Aufsätze Ökonomik

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Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

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Credit spread

Unless otherwise defined, this refers to the difference in yield between a corporate fixed-interest bond and a government bond with the same maturity and in the same currency (yield spread between a corporate bond and an equivalent government bond). Of course, if conclusions are to be drawn from the credit spread measured in this way, the creditworthiness of the respective issuer must be assessed precisely, especially in the case of government bonds. The opinion that government bonds are always a safe investment, which is still expressed in recent textbooks, has been clearly refuted by experience (falsified: is proven to be wrong). – See spread risk, forced expropriation. – Cf. BaFin’s 2006 Annual Report, p. 17 (dangers posed by current account imbalances to the respective government bond market), Deutsche Bundesbank Monthly Report of July 2010, p. 63 f. (effect of current account imbalances in the financial crisis).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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