Tesis
Liquidity shrinkages and incomplete financial participation in dynamic economies with asset-backed securities
Autor
Sepúlveda Cortés, Fabián Alejandro
Institución
Resumen
We address an in nite horizon economy with collateralized debt and asset-backed
securities, allowing for general prepayment speci cations, liquidity contractions, and incomplete
nancial participation. We guarantee equilibrium existence without requiring uniform impa-
tience on preferences or imposing debt constraints other than those endogenously determined by
collateral requirements.