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. We also provide deterministic conditions for the martingale property of stochastic exponentials which are driven by solution to generalized martingale problems, respectively stochastic partial differential equations . As an application, we construct a financial market in which the number of  assets determines the absence of arbitrage while the sources of risk have the same dimension .
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 . As an application, we construct a financial market in which the number of risky assets determines the absence of arbitrage and equals the number of sources of risk .
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We derive abstract as well as deterministic
In this article, we study the set of equivalent (local) martingale measures for financial markets driven by multi-dimensional diffusions. We give
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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. We also provide deterministic conditions for the martingale property of stochastic exponentials which are driven by solution to generalized martingale problems, respectively stochastic partial differential equations
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
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risky
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while the
and equals the number of
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have the same dimension