FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
I present an attempt to construct multi-period, finite horizon extensions to the well -known two- period financial innovations literature. I first extend the definition of competitive equilibrium with innovations. It is shown that, with a dominating household type, it is impossible to observe a set...
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| Autor principal: | |
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| Lenguaje: | English |
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Instituto de Economía, Pontificia Universidad Católica de Chile
2003
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| Acceso en línea: | http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212003012000001 |
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| Sumario: | I present an attempt to construct multi-period, finite horizon extensions to the well -known two- period financial innovations literature. I first extend the definition of competitive equilibrium with innovations. It is shown that, with a dominating household type, it is impossible to observe a set of complete Arrow securities with a positive amount issued for each of them in equilibrium, either at the last date or at any date |
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