On the equivalence of financial structures with short-term assets

Jean-Marc Bonnisseau and Achis Chery ()
Additional contact information
Achis Chery: Centre d'Economie de la Sorbonne et CREGED - Université de Quisqueya, http://achis.chery.free.fr

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

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?, the existence of a financial equilibrium in an exchange economy? associated with a financial structure F is equivalent to the existence of an equilibrium in? 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: Equivalent financial structures; financial equilibrium; multi-period model; short-term assets (search for similar items in EconPapers)
JEL-codes: D4 D5 G1 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2013-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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ftp://mse.univ-paris1.fr/pub/mse/CES2013/13079.pdf (application/pdf)

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 (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)
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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:13079

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