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Bankruptcy in general equilibrium

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Author Info
Tarun Sabarwal

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Abstract

In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy represented by this model has an equilibrium. Using examples, I highlight some welfare effects of bankruptcy.

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Publisher Info
Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2000-48.

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Date of creation: 2000
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Handle: RePEc:fip:fedgfe:2000-48

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Related research
Keywords: Bankruptcy ; Econometric models;

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This page was last updated on 2009-11-18.

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