risk. By introducing default-dependent borrowing constraints, we show the existence of equilibrium. …

Ponzi schemes but also induce endogenous Radner bounds on short-sales. Therefore, we obtain existence of equilibrium …. Moreover, equilibrium also exists when both assets are numerarie and utility functions are quasilinear in the commodity used as …

risk. By introducing default-dependent borrowing constraints, we show the existence of equilibrium. …

investors differ in their investment horizons. In equilibrium, illiquidity spills over from short-term to long-term assets and …

investors differ in their investment horizons. In equilibrium, short-horizon investors only invest in short-term assets and …

players to which ν will become disconnected. We focus on unilateral link formation and Nash equilibrium. We show existence of …