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Constrained suboptimality and financial innovation in GEI with a single commodity

  • TIRELLI, Mario

In this paper we exploit global analysis to explore welfare properties of a standard one-commodity GEI, under different notions of constrained Pareto optimality. In a unifying framework we revise and extend some of the leading results of the literature on incomplete markets and government intervention, including those concerning financial innovation.

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File URL: http://alfresco.uclouvain.be/alfresco/download/attach/workspace/SpacesStore/6cdef2e7-01e9-4605-8138-4f943008cccc/coredp_2000_19.pdf
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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2000019.

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Date of creation: 00 Mar 2000
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Handle: RePEc:cor:louvco:2000019
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  1. Magill,Michael & Quinzii,Martine, 1989. "Real effects of money in general equilibrium," Discussion Paper Serie A 232, University of Bonn, Germany.
  2. Polemarchakis, H. M., 1988. "Portfolio choice, exchange rates, and indeterminacy," Journal of Economic Theory, Elsevier, vol. 46(2), pages 414-421, December.
  3. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  4. Smale, S., 1974. "Global analysis and economics III : Pareto Optima and price equilibria," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 107-117, August.
  5. Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 241-61, April.
  6. Herakles M. Polemarchakis & Paolo Siconolfi, 1995. "Generic existence of competitive equilibria when the asset market is incomplete: A symmetric argument," Economic Theory, Springer, vol. 6(3), pages 495-510.
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