Bubbles and trading in incomplete markets

被引：4
|
作者：
Bejan, Camelia [1 ]
Bidian, Florin [2 ]
机构：
[1] Univ Washington, Sch Business, Bothell, WA 98011 USA
[2] Georgia State Univ, Robinson Coll Business, RMI, Atlanta, GA 30302 USA
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 2014年 / 53卷
关键词：
Rational bubbles; Limited enforcement; Incomplete markets; DEBT; EQUILIBRIUM;
D O I：
10.1016/j.jmateco.2014.05.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We show that an intrinsic property of a large class of rational bubbles is their capacity to relax the agents' debt limits. Any bubble that preserves the set of pricing kernels, or equivalently, the asset span, has effectively an identical effect on consumption and real interest rates as an appropriate relaxation of debt limits, proportional to the size of the bubble. Thus the collapse of a bubble amounts to a contraction of agents' debt limits, and conversely, a bubble can arise to supplement the credit available in the economy.
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页码：137 / 144
页数：8
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