Das Kreditrisiko im Konjunkturverlauf

The current financial and economic crisis shows that in difficult economic times, neither major banks, nor even sovereigns, are immune to the horrors of insolvency. However, the exact relationship between economic activity and credit risk is not as clear-cut as it may seem to the layman. This thesis tries to approach the topic on a theoretical as well as on an empirical level. A strong focus is put on the sectorality of the credit risk-cyclicality relationship. Are there sectors whose credit risk is typically more affected by the business cycle, or not? If so, which sectors are they? The author offers some surprising insights into the topic, which are of enormous importance, especially in the context of a VaR (Value at Risk) paradigm that is heavily criticized in today's financial world. More current can.