In the presence of utility penalties, collateral requirements do not always eliminate the occurrence of Ponzi schemes. Harsh utility penalties may induce effective payments over collateral recollection values. In this event, loans can be larger than collateral costs and Ponzi schemes become...

In this paper we adapt a discrete time version of the Lucas model to a model with social protection where part of the total production is devoted to the health expenditures. The output is produced by labor and the technology exhibits externalities. The rate of growth of human capital depends on...