Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...

We study a strategic market game with finitely many traders, infinite horizon and real assets. To this standard framework (see, e.g. Giraud and Weyers, 2004) we add two key ingredients: First, default is allowed at equilibrium by means of some collateral requirement for financial assets; second,...

Klappentext: The labour of pawns - freeborn women, men and children indentured in payment of interest on a debt - was an important supplement to that of slaves in the pre-colonial and colonial eras. This book examines the origins of pawnship; the economic factors that contributed to its spread; the...