ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS
In this paper we study the properties of general equilibrium with default in economies with incomplete markets. It is noted that, in equilibrium, an agent makes two types of comparisons when deciding whether to participate in the credit market: as a lender and as a borrower. As a consequence, the eq...
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| Lenguaje: | English |
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Pontificia Universidad Católica de Chile. Instituto de Economía.
2011
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oai:scielo:S0719-043320110001000022012-05-29ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETSRodriguez,Eduardo A General equilibrium incomplete markets default In this paper we study the properties of general equilibrium with default in economies with incomplete markets. It is noted that, in equilibrium, an agent makes two types of comparisons when deciding whether to participate in the credit market: as a lender and as a borrower. As a consequence, the equilibrium can be linked to levels of punishment, perception of default and promised returns. An analysis of equilibrium in the case of economies with two homogeneous types of agents is also presented, from which it can be deduced that in equilibrium under partial default the personal valuations of default for the buyer and the seller are equal.info:eu-repo/semantics/openAccessPontificia Universidad Católica de Chile. Instituto de Economía.Latin american journal of economics v.48 n.1 20112011-05-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-04332011000100002en10.4067/S0719-04332011000100002 |
| institution |
Scielo Chile |
| collection |
Scielo Chile |
| language |
English |
| topic |
General equilibrium incomplete markets default |
| spellingShingle |
General equilibrium incomplete markets default Rodriguez,Eduardo A ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| description |
In this paper we study the properties of general equilibrium with default in economies with incomplete markets. It is noted that, in equilibrium, an agent makes two types of comparisons when deciding whether to participate in the credit market: as a lender and as a borrower. As a consequence, the equilibrium can be linked to levels of punishment, perception of default and promised returns. An analysis of equilibrium in the case of economies with two homogeneous types of agents is also presented, from which it can be deduced that in equilibrium under partial default the personal valuations of default for the buyer and the seller are equal. |
| author |
Rodriguez,Eduardo A |
| author_facet |
Rodriguez,Eduardo A |
| author_sort |
Rodriguez,Eduardo A |
| title |
ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| title_short |
ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| title_full |
ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| title_fullStr |
ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| title_full_unstemmed |
ON THE PROPERTIES OF GENERAL EQUILIBRIUM WITH DEFAULT IN ECONOMIES WITH INCOMPLETE MARKETS |
| title_sort |
on the properties of general equilibrium with default in economies with incomplete markets |
| publisher |
Pontificia Universidad Católica de Chile. Instituto de Economía. |
| publishDate |
2011 |
| url |
http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-04332011000100002 |
| work_keys_str_mv |
AT rodriguezeduardoa onthepropertiesofgeneralequilibriumwithdefaultineconomieswithincompletemarkets |
| _version_ |
1714206728222932992 |