Pérez Fernández, Víctor and TorresMartínez, Juan Pablo (2012): Incomplete financial participation: exclusive markets, investment clubs and credit risk.

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Abstract
We develop a general equilibrium model with incomplete financial participation and price dependent financial constraints. In our model, equilibrium exists even when agents do not have access to all financial contracts. For instance, exclusive credit lines and investment clubs are compatible with our framework. We also extend the literature of incomplete financial participation to include debts backed by price dependent collateral, and nonordered preferences negatively affected by the amount of default.
Item Type:  MPRA Paper 

Original Title:  Incomplete financial participation: exclusive markets, investment clubs and credit risk 
Language:  English 
Keywords:  Incomplete nancial participation; Exclusive credit lines; Collateralized loans 
Subjects:  D  Microeconomics > D5  General Equilibrium and Disequilibrium > D53  Financial Markets D  Microeconomics > D5  General Equilibrium and Disequilibrium > D52  Incomplete Markets 
Item ID:  36624 
Depositing User:  Juan Pablo TorresMartínez 
Date Deposited:  13. Feb 2012 16:56 
Last Modified:  30. Dec 2015 10:31 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/36624 