year's subject of "Contagion and Spillovers – New Insights from the Crisis" turned out to be particularly topical, as first …

Credit risk models used in quantitative risk management treat credit risk analysis conceptually like a single person … decision problem. From this perspective an exogenous source of risk drives the fundamental parameters of credit risk … of many market participants: They are endogenous. The authors develop a general equilibrium model with endogenous credit …