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| Author: | Bisin, A. |
| Title: | General equilibrium with endogenously incomplete financial markets |
| Journal: | Journal of Economic Theory
1998 : SEP, VOL. 82:1, p. 19-45 |
| Index terms: | MARKET ECONOMY EQUILIBRIUM THEORY ECONOMIC THEORY |
| Language: | eng |
| Abstract: | The paper studies a class of general equilibrium economies with imperfectly competitive financial intermediaries and price-taking consumers. Intermediaries optimally choose the securities they issue and the bid-ask spread they charge. An equilibrium concept is developed, and existence is proved. |
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