Harsh default penalties lead to Ponzi schemes: a counterexample (Q417701)

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Harsh default penalties lead to Ponzi schemes: a counterexample
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    Harsh default penalties lead to Ponzi schemes: a counterexample (English)
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    14 May 2012
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    infinite horizon economies
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    default penalties
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    collateral
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    Ponzi schemes
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    pessimistic expectations
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    no-trade
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