Extra Economic Default Penalties
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1. GENERAL EQUILIBRIUM EXISTENCE WITH ASSET-BACKED SECURITIZATION / EQUILÍBRIO GERAL E SECURITIZAÇÃO DE ATIVOS
We propose a specification of a general equilibrium model with securitization of collateral-backed promises and discuss the role of physical collateral to avoid, in equilibrium, pessimistic beliefs about the future rates of default. Promises are pooled in either pass-through securities or collateralized loans obligations (CLO), allowing the existence of diff
Publicado em: 2004