We investigate default clusters and reveal credit risk contagion in a data set with over four million German auto loans … macroeconomic effects alone. In a second step, we model contagion effects directly and show that the default of one auto loan can … portfolios, rating agencies, and regulators, as they indicate that contagion effects should be considered when assessing credit …

the Eurozone, Germany's national central bank is not allowed to buy sovereign securities on its own account. The German … the Eurozone and that it makes sense to consolidate central bank and government(s) even when a government is not issuing a …