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Temporary financial equilibrium

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  • Yves Balasko

Abstract

In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecast functions of future prices and payoffs. The temporary equilibrium model can then be interpreted as an Arrow-Debreu economy where preferences depend on prices. This identification implies, among other consequences, the existence and the generic determinateness of the financial temporary equilibria associated with given forecast functions. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Yves Balasko, 2003. "Temporary financial equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(1), pages 1-18, January.
    • Handle: RePEc:spr:joecth:v:21:y:2003:i:1:p:1-18
    DOI: 10.1007/s00199-002-0256-0
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    Cited by:

    1. Jang, Hyo Seok & Lee, Sangjik, 2020. "Equilibria in a large production economy with an infinite dimensional commodity space and price dependent preferences," Journal of Mathematical Economics, Elsevier, vol. 90(C), pages 57-64.
    2. Keshab Bhattarai, 2015. "Financial Deepening and Economic Growth in Advanced and Emerging Economies," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 178-195, February.
    3. Jacques Dreze, 2016. "Existence and multiplicity of temporary equilibria under nominal price rigidities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(1), pages 279-298, June.
    4. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, August.
    5. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.
    6. Lionel de Boisdeffre, 2012. "Arbitrage and price revelation with private beliefs," Documents de travail du Centre d'Economie de la Sorbonne 12053, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    7. Bhattarai, Keshab, 2014. "Money and economic growth," The Journal of Economic Asymmetries, Elsevier, vol. 11(C), pages 8-18.
    8. Monica Violeta ACHIM & Fanuta POP & Sorin ACHIM, 2008. "The Analysis of Financial Equilibrium in the Context of Account Globalization," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(36), pages 225-236, May.
    9. Balasko, Yves, 2003. "Economies with price-dependent preferences," Journal of Economic Theory, Elsevier, vol. 109(2), pages 333-359, April.

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