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Article Dans Une Revue Economics Letters Année : 2013

Collateral constraints and rental markets

Résumé

We study a benchmark model with collateral constraints and heterogeneous discounting. Contrarily to a rich literature on borrowing limits, we allow for rental markets. By incorporating this missing market, we show that impatient agents choose to rent rather than to own the collateral in the neighborhood of the deterministic steady state. Consequently, impatient agents are not indebted and borrowing constraints play no role in local dynamics.
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Dates et versions

hal-00964867 , version 1 (24-03-2014)

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Hippolyte d'Albis, Eleni Iliopulos. Collateral constraints and rental markets. Economics Letters, 2013, 121, pp.436-439. ⟨10.1016/j.econlet.2013.09.013⟩. ⟨hal-00964867⟩
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