Geodesic
On the equivalence of financial structures with short-term assets
Achis Chery1 ; Jean-Marc Bonnisseau2
1 Paris School of Economics, Université Paris 1 Panthéon Sorbonne, 106-112 Boulevard de l’Hôpital, 75647 Paris Cedex 13, France et Centre de Recherche en Gestion et Economie du Développement (CREGED), Université Quisqueya, 218 Haut Turgeau, 6113 Port-au-prince, Haïti
2 Paris School of Economics, Université Paris 1 Panthéon Sorbonne, 106-112 Boulevard de l’Hôpital, 75647 Paris Cedex 13, France
ESAIM. Proceedings, Tome 45 (2014), pp. 429-436.

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Two financial structures are equivalent if, for each given state price, the images of their full payoff matrices of these financial structures are equal. The main consequence of this definition is that, regardless of the standard exchange economy Σ, the existence of a financial equilibrium in an exchange economy Σ associated with a financial structure ℱ is equivalent to the existence of an equilibrium in Σ associated with any other financial structure ℱ′ belonging to the equivalence class of ℱ. The main contribution of the paper is to provide a necessary and sufficient condition of equivalence in a multi-period economy if all assets are short-term.
DOI : 10.1051/proc/201445044

Achis Chery 1 ; Jean-Marc Bonnisseau 2

1 Paris School of Economics, Université Paris 1 Panthéon Sorbonne, 106-112 Boulevard de l’Hôpital, 75647 Paris Cedex 13, France et Centre de Recherche en Gestion et Economie du Développement (CREGED), Université Quisqueya, 218 Haut Turgeau, 6113 Port-au-prince, Haïti
2 Paris School of Economics, Université Paris 1 Panthéon Sorbonne, 106-112 Boulevard de l’Hôpital, 75647 Paris Cedex 13, France 
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Achis Chery; Jean-Marc Bonnisseau. On the equivalence of financial structures with short-term assets. ESAIM. Proceedings, Tome 45 (2014), pp. 429-436. doi : 10.1051/proc/201445044. http://geodesic.mathdoc.fr/articles/10.1051/proc/201445044/

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