| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20086 |
| 来源ID | Working Paper 20086 |
| Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities | |
| Weerachart Kilenthong; Robert Townsend | |
| 发表日期 | 2014-05-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper studies a competitive general equilibrium model with default and endogenous collateralized contracts. The possibility of trade in spot markets creates externalities, as spot prices and the bindingness of collateral constraints interact. We propose a market based solution which overcomes the externalities problem and obviates the needs for any government policy intervention. If agents are allowed to contract ex ante on market fundamentals determining the state-contingent spot prices used to unwind collateral, over and above contracting on true underlying states of the world, then standard existence and welfare theorems apply, that is, competitive equilibria are equivalent with Pareto optima. |
| 主题 | Microeconomics ; General Equilibrium ; Welfare and Collective Choice |
| URL | https://www.nber.org/papers/w20086 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577759 |
| 推荐引用方式 GB/T 7714 | Weerachart Kilenthong,Robert Townsend. Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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