Collateral Avoids Ponzi Schemes in Incomplete Markets

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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Year of publication:	2002
Authors:	Araujo, Aloisio ; Páscoa, Mário Rui ; Torres-Martínez, Juan Pablo
Published in:	Econometrica. - Econometric Society. - Vol. 70.2002, 4, p. 1613-1638
Publisher:	Econometric Society

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005231633