On financial equilibrium with intermediation costs

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On financial equilibrium with intermediation costs. / Markeprand, Tobias Ejnar.

I: Journal of Mathematical Economics, Bind 44, Nr. 2, 2008, s. 148-156.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Markeprand, TE 2008, 'On financial equilibrium with intermediation costs', Journal of Mathematical Economics, bind 44, nr. 2, s. 148-156. https://doi.org/10.1016/j.jmateco.2007.05.003

APA

Markeprand, T. E. (2008). On financial equilibrium with intermediation costs. Journal of Mathematical Economics, 44(2), 148-156. https://doi.org/10.1016/j.jmateco.2007.05.003

Vancouver

Markeprand TE. On financial equilibrium with intermediation costs. Journal of Mathematical Economics. 2008;44(2):148-156. https://doi.org/10.1016/j.jmateco.2007.05.003

Author

Markeprand, Tobias Ejnar. / On financial equilibrium with intermediation costs. I: Journal of Mathematical Economics. 2008 ; Bind 44, Nr. 2. s. 148-156.

Bibtex

@article{ec0ff3f0977111dd86a6000ea68e967b,
title = "On financial equilibrium with intermediation costs",
abstract = "This paper studies the set of competitive equilibria in financial economies with intermediation costs. We consider an arbitrary dividend structure, which includes options and equity with limited liabilities.We show a general existence result and upper-hemi continuity of the equilibrium correspondence. Finally, we prove that when intermediation costs approach zero, unbounded volume of asset trades is a necessary and sufficient condition, provided that, there is no financial equilibrium without intermediation costs.",
keywords = "Faculty of Social Sciences, Ufuldst{\ae}ndige markeder, Transaktionsomkostninger, Generel ligev{\ae}gtsteori, Incomplete markets, Intermediation costs, General Equilibrium Theory",
author = "Markeprand, {Tobias Ejnar}",
note = "JEL classification: D52, D53, D41",
year = "2008",
doi = "10.1016/j.jmateco.2007.05.003",
language = "English",
volume = "44",
pages = "148--156",
journal = "Journal of Mathematical Economics",
issn = "0304-4068",
publisher = "Elsevier",
number = "2",

}

RIS

TY - JOUR

T1 - On financial equilibrium with intermediation costs

AU - Markeprand, Tobias Ejnar

N1 - JEL classification: D52, D53, D41

PY - 2008

Y1 - 2008

N2 - This paper studies the set of competitive equilibria in financial economies with intermediation costs. We consider an arbitrary dividend structure, which includes options and equity with limited liabilities.We show a general existence result and upper-hemi continuity of the equilibrium correspondence. Finally, we prove that when intermediation costs approach zero, unbounded volume of asset trades is a necessary and sufficient condition, provided that, there is no financial equilibrium without intermediation costs.

AB - This paper studies the set of competitive equilibria in financial economies with intermediation costs. We consider an arbitrary dividend structure, which includes options and equity with limited liabilities.We show a general existence result and upper-hemi continuity of the equilibrium correspondence. Finally, we prove that when intermediation costs approach zero, unbounded volume of asset trades is a necessary and sufficient condition, provided that, there is no financial equilibrium without intermediation costs.

KW - Faculty of Social Sciences

KW - Ufuldstændige markeder

KW - Transaktionsomkostninger

KW - Generel ligevægtsteori

KW - Incomplete markets

KW - Intermediation costs

KW - General Equilibrium Theory

U2 - 10.1016/j.jmateco.2007.05.003

DO - 10.1016/j.jmateco.2007.05.003

M3 - Journal article

VL - 44

SP - 148

EP - 156

JO - Journal of Mathematical Economics

JF - Journal of Mathematical Economics

SN - 0304-4068

IS - 2

ER -

ID: 6529632