منابع مشابه
Financial Intermediation
The savings/investment process in capitalist economies is organized around financial intermediation, making them a central institution of economic growth. Financial intermediaries are firms that borrow from consumer/savers and lend to companies that need resources for investment. In contrast, in capital markets investors contract directly with firms, creating marketable securities. The prices o...
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We explain informed capital by showing that projects can be screened by comparing loan applicants. Because efficient comparing requires centralized monitoring, it represents a novel rationale for financial intermediation. Positive scale effects may make a single monopoly intermediary optimal. Comparing can also eliminate the problems of adverse selection and inefficient investments.
متن کاملFinancial Intermediation Networks∗
We study a dynamic model of financial intermediation in which interbank lending is subject to moral hazard, where intermediaries can divert funds towards inefficient projects. We show that despite the presence of moral hazard, secured lending contracts can discipline the investment choices of all market participants — even those with whom they are not directly contracting — thus partially overc...
متن کاملFinancial Intermediation without Exclusivity ∗
Futures exchanges and other financial intermediaries assume counterparty risks and demand in return guarantees that these counterparties will deliver on their promises. It is often argued that to attract volume, financial intermediaries would settle for excessively low contractual guarantees. In Tano Santos and José Scheinkman (2001) we model financial intermediation in an environment where tra...
متن کاملFinancial Intermediation, Markets, and Alternative Financial Sectors
We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external sources. We argue that while traditional financing channels, including financial markets and banks, provide significant sources of funds for firms in developed countries, alt...
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ژورنال
عنوان ژورنال: Digital Finance
سال: 2021
ISSN: 2524-6984,2524-6186
DOI: 10.1007/s42521-021-00029-3