Incomplete Financial Participation: Exclusive Markets, Investment Clubs, and Credit Risk

Víctor Pérez Fernández and Juan Pablo Torres-Martinez

Working Papers from University of Chile, Department of Economics

Abstract: 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 existence in security markets with exclusive credit lines and investment clubs. We also extend the literature of incomplete financial participation to include debts backed by price dependent collateral, and non-ordered preferences negatively affected by the amount of default.

Pages: 27 pages
Date: 2012-09
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Working Paper: Incomplete financial participation: exclusive markets, investment clubs and credit risk (2012)
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