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The Functions Of Financial Intermediation - A Survey

  • Andries Marius Alin

    (Al. I. Cuza University of Iasi)

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    Traditional theories of intermediation are based on transaction costs and asymmetric information. In recent decades although transaction costs and asymmetric information have declined, intermediation has increased. New markets for financial futures and options are mainly markets for intermediaries rather than individuals or firms. In this paper we survey the last theoretical and empirical research on financial intermediation and functions of financial intermediation. We discuss the functions of intermediation in this new context.

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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/cuprins%20rezumate/rezumatemai2010.pdf
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    Article provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.

    Volume (Year): 1 (2009)
    Issue (Month): 9 (May)
    Pages: 53-59

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    Handle: RePEc:ovi:oviste:v:1:y:2009:i:9:p:53-59
    Contact details of provider: Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice

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    1. Boyd, John H. & Prescott, Edward C., 1986. "Financial intermediary-coalitions," Journal of Economic Theory, Elsevier, vol. 38(2), pages 211-232, April.
    2. Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. Scholtens, Bert & van Wensveen, Dick, 2000. "A critique on the theory of financial intermediation," Journal of Banking & Finance, Elsevier, vol. 24(8), pages 1243-1251, August.
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