Bankruptcies in Temporary Equilibrium Forward Markets With and Without Institutional Restrictions
研究不完全远期市场中，在没有外生卖空限制时，存在有序临时均衡序列的充分条件，并分析清算所通过保证金要求降低破产可能性的制度模型。
Sufficient conditions are found for the existence of an orderly sequence of temporary equilibria in economies with incomplete forward markets without exogenous limits on short-sales. In the absence of institutionally imposed trade restrictions, equilibrium exists under the assumption of overlapping expectations. In the institutional model a clearinghouse imposes rules of trade (interpreted as margin requirements) to reduce the likelihood of bankruptcies. Under this rule, equilibrium exists without overlapping expectations, and subsequent bankruptcies are less likely.