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The Existence of Equilibrium in a Financial Market with General Personal and Corporate Tax Structures


  • Xing Jin
  • Frank Milne


This article concerns the existence of equilibrium in a two-period model with general personal and corporate tax structures. We show that an equilibrium exists if there is a price system under which no consumer or firm has an arbitrage opportunity. The model can be modified to handle non convex tax structures and capital gains.

Suggested Citation

  • Xing Jin & Frank Milne, 1996. "The Existence of Equilibrium in a Financial Market with General Personal and Corporate Tax Structures," Working Papers 939, Queen's University, Department of Economics.
  • Handle: RePEc:qed:wpaper:939

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    File Function: First version 1996
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    More about this item


    general equilibrium; financial markets; taxation; general equilibrium; financial markets; taxation;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium


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