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With Additional Enforcement Mechanisms, does Collateral Avoid Ponzi Schemes?
(Universidad de Chile, Facultad de Economía y Negocios, 2008)
In infinite horizon incomplete market economies, when the seizure of
collateral guarantees is the only mechanism enforcing borrowers not to
entirely default on their promises, equilibrium exists independently of
the ...
Multipollutant markets
(RAND, 2001)
I study the optimal design of marketable permit systems to regulate various pollutants (e.g., air pollution in urban areas) when the regulator lives in a real world of imperfect information and incomplete enforcement. I ...
Collateral or utility penalties ?
(Escola de Pós-Graduação em Economia da FGV, 2005-05-12)
In a two-period economy with incomplete markets and possibility of default we consider the two classical ways to enforce the honor of financial commitments: by using utility penalties and by using collateral requirements ...
Institutions and export dynamics
(Elsevier, 2016)
We study how contract enforcement and export experience shape firm export dynamics in an environment with incomplete information. We show that exporters start with higher volumes and sell for longer periods in countries ...