Before revision: We derive abstract as well as deterministic conditions for the absence and existence of arbitrage and financial bubbles in a general (multi- and infinite-dimensional) semimartingale-diffusion markets, and a Heath-Jarrow-Morton-Musiela framework.
After 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 absence and existence of arbitrage and financial bubbles in a general (multi- and infinite-dimensional) semimartingale-diffusion markets, and a Heath-Jarrow-Morton-Musiela framework.