Optimality in a financial economy with outside money and restricted participation

We analyze an economy with inside financial assets and outside money. Households have differing restricted access on both types of assets and, according to a well-known approach, they use money to pay taxes. Since competitive equilibria are generically inefficient, we perform a Pareto improvability analysis through a monetary intervention. It results that, if the government modifies the amount of money endowments for just one consumer in period one, then Pareto improvements upon the market equilibrium are possible.