The paper proposes an alternative general equilibrium formulation of financial asset economies with transactions costs. Transaction costs emerge endogenously at equilibrium and reflect agents decisions of intermediating financial activities at the expense of providing labor services. An equilibrium is shown to exist in the case of real asset structures.

Martins-da-Rocha, Victor Filipe

Vailakis, Yiannis

English

Research Papers in Economics

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Endogenous Transaction Costs

http://bibliotecadigital.fgv.br/dspace/bitstream/10438/2147/3/Endogenous-transactions-27-10-08.pdf

Endogenous Transaction Costs

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