ON THE THEORY OF FINANCIAL INTERMEDIATION

被引:2
|
作者
HESTER, DD
机构
[1] University of Wisconsin-Madison, Madison
来源
ECONOMIST | 1994年 / 142卷 / 02期
关键词
D O I
10.1007/BF01388162
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper surveys the theory of financial intermediation and argues that innovations are changing the demand for services of intermediaries. It concludes that intermediation is being fundamentally transformed. After identifying ten elemental risks in finance, the paper reviews how instruments (contracts), agencies, and the government affect portfolio choice. It analyzes financial institutions, assets, and markets and argues that derivative securities and technical innovations are eroding the traditional market niches of intermediaries. In the new markets, they are in danger of losing market share. Data from the United States suggest that such a decline is in progress.
引用
收藏
页码:133 / 149
页数:17
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