Now showing items 1-20 of 28

    • Adverse selection problems without the Spence-Mirrlees condition 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2000-07-01
    • Adverse selection problems without the spence-mirrlees condition 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2001-06-01
    • Uma análise estatística das causas da emissão do cheque sem fundos: formulação de um projeto piloto 

      Barbosa, Fernando de Holanda; Araújo, Aloísio Pessoa de; Faro, Clovis de
      1984
    • Bandas de cambio : teoria, evidencia empirica e sua possivel aplicação no Brasil 

      Araújo, Aloísio Pessoa de; Feijó Filho, Cypriano Lopes
      1994-04
      Este relatório visa o estudo de bandas de câmbio em seus diferentes aspectos. Na primeira parte está apresentada uma versão simplificada, não matemática, da teoria das bandas de câmbio e de suas experiências nos diversos ...
    • Bubbles, collateral and monetary equilibrium 

      Torres-Martínez, Juan Pablo; Araújo, Aloísio Pessoa de; Pascoa, Mario Rui
      2006-04-01
      Consider an economy where infinite-lived agents trade assets collateralized by durable goods. We obtain results that rule out bubbles when the additional endowments of durable goods are uniformly bounded away from zero, ...
    • Collateral avoids Ponzi schemes in incomplete markets 

      Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; Torres-Martínez, Juan Pablo
      2001-05-01
      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.
    • Do dividends signal more earnings? 

      Tsuchida, Marcos H.; Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2004-02-01
      Signaling models have contributed to the corporate finance literature by formalizing 'the informational content of dividends' hypothesis. However, these models are under criticism of empirical literature, as weak evidences ...
    • Endogenous collateral 

      Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; Barbachan, José Santiago Fajardo
      2003-11-04
      We study an economy where there are two types of assets. Consumers’ promises are the primitive defaultable assets secured by collateral chosen by the consumers themselves. The purchase of these personalized assets by ...
    • Endogenous collateral: arbitrage and equilibrium without bounded short sales 

      Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; Barbachan, José Santiago Fajardo
      2001-05-01
      We study the implications of the absence of arbitrage in an two period economy where default is allowed and assets are secured by collateral choosen by the borrowers. We show that non arbitrage sale prices of assets are ...
    • Equilibria in security markets with a continuum of agents 

      Monteiro, P. K.; Araújo, Aloísio Pessoa de; Martins-da-Rocha, Victor Filipe
      2003-11-01
      We prove the existence of a competitive equilibrium for exchange economies with a measure space of agents and for which the commodity space is ` p, 1 < p < +∞. A vector x = (xn) in ` p may be interpreted as a security which ...
    • A general lagrangian approach for non-concave moral hazard problems 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2000-07-01
      We establish a general Lagrangian for the moral hazard problem which generalizes the well known first order approach (FOA). It requires that besides the multiplier of the first order condition, there exist multipliers for ...
    • A general lagrangian approach for non-concave moral hazard problems 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2001-06-01
      We establish a general Lagrangian for the moral hazard problem which generalizes the well known first order approach (FOA). It requires that besides the multiplier of the first order condition, there exist multipliers for ...
    • O Hedge da divida externa brasileira 

      Araújo, Aloísio Pessoa de; Semblano, Amélia de Fátima F.; Morales, Maria Haydée; Barbosa, Túlio Luz
      1994-04
      Este relatório visa a apresentação de propostas para o hedge da divida externa brasileira e a aplicação das reservas. Na primeira parte, vamos fazer um resumo das principais questões envolvidas. Nela são apresentados os ...
    • How much debtors' punishment? 

      Araújo, Aloísio Pessoa de; Funchal, Bruno
      2006-05-01
      This paper investigates how the bankruptcy exemptions applied by the Personal Bankruptcy Law in each American state a§ect the aggregated level of individuals and small businessesí loans. Higher levels of bankruptcy exemptions ...
    • Inflation targeting, credibility and confidence crises 

      Araújo, Aloísio Pessoa de; Santos, Rafael Chaves
      2007-09-01
      We study the interplay between the central bank transparency, its credibility, and the ination target level. Based on a model developed in the spirit of the global games literature, we argue that whenever a weak central ...
    • As leis de falência: uma abordagem econômica 

      Araújo, Aloísio Pessoa de
      2003-02-02
      O nosso objetivo neste trabalho é o de estudar as Leis de Falência sob o enfoque da Teoria Econômica. Neste sentido, apresentamos algumas das sugestões feitas na literatura recente e estudamos a conveniência de sua aplicação ...
    • A model of mixed signals with applications to countersignaling an the GED 

      Gottlieb, Daniel; Moreira, Humberto Ataíde; Araújo, Aloísio Pessoa de
      2004-07-01
      We develop a job-market signaling model where signals may convey two pieces of information. This model is employed to study the GED exam and countersignaling (signals non-monotonic in ability). A result of the model is ...
    • Monetary arrangements for emerging economies 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva
      2007-09-01
      In this paper we look at various alternatives for monetary regimes: dollarization, monetary union and local currency. We use an extension of the debt crisis model of Cole and Kehoe ([3], [4] and [5]), although we do not ...
    • Non-monotone insurance contracts and their empirical consequences 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde
      2003-11
      The goal of this paper is to show the possibility of a non-monotone relation between coverage ans risk which has been considered in the literature of insurance models since the work of Rothschild and Stiglitz (1976). We ...
    • A note on learning chaotic sunspot equilibrium 

      Araújo, Aloísio Pessoa de; Maldonado, Wilfredo Fernando Leiva
      2001-05-01
      In this paper we prove convergence to chaotic sunspot equilibrium through two learning rules used in the bounded rationality literature. The rst one shows the convergence of the actual dynamics generated by simple adaptive ...