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Equilibrium with default-dependent credit constraints

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  • Emma Moreno Garcia
  • Juan Pablo Torres-Martinez

    ()
    (Department of Economics, PUC-Rio)

Abstract

We state an infinite horizon sequential markets model with real assets in positive net supply and subject to credit risk. By introducing default-dependent borrowing constraints, we show the existence of equilibrium.

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File URL: http://www.econ.puc-rio.br/pdf/td540.pdf
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Bibliographic Info

Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 540.

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Length: 14p
Date of creation: Mar 2007
Date of revision:
Handle: RePEc:rio:texdis:540

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Related research

Keywords: Equilibrium; Infinite horizon incomplete markets; Infinite-lived real assets.;

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  1. Braido, Luis H.B., 2008. "Trading constraints penalizing default: A recursive approach," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 157-166, January.
  2. Magill, M. & Quinzii, M., 1992. "Infinite Horizon Incomplete Markets," Papers 413a, California Davis - Institute of Governmental Affairs.
  3. Páscoa, Mário Rui & Seghir, Abdelkrim, 2009. "Harsh default penalties lead to Ponzi schemes," Games and Economic Behavior, Elsevier, vol. 65(1), pages 270-286, January.
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