Collateral avoids Ponzi schemes in incomplete markets

Mario Pascoa, Aloisio Araujo and Juan Pablo Torres-Martinez

No 419, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: Without introducing neither debt constraints nor transversality conditions to avoid the possibility of Ponzi schemes, we show existence of equilibrium in an incomplete markets economy with a collateral structure.

Date: 2001-05-01
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Journal Article: Collateral Avoids Ponzi Schemes in Incomplete Markets (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:epgewp:419

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