Now showing items 1-15 of 15

    • A alienação fiduciária de marcas em garantia e os requisitos de legitimidade e universalidade da Lei 9.279/96 

      Teixeira, Diogo Dias
      O presente trabalho visa contribuir para a solução de questões inerentes à implementação de transações cujas obrigações estão, total ou parcialmente, garantidas por marcas, mediante alienação fiduciária, mais especificamente ...
    • Bubbles, collateral and monetary equilibrium 

      Torres-Martínez, Juan Pablo; Araújo, Aloísio Pessoa de; Pascoa, Mario Rui
      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, default penalties and almost finite-time solvency 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      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
      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 ...
    • The Eaton-Gersovitz-Arellano environment with collateral 

      Guinsburg, Pedro Vaissman
      In this article I introduce collateralization in the Eaton-Gersovitz-Arellano environment. In my paper, collateral can be understood as Foreign Direct Investment. I find that collateral increases the equilibrium levels of ...
    • Endogenous debt constraints in collateralized economies with default penalties 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      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 ...
    • Equilibrium with default and endogenous collateral 

      Araújo, Aloísio Pessoa de; Orrillo, J.; Pascoa, Mario Rui
      We study a two-period general equilibrium model with incomplete asset markets and default. We make collateral endogenous by allowing each seller of assets to fix the level of collateral. Sellers are required to provide ...
    • An essay on loan forbearance 

      Mourad, Frederico Abou
      Reestruturação é uma concessão feita por um banco a um tomador de recursos em decorrência de dificuldade financeira. Este trabalho examina porque e quando empréstimos bancários são reestruturados, utilizando uma nova base ...
    • Garantias de crédito rural no Brasil: acesso, condições e inadimplência 

      Menezes, Alexandre Pinho
      Este estudo investiga a associação entre os tipos de garantia e a inadimplência em operações de crédito bancário. Mais especificamente, estudamos o desempenho da inadimplência de empréstimos da carteira de crédito rural ...
    • General equilibrium, preferences and financial institutions after the crisis 

      Araújo, Aloísio Pessoa de
      The study is a review of some recent papers in general equilibrium that can be viewed as efforts to better understand the recent financial crisis. We begin by proposing a new set of preferences inspired by the new decision ...
    • Harsh default penalties lead to Ponzi schemes: a counterexample 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      Pascoa and Seghir (2009) presented two examples to show that in the presence of utility penalties for default, collateral requirements do not always eliminate the occurrence of Ponzi schemes and equilibria may fail to ...
    • Liquidity constraints and collateral crises 

      Rodrigues, Diego de Sousa
      Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then ...
    • On Ponzi schemes in infinite horizon collateralized economies with default penalties 

      Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
      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 ...
    • Regulating collateral-requirements when markets are incomplete 

      Araújo, Aloísio Pessoa de; Kubler, Felix; Schommer, Susan
      In this paper we examine the effects of default and collateral on risk sharing. We assume that there is a large set of assets which all promise a risk less payoff but which distinguish themselves by their collateral ...
    • Statistical arbitrage with default and collateral 

      Fajardo, José; Lacerda, Ana
      This paper studies the implications of the absence of statistical arbitrage opportunities in a two-period incomplete market economy where default is allowed but there are collateral requirements. Modified versions of the ...