FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES

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: KAWAMURA,ENRIQUE
Lenguaje:English
Publicado: Instituto de Economía, Pontificia Universidad Católica de Chile 2003
Materias:
Incomplete Markets
Financial Innovation
Multiperiod Economies
Acceso en línea:http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212003012000001
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spelling oai:scielo:S0717-682120030120000012003-10-07FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIESKAWAMURA,ENRIQUE Incomplete Markets Financial Innovation Multiperiod 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 of complete Arrow securities with a positive amount issued for each of them in equilibrium, either at the last date or at any dateinfo:eu-repo/semantics/openAccessInstituto de Economía, Pontificia Universidad Católica de ChileCuadernos de economía v.40 n.120 20032003-08-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212003012000001en10.4067/S0717-68212003012000001
institution Scielo Chile
collection Scielo Chile
language English
topic Incomplete Markets
Financial Innovation
Multiperiod Economies
spellingShingle Incomplete Markets
Financial Innovation
Multiperiod Economies
KAWAMURA,ENRIQUE
FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
description 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
author KAWAMURA,ENRIQUE
author_facet KAWAMURA,ENRIQUE
author_sort KAWAMURA,ENRIQUE
title FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
title_short FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
title_full FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
title_fullStr FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
title_full_unstemmed FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES
title_sort financial innovation in multi-period economies
publisher Instituto de Economía, Pontificia Universidad Católica de Chile
publishDate 2003
url http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212003012000001
work_keys_str_mv AT kawamuraenrique financialinnovationinmultiperiodeconomies
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