期刊名称：Discussion Paper Series / Department of Economics, New York University
出版年度：2006
卷号：1
出版社：New York University
摘要：In this paper we study the introduction of new assets which are
oftenly observed to be de.ned in expected values rather than state by
state, called the Arrow-Lind-Malinvaud (ALM) assets. We demonstrate
that individual default emerges naturally in an economy where such
ALM assets are introduced without completing all contingency mar-
kets. We further provide conditions under which individual default is
propagated endogenously into a collective risk of widespread default in
general equilibrium.
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