Fiat money and the value of binding portfolio constraints

DOI10.1007/S00199-009-0510-9zbMATH Open1222.91054OpenAlexW2110116413MaRDI QIDQ623447FDOQ623447

Authors Myrian Petrassi, Juan Pablo Torres-Martínez, Mário R. Páscoa 

Publication date 14 February 2011

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL http://www.econ.uchile.cl/uploads/publicacion/4d928691-9480-442e-9137-5a05615bcb69.pdf

zbMATH Keywords

asset pricing bubblesbinding portfolio constraintsfundamental value of money

Mathematics Subject Classification ID

Portfolio theory (91G10) Actuarial science and mathematical finance (91G99)

Recommendations

• Sufficiency of an outside bank and a default penalty to support the value of fiat money: experimental evidence
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• The optimal quantity of money and partially-liquid assets
• Fiat money in the Kiyotaki-Wright model
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• Inside and outside fiat money, gains to trade, and IS-LM
• scientific article; zbMATH DE number 2072551

Cites Work

• scientific article; zbMATH DE number 1266748 (Why is no real title available?)
• ARBITRAGE IN SECURITIES MARKETS WITH SHORT-SALES CONSTRAINTS
• Competitive equilibria for infinite-horizon economies with incomplete markets
• Differentiability of the value function without interiority assumptions
• Endogenous collateral
• Fiat money and the value of binding portfolio constraints
• Incomplete markets over an infinite horizon: Long-lived securities and speculative bubbles
• Inefficiency and the Demand for "Money" in a Sequence Economy
• Long-lived collateralized assets and bubbles
• On Transaction Costs, Inessential Sequence Economies and Money
• On the Efficiency of a Monetary Equilibrium
• On the Role of Money and the Existence of a Monetary Equilibrium
• On the positive fundamental value of money with short-sale constraints
• Rational Asset Pricing Bubbles
• The permanent income hypothesis and short-run price stability
• The value of money in a dynamic equilibrium model

Cited In (18)

• Long-lived collateralized assets and bubbles
• Financial segmentation and collateralized debt in infinite-horizon economies
• Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
• Fiat money and the value of binding portfolio constraints
• Money and capital as competing media of exchange
• Asset bubbles and efficiency in a generalized two-sector model
• Title not available (Why is no real title available?)
• Why fiat money is a safe asset
• On the positive fundamental value of money with short-sale constraints
• Is higher confidence of fiat money necessarily desirable?
• Implementing the best steady state with savings in unbacked risky assets
• Inside and outside fiat money, gains to trade, and IS-LM
• Fiat money, individual rationality and production
• Debt enforcement and the value of money
• Portfolio constraints, differences in beliefs and bubbles
• Endogenous discounting, wariness, and efficient capital taxation
• Endogenous supply of fiat money
• Real indeterminacy and dynamics of asset price bubbles in general equilibrium

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