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1 août 2003
- handle: 10670/1.kd6y6g
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10.4067/S0717-68212003012000001
info:eu-repo/semantics/openAccess
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ENRIQUE KAWAMURA, « FINANCIAL INNOVATION IN MULTI-PERIOD ECONOMIES », Cuadernos de Economía - Latin American Journal of Economics, ID : 10670/1.kd6y6g
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I present an attempt to construct multi-period, finite horizon extensions to the well -known two- period financial innovations literature. I first extend the definition of competitive equilibrium with innovations. It is shown that, with a dominating household type, it is impossible to observe a set of complete Arrow securities with a positive amount issued for each of them in equilibrium, either at the last date or at any date