Now showing items 1-6 of 6

    • 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.
    • 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 ...
    • Local concavifiability of preferences and determinacy of equilibrium 

      Pascoa, Mario Rui; Werlang, Sérgio Ribeiro da Costa
      1991-05
      In this paper we consider strictly convex monotone continuous complete preorderings on R+n that are locally representable by a concave utility function. By Alexandroff 's (1939) theorem, this function is twice dífferentiable ...
    • On the differentiability of the consumer demand function 

      Monteiro, P. K.; Pascoa, Mario Rui; Werlang, Sérgio Ribeiro da Costa
      1993-05
      For strictly quasi concave differentiable utility functions, demand is shown to be differentiable almost everywhere if marginal utilities are pointwise Lipschitzian. For concave utility functions, demand is differentiable ...