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Infinite horizon economies with borrowing constraints

Author

Listed:
  • Emma Moreno-García
  • Juan Pablo Torres-Martinez

    () (Department of Economics PUC-Rio)

Abstract

We consider infinite horizon economies with incomplete financial markets. Securities are in positive net supply and may be infinite-lived. We establish existence of equilibria by requiring borrowing constrains instead of portfolio restrictions..

Suggested Citation

  • Emma Moreno-García & Juan Pablo Torres-Martinez, 2006. "Infinite horizon economies with borrowing constraints," Textos para discussão 536, Department of Economics PUC-Rio (Brazil).
  • Handle: RePEc:rio:texdis:536
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    File URL: http://www.econ.puc-rio.br/pdf/td536.pdf
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    References listed on IDEAS

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    1. Magill, Michael & Quinzii, Martine, 1994. "Infinite Horizon Incomplete Markets," Econometrica, Econometric Society, vol. 62(4), pages 853-880, July.
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    Keywords

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

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