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Financial Innovation in Multi-Period Economies


  • Enrique Kawamura


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 house

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  • Enrique Kawamura, 2003. "Financial Innovation in Multi-Period Economies," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 117-205.
  • Handle: RePEc:ioe:cuadec:v:40:y:2003:i:120:p:117-205

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    References listed on IDEAS

    1. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
    2. Borsch-Supan, Axel & Schnabel, Reinhold, 1998. "Social Security and Declining Labor-Force Participation in Germany," American Economic Review, American Economic Association, vol. 88(2), pages 173-178, May.
    3. Barbara Berkel & Axel Börsch-Supan, 2003. "Renteneintrittsentscheidungen in Deutschland: Langfristige Auswirkungen verschiedener Reformoptionen," MEA discussion paper series 03031, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
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    More about this item


    Incomplete markets; financial innovation; multiperiod economies;

    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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