Browsing by Subject "Esquema Ponzi"

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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 ...
Harsh default penalties lead to Ponzi schemes: a counterexample

Martins-da-Rocha, Victor Filipe; Vailakis, Yiannis
2012-05

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 ...