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Author:Sabarwal, Tarun 

Working Paper
Bankruptcy in general equilibrium

In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy represented by this model has an equilibrium. Using examples, I highlight some welfare effects of bankruptcy.
Finance and Economics Discussion Series , Paper 2000-48

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