Before revision: In this article, we study the set of equivalent (local) martingale measures for financial markets driven by multi-dimensional diffusions. We give conditions for the existence of equivalent (local) martingale measures in terms of existence and uniqueness properties of martingale problems. Based on these we derive deterministic criteria for the existence and non-existence of equivalent (local) martingale measures .
After revision: We derive deterministic criteria for the existence and non-existence of equivalent (local) martingale measures .