  This paper intends to explain Venezuela's country spread behavior through the
Neural Networks analysis of a monthly economic activity general index of
economic indicators constructed by the Central Bank of Venezuela, a measure of
the shocks affecting country risk of emerging markets and the U.S. short term
interest rate. The use of non parametric methods allowed the finding of non
linear relationship between these inputs and the country risk. The networks
performance was evaluated using the method of excess predictability.
