Endogenous Transaction Costs

V. Filipe Martins-da-Rocha and Yiannis Vailakis

No 810, Discussion Papers from University of Exeter, Department of Economics

Abstract: The paper proposes an alternative general equilibrium formulation of financial asset economies with transactions costs. Transaction costs emerge endogenously at equilibrium and reflect agents decisions of intermediating financial activities at the expense of providing labor services. An equilibrium is shown to exist in the case of real asset structures.

Keywords: Competitive equilibrium; Incomplete markets; Endogenous transaction costs. (search for similar items in EconPapers)
Date: 2008
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Working Paper: Endogenous Transaction Costs (2008)
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