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On the equivalence of financial structures with short-term assets

Author

Listed:
  • Jean-Marc Bonnisseau

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Achis Chery

    (CREGED - Centre de Recherche en Gestion et Economie du Développement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Two financial structures are equivalent if, for each given state price, the images of their full payoff matrices of these financial structures are equal. The main consequence of this definition is that, regardless of the standard exchange economy Σ, the existence of a financial equilibrium in an exchange economy Σ associated with a financial structure ℱ is equivalent to the existence of an equilibrium in Σ associated with any other financial structure ℱ′ belonging to the equivalence class of ℱ. The main contribution of the paper is to provide a necessary and sufficient condition of equivalence in a multi-period economy if all assets are short-term.

Suggested Citation

  • Jean-Marc Bonnisseau & Achis Chery, 2014. "On the equivalence of financial structures with short-term assets," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01093837, HAL.
    • Handle: RePEc:hal:cesptp:halshs-01093837
    DOI: 10.1051/proc/201445044
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    Cited by:

    1. is not listed on IDEAS
    2. Jean-Marc Bonnisseau & Achis Chery, 2014. "On the equivalence of financial structures with long-term assets," Post-Print hal-01130785, HAL.
    3. Jean-Marc Bonnisseau & Achis Chery, 2013. "On the equivalence of financial structures with short-term assets," Documents de travail du Centre d'Economie de la Sorbonne 13079, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.

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    Keywords

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    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • G1 - Financial Economics - - General Financial Markets

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