Financial Market in a Macro Accounting General Equilibrium Model

Kimagure Nshi
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Abstract

The balance of macro accounting requires that there are economic entities have opposite preferences and take opposite economic activities like mirror copy (Nshi(2017)). This paper provides examples of uses of the symmetry rule for financial markets.

Most important implication of the symmetry rule, financial trades keep total wealth in the economy to be invariant. That is, the nature of financial market is zero-sum game. Of course, the return on the actual financial market is not zero, and the paper shows the return comes from real investment including business investment. Finally, a balance approach to portfolio selection will be discussed using the symmetry rule in the accounting oriented general equilibrium model.
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宏观会计一般均衡模型下的金融市场
宏观会计的平衡要求经济主体具有相反的偏好,并采取镜像复制等相反的经济活动(Nshi(2017))。本文提供了对称规则在金融市场中的应用实例。对称规则最重要的含义是,金融交易使经济中的总财富保持不变。也就是说,金融市场的本质是零和博弈。当然,实际金融市场上的收益不是零,本文表明收益来自包括商业投资在内的实际投资。最后,利用会计导向的一般均衡模型中的对称规则来讨论投资组合选择的平衡方法。
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