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Financial intermediation in developed countries:heterogeneity, lengthening and risk transfer
[Intermédiation financière dans les pays développés : hétérogénéité, allongement et transfert de risque]

Author

Listed:
  • Michel Boutillier

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Nathalie Lévy

    (Université Francois Rabelais [Tours], EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Valérie Oheix

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

We built an original database of the flow of funds accounts to assess the final destination of household financial wealth. The method, based on matrix stepwise calculation, made all financial intermediaries transparent. Our results rejected the usual dichotomy between bank-and market-based systems. The diversification of monetary and non-monetary financial intermediaries' roles revealed various ways of interpenetration, including consolidation in Europe, credit risk transfer techniques in the United States, and the lengthening of the intermediation chain. Based on the same function of transformation of indirect debt securities,our findings reinforce Gurley and Shaw's unifying definition of financial intermediation.

Suggested Citation

  • Michel Boutillier & Nathalie Lévy & Valérie Oheix, 2007. "Financial intermediation in developed countries:heterogeneity, lengthening and risk transfer [Intermédiation financière dans les pays développés : hétérogénéité, allongement et transfert de risque]," Working Papers hal-03929054, HAL.
    • Handle: RePEc:hal:wpaper:hal-03929054
    Note: View the original document on HAL open archive server: https://hal.science/hal-03929054
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    References listed on IDEAS

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