| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5807 |
| DP5807 Genetic, Cultural and Geographical Distances | |
| Antonio Spilimbergo; Paola Giuliano; Giovanni Tonon | |
| 发表日期 | 2006-09-04 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper explores the role of portfolio constraints in generating multiplicity of equilibrium. We present a simple financial market economy with two goods and two households, households who face constraints on their ability to take unbounded positions in risky stocks. Absent such constraints, equilibrium allocation is unique and is Pareto efficient. With one portfolio constraint in place, the efficient equilibrium is still possible; however, additional inefficient equilibria in which the constraint is binding may emerge. We show further that with portfolio constraints cum incomplete markets, there may be a continuum of equilibria; adding incomplete markets may lead to real indeterminacy. |
| 主题 | Financial Economics |
| 关键词 | Multiple equilibria Asset pricing Portfolio constraints Indeterminacy Financial equilibrium |
| URL | https://cepr.org/publications/dp5807 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534649 |
| 推荐引用方式 GB/T 7714 | Antonio Spilimbergo,Paola Giuliano,Giovanni Tonon. DP5807 Genetic, Cultural and Geographical Distances. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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