Infinite horizon economies with borrowing constraints

Emma Moreno-García and Juan Pablo Torres-Martinez

No 536, Textos para discussão from Department of Economics PUC-Rio (Brazil)

Abstract: We consider infinite horizon economies with incomplete financial markets. Securities are in positive net supply and may be infinite-lived. We establish existence of equilibria by requiring borrowing constrains instead of portfolio restrictions..

Keywords: Equilibrium; Infinite horizon incomplete markets; Infinite-lived real assets. (search for similar items in EconPapers)
Pages: 15p
Date: 2006-12
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Persistent link: https://EconPapers.repec.org/RePEc:rio:texdis:536

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