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Revista Latinoamericana de Desarrollo Económico
versão On-line ISSN 2074-4706
Resumo
DAGA, Sergio. Demostration of a Competitive Equilibrium with Mortage short-sale. rlde [online]. 2017, n.28, pp.165-188. ISSN 2074-4706.
We analyze an economy with incomplete financial markets where there are real assets subject to credit risk and nominal assets free of default. We allow the inclusion of extra-economic penalties in the utility function modeling "short-sales" of mortgage guarantees. We show, under usual hypotheses in preferences and initial assignments, that there is always a competitive equilibrium in our economy.
Palavras-chave : Incomplete financial markets; Colateral guarantees; Competitive equilibrium.