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Extra resources for The Theory of Financial Intermediation: An Essay On what It Does (Not) Explain

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And Gale, D. (1997). Financial markets, intermediaries, and intertemporal smoothing, Journal of Political Economy 105, 523-546. , and Gale, D. (2000a). Financial contagion, Journal of Political Economy 108, 1-33. , and Gale, D. (2000b). Comparing Financial Systems, Cambridge, Mass. and London: MIT Press. , J. McAndrews, and Strahan, P. (2002). E-Finance: An introduction, Journal of Financial Services Research 22, 5-27. M. (1997). The theory of financial intermediation, Journal of Banking and Finance 21, 1461-1485.

It is thought to result in adverse selection, credit rationing and moral hazard, which results in effects that frustrate the optimal allocation of savings. The absorption of risk, however, is the central function of both banking and insurance. The risk function bridges a mismatch between the supply of savings and the demand for investments as savers are on average more risk averse than investors. , is the core business of the financial industry. Financial intermediaries can absorb risk on the scale required by the market because their scale permits a sufficiently diversified portfolio of investments needed to offer the security required by savers and policyholders.

And Zingales, L. (1997). Do investment cash-flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112, 169-215. H. (1986). Federal bank regulatory policy: A description and some observations, Journal of Business 51, 3-48. P. (1989). ). P. (1993). ). , and Levine, R. (1993). Finance and growth: Schumpeter might be right, Quarterly Journal of Economics 108, 717-737. E. (2000), Obstacles to Optimal Policy: The Interplay of Politics and Economics in Shaping Bank Supervision and Regulation Reforms, CRSP Working Paper No.

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The Theory of Financial Intermediation: An Essay On what It Does (Not) Explain by Bert, and VAN WENSVEEN, Dick SCHOLTENS

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