Revistas Académicas WoS
Collateral avoids Ponzi schemes in incomplete markets
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.
Econometrica, Vol. 70, pp. 1.613 - 1.638, 2002
Autor(es): Araujo Aloisio, Páscoa Mário, Torres-Martínez Juan Pablo