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Financial Innovation in Multi-Period Economies

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Author Info
Enrique Kawamura

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Abstract

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.

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Publisher Info
Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 40 (2003)
Issue (Month): 120 ()
Pages: 117-205
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Handle: RePEc:ioe:cuadec:v:40:y:2003:i:120:p:117-205

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Related research
Keywords: Incomplete Markets; Financial Innovation; Multiperiod Economies;

Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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