Financial Intermediation in Developed Countries: Heterogeneity, Lengthening and Risk Transfer
AbstractWe built an original database of flow of funds financial accounts in order to assess the final destination of households' financial wealth. Our method based on matrix calculation stepwise makes all financial intermediaries transparent. We reject the usual dichotomy between bankand market-based systems. The diversity of monetary and non-monetary financial intermediaries' roles includes various ways of interpenetration - consolidation in Europe, credit risk transfer techniques in the U.S. - and the lengthening of the intermediation chain. Based on the same function of transformation of indirect debt securities, it reinforces the Gurley and Shaw's unifying definition of financial intermediation.
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Bibliographic InfoPaper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2007-22.
Length: 35 pages
Date of creation: 2007
Date of revision:
Financial intermediation; risk management; input-output matrix; households’ wealth; bank-based systems; market-based systems; cross-sectoral activities;
Find related papers by JEL classification:
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- G2 - Financial Economics - - Financial Institutions and Services
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-11-24 (All new papers)
- NEP-CFN-2007-11-24 (Corporate Finance)
- NEP-MAC-2007-11-24 (Macroeconomics)
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