Competitive equilibrium with incomplete financial markets
نویسندگان
چکیده
منابع مشابه
General Equilibrium with Endogenously Incomplete Financial Markets
The present paper studies a class of general equilibrium economies with imperfectly competitive financial intermediaries and price-taking consumers. Intermediaries optimally choose the securities they issue and the bid-ask spread they charge. Financial intermediation is costly, and hence markets are endogenously incomplete. An appropriate equilibrium concept is developed, and existence is prove...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2006
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2006.04.008