On the equivalence of financial structures with short-term assets

Jean-Marc Bonnisseau and Achis Chery ()
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Achis Chery: CREGED - Centre de Recherche en Gestion et Economie du Développement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: Two financial structures are equivalent if, for each given state price, the images of their full payoff matrices of these financial structures are equal. The main consequence of this definition is that, regardless of the standard exchange economy Σ, the existence of a financial equilibrium in an exchange economy Σ associated with a financial structure ℱ is equivalent to the existence of an equilibrium in Σ associated with any other financial structure ℱ′ belonging to the equivalence class of ℱ. The main contribution of the paper is to provide a necessary and sufficient condition of equivalence in a multi-period economy if all assets are short-term.

Keywords: short-term assets.; Equivalent financial structures; financial equilibrium; multi-period model (search for similar items in EconPapers)
Date: 2014-09
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Published in ESAIM: Proceedings, 2014, 45, pp.429-436. ⟨10.1051/proc/201445044⟩

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Related works:
Working Paper: On the equivalence of financial structures with short-term assets (2014)
Working Paper: On the equivalence of financial structures with short-term assets (2014)
Working Paper: On the equivalence of financial structures with short-term assets (2013)
Working Paper: On the equivalence of financial structures with short-term assets (2013)
Working Paper: On the equivalence of financial structures with short-term assets (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01093837

DOI: 10.1051/proc/201445044

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