Collateral Avoids Ponzi Schemes in Incomplete Markets
Mario Pascoa and
Juan Pablo Torres-Martinez ()
Econometrica, 2002, vol. 70, issue 4, 1613-1638
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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Working Paper: Collateral avoids Ponzi schemes in incomplete markets (2001)
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