Semantic Scholar Open Access 1997 472 sitasi

The Theory of Financial Intermediation

Franklin Allen Anthony M. Santomero

Lihat Sumber DOI

Abstrak

Traditional theories of intermediation are based on transaction costs and asymmetric information. They are designed to account for institutions which take deposits or issue insurance policies and channel funds to firms. However, in recent decades there have been significant changes. Although transaction costs and asymmetric information have declined, intermediation has increased. New markets for financial futures and options are mainly markets for intermediaries rather than individuals or firms. These changes are difficult to reconcile with the traditional theories. We discuss the role of intermediation in this new context stressing risk trading and participation costs.

Topik & Kata Kunci

Economics

Penulis (2)

Franklin Allen

Anthony M. Santomero

Format Sitasi

APA MLA BibTeX

Allen, F., Santomero, A.M. (1997). The Theory of Financial Intermediation. https://doi.org/10.1016/S0378-4266(97)00032-0

Akses Cepat

Lihat di Sumber doi.org/10.1016/S0378-4266(97)00032-0

Informasi Jurnal

Tahun Terbit: 1997
Bahasa: en
Total Sitasi: 472×
Sumber Database: Semantic Scholar
DOI: 10.1016/S0378-4266(97)00032-0
Akses: Open Access ✓