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Equilibrium existence in the international asset and good markets

Author

Listed:
  • Stefano Bosi

    (EPEE, University of Evry)

  • Patrice Fontaine

    (Euro?dai, CERAG, University Pierre-Mendes-France, Grenoble)

  • Cuong Le Van

    (CNRS, Hanoi WRU, VCREME)

Abstract

The international asset pricing models are mostly developed in the case of parity failure (investors of different countries do not agree on the expected returns on securities). In this case, an equilibrium in the international asset markets may exist, but not in the international good markets. In our paper, we prove the existence of an equilibrium in both the asset and the good markets. We focus also on the links between parities, no-arbitrage conditions and the general equilibrium. We show that no-arbitrage conditions for international asset and good markets are necessary and sufficient to an equilibrium in both the markets.

Suggested Citation

  • Stefano Bosi & Patrice Fontaine & Cuong Le Van, 2013. "Equilibrium existence in the international asset and good markets," Working Papers 166, Development and Policies Research Center (DEPOCEN), Vietnam.
    • Handle: RePEc:dpc:wpaper:1613
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    Cited by:

    1. Stefano Bosi & Patrice Fontaine & Cuong Le Van, 2014. "Pareto optima and exchange rates under risk neutrality: A note," Working Papers 2014-101, Department of Research, Ipag Business School.
    2. repec:ipg:wpaper:2014-466 is not listed on IDEAS

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    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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