Collateral avoids Ponzi schemes in incomplete markets

被引：39

作者：

Araujo, A

Páscoa, MR

Torres-Martínez, JP

机构：

[1] Instituto Nacional de Matemática Pura e Aplicada-IMPA and EPGE/FGV, Rio de Janeiro

[2] Universidade Nova de Lisboa, Lisbon

来源：

ECONOMETRICA | 2002年 / 70卷 / 04期

关键词：

exogenous collateral; incomplete markets; infinite horizon; equilibrium; Ponzi schemes;

D O I：

10.1111/1468-0262.00343

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：1613 / 1638

页数：26

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