An overlapping generations model with a general default punishment structure
Author's Department
Economics Department
Document Type
Research Article
Publication Title
International Research Journal of Finance and Economics
Publication Date
8-24-2010
Abstract
This paper addresses the existence of a refined equilibrium for an overlapping generations pure-exchange economy with non-ordered preferences and incomplete markets of numeraire assets when borrowers can default on their promises. More precisely, we prove that the standard model of a two-period economy with numeraire-incomplete financial markets can be extended to an infinite-horizon economy with a dynamic demographic structure encompassing the possibility of default and a general preferences structure. © EuroJournals Publishing, Inc. 2010.
First Page
10
Last Page
25
Recommended Citation
APA Citation
Seghir, A.
(2010). An overlapping generations model with a general default punishment structure. International Research Journal of Finance and Economics, 45, 10–25.
https://fount.aucegypt.edu/faculty_journal_articles/830
MLA Citation
Seghir, Abdelkrim
"An overlapping generations model with a general default punishment structure." International Research Journal of Finance and Economics, vol. 45, 2010, pp. 10–25.
https://fount.aucegypt.edu/faculty_journal_articles/830