Pareto improving financial innovation in incomplete markets

DOI10.1007/S001990050198MaRDI QIDQ1389232zbMATH OpenOpenAlexFDO

Authors David Cass, Alessandro Citanna

Publication date 11 June 1998

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s001990050198

zbMATH Keywords

incomplete marketsfinancial innovationfinancial equilibriumwelfare effects

Mathematics Subject Classification ID

General equilibrium theory (91B50)

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Cited in

(30)

• The identification of preferences from equilibrium prices under uncertainty
• Financial intermediation and the welfare theorems in incomplete markets
• Incomplete markets and volatility
• Value of information in competitive economies with incomplete markets
• Changes in the firms behavior after the opening of markets of allowances
• Financial innovation, precautionary saving and the risk-free rate
• Pareto improvement and agenda control of sequential financial innovations
• Income taxation when markets are incomplete
• Subscription equilibrium with production: non-neutrality and constrained suboptimality
• Inefficiency of equilibria with incomplete markets
• Excess demand functions when new assets are introduced
• Complexity and financial stability in a large random economy
• Externalities, consumption constraints and regular economies
• Regulating collateral-requirements when markets are incomplete
• Does sunspot monetary policy matter?
• The taxation of trades in assets
• More hedging instruments may destabilize markets
• The degree of indeterminacy of equilibria with incomplete markets
• Pareto improving interventions in a general equilibrium model with private provision of public goods
• Constrained suboptimality when prices are non-competitive
• Taxes and money in incomplete financial markets
• Incomplete markets and derivative assets
• Excess price volatility and financial innovation
• Incomplete markets, allocative efficiency, and the information revealed by prices
• Transaction costs and planner intervention
• Welfare and excess volatility of exchange rates
• Welfare effects of short-sale constraints under heterogeneous beliefs
• New financial markets: who gains and who loses
• A note on spanning with options
• A note on the regularity of competitive equilibria and asset structures.

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