Article (Journal/Review)
Financial markets with endogenous transaction costs
Fecha
2010-10Registro en:
0018-8646 / 2151-8556
10.1007/s00199-009-0498-1
000281040400004
Martins-da-Rocha, V. Filipe/0000-0002-6244-2678
Martins-da-Rocha, V. Filipe/A-2764-2013
Autor
Martins-da-Rocha, Victor Filipe
Vailakis, Yiannis
Institución
Resumen
The paper proposes an alternative general equilibrium formulation of financial asset economies with transaction costs. Transaction costs emerge endogenously at equilibrium and reflect agents' decisions of intermediating financial activities at the expense of providing labor services.