Browsing Produção Intelectual em Bases Externas by Author "Vailakis, Yiannis"
Now showing items 1-6 of 6
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Borrowing in excess of natural ability to repay
2017-01The paper aims at improving our understanding of self-enforcing debt in competitive dynamic economies with lack of commitment when default induces a permanent loss of access to international credit markets. We show, by ... -
Constrained efficiency without commitment
2015-12We consider an infinite horizon economy where agents share income risks by trading a complete set of contingent claims but cannot commit to their promises. Allocations are restricted to be self-enforcing relative to autarchic ... -
Financial markets with endogenous transaction costs
2010-10The paper proposes an alternative general equilibrium formulation of financial asset economies with transaction costs. Transaction costs emerge endogenously at equilibrium and reflect agents' decisions of intermediating ... -
Fixed point for local contractions: applications to recursive utility
2013-03The paper shows how fixed-point results for local contractions apply to the study of the existence and uniqueness of recursive utility functions defined on subsets of + and being continuous for a specific topology. Two ... -
Harsh default penalties lead to Ponzi schemes: a counterexample
2012-05Pascoa 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 ... -
On the sovereign debt paradox
2017-12Bulow and Rogoff (Am Econ Rev 79(1):43-50, 1989) show that lending to small countries cannot be supported merely on the country's 'reputation for repayment' if exclusion from future credit markets is the only consequence ...
