Now showing items 1-6 of 6

    • Collateral, default penalties and almost finite-time solvency 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      2008-03-04
      We argue that it is possible to adapt the approach of imposing restrictions on available plans through finitely effective debt constraints, introduced by Levine and Zame (1996), to encompass models with default and collateral. ...
    • Competitive equilibria in infinite-horizon collateralized economies with default penalties 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      2010-03-16
      Araújo, Páscoa and Torres-Martinez (2002) have shown that, without imposing either debt constraints or transversality conditions, Ponzi schemes are ruled out in infinite horizon economies with default when collateral is ...
    • Endogenous debt constraints in collateralized economies with default penalties 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      2011-06-30
      In infinite horizon financial markets economies, competitive equilibria fail to exist if one does not impose restrictions on agents' trades that rule out Ponzi schemes. When there is limited commitment and collateral ...
    • Endogenous Transaction Costs 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      2008-10-28
      The paper proposes an alternative general equilibrium formulation of financial asset economies with transactions costs. Transaction costs emerge endogenously at equilibrium and reflect agents decisions of intermediating ...
    • Existence and uniqueness of a fixed-point for local contractions 

      Vailakis, Yiannis; Martins-da-Rocha, Victor Filipe
      2008-05-15
      This paper proves the existence and uniqueness of a fixed-point for local contractions without assuming the family of contraction coefficients to be uniformly bounded away from 1. More importantly it shows how this fixed-point ...
    • On Ponzi schemes in infinite horizon collateralized economies with default penalties 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      2011-06-30
      Araujo, Páscoa and Torres-Martínez (2002) showed that, without imposing any debt constraint, Ponzi schemes are ruled out in infinite horizon economies with limited commitment when collateral is the only mechanism that ...