Super-replication in economies with imperfect financial markets

• Main Author: Jaar Michea, Daniel
• Other Authors: Torres-Martínez, Juan Pablo
• Language: en
• Published: Universidad de Chile 2019
• Subjects: Segmentación del mercado; Equilibrio (Economía); Mercados incompletos; Economía
• Online Access: http://repositorio.uchile.cl/handle/2250/164080

TESIS PARA OPTAR AL GRADO DE Magíster de Economía === This article addresses equilibrium existence in an in nite horizon economy with in- complete markets and endogenous credit segmentation. We do not restrict consumption allocation to be bounded and we do not impose uniform impatience on preferences. Our equilibrium results consider a general framework of positive net supply assets, and introduce short-lived securities in zero net supply through a super-replication property proposed in the literature of two-period economies with nancial segmentation.