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Collateral Avoids Ponzi Schemes in Incomplete Markets

  • Aloisio Araujo

    ()

    (Instituto Nacional de Matemática Pura e Aplicada—IMPA and EPGE/FGV, Rio de Janeiro, Brazil)

  • M�rio Rui P�scoa

    ()

    (Universidade Nova de Lisboa, Lisbon, Portugal)

  • Juan Pablo Torres-Mart�nez

    ()

    (Pontif�cia Universidade Cat�lica do Rio de Janeiro, Brazil)

Without introducing either debt constraints or transversality conditions to avoid the possibility of Ponzi schemes, we show the existence of equilibrium in an infinite horizon incomplete markets economy with a collateral structure. Copyright The Econometric Society 2002.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 70 (2002)
Issue (Month): 4 (July)
Pages: 1613-1638

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Handle: RePEc:ecm:emetrp:v:70:y:2002:i:4:p:1613-1638
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