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Financial Intermediation in Developed Countries: Heterogeneity, Lengthening and Risk Transfer

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Author Info
Michel Boutillier
Nathalie Lévy
Valérie Oheix

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Abstract

We 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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File URL: http://economix.u-paris10.fr/pdf/dt/2007/WP_EcoX_2007-22.pdf
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Publisher Info
Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2007-22.

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Length: 35 pages
Date of creation: 2007
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Handle: RePEc:drm:wpaper:2007-22

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Related research
Keywords: 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 and Programming - - - Input-Output Models
E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth
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; Capital and Ownership Structure
L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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This page was last updated on 2008-7-18.

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