Optimal contract for asset trades: Collateralizing or selling?
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I am especially grateful to Stephen Williamson for his advice and invaluable guidance. I would also like to thank Gaetano Antinolfi, Jason Donaldson, Fernando M. Martin, and Yongseok Shin for their valuable comments and suggestions. I have benefited from discussion with Costas Azariadis, Michele Boldrin, Narayan Bulusu, Armando Gomes, Christopher Waller, and Randall Wright, as well as with all seminar participants at 2018 Asian Meeting of the Econometric Society, 2018 Fall Midwest Macroeconomic Meetings, the 19th KEA International Conference, KAIST Business School, Korea University, Kyung Hee University, Seoul National University, Singapore Management University, Washington University in St. Louis, and Yonsei University. This work was supported (in part) by the Yonsei University Future-leading Research Initiative of 2017–22-0153 and Research Fund of 2018–22-0107.