A Stochastic Infinite-Horizon Economy with Secured Lending or Unsecured Lending and Bankruptcy
Modeling problems for a monetary economy are discussed and some examples are presented in the context of an infinite-horizon economy with one or two types of traders, who use fiat money to buy a single perishable consumption good. Three instances are considered, all with transactions in fiat money. The first model has no borrowing or lending. The second model permits both borrowing and lending, but all loans are secured. The third model has borrowing and unsecured lending, and takes into account the presence of debtors who are unable to honor their debts and go bankrupt. Borrowing and depositing take place through an outside bank, although in some circumstances a money market could be used instead. Conditions for different forms of lending are discussed. This is a survey of three technical papers, where the mathematical models are developed in detail and the proofs are supplied.
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|Date of creation:||Dec 1997|
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- Karatzas, Ioannis & Shubik, Martin & Sudderth, William D., 1997.
"A strategic market game with secured lending,"
Journal of Mathematical Economics,
Elsevier, vol. 28(2), pages 207-247, September.
- Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1995. "A Strategic Market Game With Secured Lending," Working Papers 95-03-037, Santa Fe Institute.
- Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1995. "A Strategic Market Game with Secured Lending," Cowles Foundation Discussion Papers 1099, Cowles Foundation for Research in Economics, Yale University.
- Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
- Martin Shubik, 2000. "The Theory of Money," Cowles Foundation Discussion Papers 1253, Cowles Foundation for Research in Economics, Yale University.
- Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
- Amir, Rabah & Sahi, Siddharta & Shubik, Martin & Yao, Shuntian, 1990. "A strategic market game with complete markets," Journal of Economic Theory, Elsevier, vol. 51(1), pages 126-143, June.
- Rabah Amir & Siddhartha Sahi & Martin Shubik, 1986. "A Strategic Market Game with Complete Markets," Cowles Foundation Discussion Papers 814R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
- Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-1445, November.
- Geanakoplos, J. & Karatzas, I. & Shubik, M. & Sudderth, W., 2000. "A strategic market game with active bankruptcy," Journal of Mathematical Economics, Elsevier, vol. 34(3), pages 359-396, November.
- John Geanakoplos & Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1998. "A Strategic Market Game with Active Bankruptcy," Cowles Foundation Discussion Papers 1183, Cowles Foundation for Research in Economics, Yale University.
- J. Geanakoplos & I. Karatzas & M. Shubik & W. Sudderth, 1999. "A Strategic Market Game with Active Bankruptcy," Working Papers 99-04-025, Santa Fe Institute.
- Martin Shubik & Shuntian Yao, 1989. "Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold," Cowles Foundation Discussion Papers 904, Cowles Foundation for Research in Economics, Yale University. Full references (including those not matched with items on IDEAS)
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