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Financial Intermediation and Financial Markets
2005Financial intermediation is the process of transferring sums of money from economic agents with surplus funds to economic agents that would like to utilize those funds. The key to understanding the process and the range of financial instruments available lies in recognizing that economic agents are a heterogeneous bunch having very different financial ...
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Corporate Financial Policy and the Theory of Financial Intermediation
The Journal of Finance, 1990ABSTRACTThis paper examines the optimal structure of financial contracts in an economy subject to two forms of moral hazard. Multiple information problems are shown to generate a role for multiple classes of financial claimants. We then show that economic efficiency is enhanced if the financial structure of the economy consists of both direct and ...
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A Model of Financial Markets and Financial Intermediation
SSRN Electronic Journal, 1998We build a model with a wide variety of players (liquidity traders, speculators, market makers, financial intermediaries, borrowers and lenders). The paper derives the individual and aggregate behavior of participants who are involved in financial interchanges taking into consideration the capacity of some participants to choose the role they want to ...
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Financial Intermediation, Economic Growth, and Business Cycles
Journal of Risk and Financial Management, 2023Ioanna Konstantakopoulou
exaly
Is more finance better? Disentangling intermediation and size effects of financial systems
Journal of Financial Stability, 2014Thorsten Beck, Hans Degryse
exaly
Tests of Financial Intermediation and Banking Reform in China
Journal of Comparative Economics, 2001Albert Park
exaly