an aggregate risk factor is a main driver of spreads. This factor also plays an important indirect role for risk spreads … through its interaction with the size and structure of national banking sectors. When aggregate risk increases, countries with … that financial markets perceive a larger risk that governments will have to rescue banks, increasing public debt and …

This paper studies the long-run relationship between consumption, asset wealth and income – the consumption … predict changes in income – the consumption wealth ratio predicts business cycles, not stock market cycles. Asset price …

thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market …

structural credit risk models. Using credit default swap (CDS) spreads, we find that, in the time series, average credit spreads … investor sentiment is high and when the systematic jump risk is low. In the cross section, we confirm that firm-level cash flow … und geringem Risiko eines marktweiten Sprungs niedriger ausfallen. Firmenübergreifend stellen wir fest, dass ein auf …

improving international competitiveness. All measures imply (income) redistribution between optimizing and liquidity …