment Risk	Perceptions of the regulatory and legal framework; control of corruption; and relative ease of doing business
Financing Risk	Short-term financing risks for an economy
Commercial Risk	Short-term disruptions in demand; and macroeconomic and insolvency forecasts