on transactions in financial markets. Portfolio constraints however may give rise other types of equilibria, in addition …

, portfolio constraints can lead to situations where not all arbitrage opportunities are necessarily eliminated in equilibrium …. For a world with portfolio constraints the concept of no arbitrage has to be replaced by a weaker concept which we call no … different approaches to asset pricing under portfolio constraints used in the literature and conveys their common underlying …

, portfolio constraints can lead to situations where not all arbitrage opportunities are necessarily eliminated in equilibrium …. For a world with portfolio constraints the concept of no arbitrage has to be replaced by a weaker concept which we call no … different approaches to asset pricing under portfolio constraints used in the literature and conveys their common underlying …

, portfolio constraints can lead to situations where not all arbitrage opportunities are necessarily eliminated in equilibrium …. For a world with portfolio constraints the concept of no arbitrage has to be replaced by a weaker concept which we call no … different approaches to asset pricing under portfolio constraints used in the literature and conveys their common underlying …

and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial … a consequence of an auxiliary result, also of interest for itself, in which agents' portfolio constraints are defined by …

-Periphery dynamic equilibrium model in which the Centre’s agents face portfolio constraints. We characterize equilibrium in closed form … for a broad class of portfolio constraints, solving for stock prices, terms of trade, and portfolio holdings. We show that … portfolio constraints generate wealth transfers between the Periphery countries and the Centre, which increase the comovement of …