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    • Bubbles, collateral and monetary equilibrium 

      Torres-Martínez, Juan Pablo; Araújo, Aloísio Pessoa de; Pascoa, Mario Rui (Escola de Pós-Graduação em Economia da FGV, 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 (Escola de Pós-Graduação em Economia da FGV, 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.