Browsing FGV EPGE - Ensaios Econômicos by Author "Martins-da-Rocha, Victor Filipe"
Now showing items 1-14 of 14
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Collateral, default penalties and almost finite-time solvency
2008-03-04We 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
2010-03-16Araújo, 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 ... -
Contract enforcement and incentive compatibility in large economies with differential information: the role of exact feasibility
2007-06-01We consider exchange economies with a continuum of agents and differential information about finitely many states of nature. It was proved in Einy, Moreno and Shitovitz (2001) that if we allow for free disposal in the ... -
Endogenous debt constraints in collateralized economies with default penalties
2011-06-30In 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
2008-10-28The 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 ... -
Equilibria in security markets with a continuum of agents
2003-11-01We prove the existence of a competitive equilibrium for exchange economies with a measure space of agents and for which the commodity space is ` p, 1 < p < +∞. A vector x = (xn) in ` p may be interpreted as a security which ... -
Equilibrium theory with asymmetric information and infinitely many states
2008-02-28Radner (1968) proved the existence of a competitive equilibrium for differential information economies with finitely many states. We extend this result to economies with infinitely many states of nature. -
Existence and uniqueness of a fixed-point for local contractions
2008-05-15This 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 ... -
Interim efficiency with MEU-preferences
2009-07-14Recently Kajii and (2008) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete ... -
Large economies with differential information but without free disposal
2008-02-28We consider exchange economies with a continuum of agents and differential information about finitely many states of nature. It was proved in Einy, Moreno and Shitovitz (2001) that if we allow for free disposal in the ... -
Non-emptiness of the alpha-core
2011-05-06We prove non-emptiness of the alpha-core for balanced games with non-ordered preferences, extending and generalizing in several aspects the results of Scarf (1971), Border (1984), Florenzano (1989), Yannelis (1991) and ... -
On equilibrium prices in continuous time
2008-02-28We combine general equilibrium theory and théorie générale of stochastic processes to derive structural results about equilibrium state prices. -
On Ponzi schemes in infinite horizon collateralized economies with default penalties
2011-06-30Araujo, 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 ... -
Unbounded exchange economies with satiation: how far can we go?
2008-02-01We unify and generalize the existence results in Werner (1987), Dana, Le Van and Magnien (1999), Allouch, Le Van and Page (2006) and Allouch and Le Van (2008). We also show that, in terms of weakening the set of assumptions, ...
