When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, regardless of whether assets' net supply is positive or zero, price bubbles are absent when...

We develop an abstract framework to analyze equilibrium existence in dynamic economic models with incomplete financial participation and price dependent financial constraints. Since we do not impose financial survival assumptions, our abstract model is a tool to analyze general equilibrium...

We develop a general equilibrium model with differential information and incomplete financial participation. Agents endogenously update information from commodity prices and financial contracts. Without require financial survival assumptions, we prove equilibrium existence in a model where the...

This paper presents a dynamic general equilibrium model with default and collateral requirements. In contrast with previous literature, our model allows for liquidity contractions and general prepayment specifications. We show that liquidity substantially affects credit and prepayment risks, and...

We address a general equilibrium model with limited-recourse collateralized loans. Borrowers are burden to constitute physical collateral guarantees, which are repossessed in case of default and delivered to the associated lenders. In addition, lenders may receive payments over collateral...

We develop a two period general equilibrium model with incomplete financial markets and differential information. Making endogenous the traditional informational restriction on consumption, we allow agents to obtain information from physical and financial markets. Thus, the investment in...

Consider a game with a continuum of players where only a finite number of them are atomic. Objective functions and admissible strategies may depend on the actions chosen by atomic players and on aggregate information about the actions chosen by non-atomic players. Only atomic players are...

When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, price bubbles are absent when physical endowments are uniformly bounded away from zero.

Allowing for durable commodities, we prove equilibrium existence in an abstract incomplete market economy with endogenous restricted financial participation without requiring financial survival assumptions. We apply our results to general financial structures including nominal, real and...