Bernoth, Kerstin; Hagen, Jürgen von; Schuknecht, Ludger - 2004
stance follows the suggestion of
Alesina et al. (1992) that default risk depends on the overall economic situation of a …
country. In an economic slow-down, government revenues decrease, and the probability
of default may rise. Since such effects … and interest rate spreads, which
9
Ameco is the annual macro-economic …