Year: 1993
Author: Scholtens, Lambertus J. R.
Credit and Capital Markets – Kredit und Kapital, Vol. 26 (1993), Iss. 1 : pp. 112–141
Abstract
In this paper, the literature on the role of the financial intermediary within the economy is reviewed and structured. The financial intermediary transforms financial assets and claims as to maturity, risk, scale, and place. Market imperfections are responsible for the emergence of the financial intermediary: cost, asymmetric information, and regulätion structures give rise to specialisation in financial intermediation. In specialising, the intermediaries aim at mitigating the effect of market imperfections. They cannot succeed completely: the everchanging environment is accompanied by changing imperfections and thus provides a continuous rationale for the existence and emergence of financial intermediaries.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.26.1.112
Credit and Capital Markets – Kredit und Kapital, Vol. 26 (1993), Iss. 1 : pp. 112–141
Published online: 1993-01
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 30
Author Details
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