Resumen
Many studies in international ?nance try to investigate to what extent domestic and external economic factors constitute signi?cant determinant factors of international country risk. This article tries to analyze, for the period 1992-2003, Brazilian country risk from the point of view of three empirical models: i) First, the internal economic determinants of the country risk; ii) the second has the same purpose as the ?rst, with the difference that the variable ?intensity of global risk aversion?, that serves as proxy for the external component of the risk, is included in the group of explanatory variables; iii) in the last model the emphasis is on the relation between speci?c country risk (country risk minus the external component) and the internal and external economic determinants.