What do financial intermediaries do?

Journal of Banking and Finance

Volumn 25, Issue 2, 2001, Pages 271-294

  Allen, Franklin ^a   Santomero, Anthony M ^b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b FEDERAL RESERVE BANK OF PHILADELPHIA   (United States)

Author keywords

Banks; Delegated monitoring; E5; G1; G2; Intermediation; L2; Participation costs; Risk management

Indexed keywords

EID: 0038428556     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(99)00129-6     Document Type: Article

References (27)

1. Allen F., Gale D. Financial Innovation and Risk Sharing. 1994;MIT Press, Cambridge, MA.
2. Allen F., Gale D. Financial markets, intermediaries and intertemporal smoothing. Journal of Political Economy. 105:1997;523-546.
3. Allen F., Gale D. Comparing Financial Systems. 1999a;MIT Press, Cambridge, MA.
4. Allen, F., Gale, D., 1999b. Innovations in financial services, relationships and risk sharing. Management Science, forthcoming.
5. Allen F., Santomero A.M. The theory of financial intermediation. Journal of Banking and Finance. 21:1997;1461-1485.
6. Bank for International Settlements (BIS), 1998. Statistics on Payment Systems in the Group of Ten Countries, Basle.
7. Barth, J.R., Nolle, D.E., Rice, T.N., 1997. Commercial banking structure, regulation, and performance: an international comparison, Working Paper. Office of the Comptroller of the Currency, Washington, DC.
8. Bertero E. The banking system, financial markets and capital structure: Some new evidence from France. Oxford Review of Economic Policy. 10:1994;68-78.
9. Bhattacharya S., Thakor A.V. Contemporary banking theory. Journal of Financial Intermediation. 3(1):1993;2-50.
10. Boyd, J., Gertler, M., 1994. Are banks dead? Or are the reports greatly exaggerated? Federal Reserve Bank of Minneapolis, Quarterly Review, Summer.
11. Corbett, J., Jenkinson, T., 1996. The financing of industry, 1970-1989: An international comparison. Journal of the Japanese and International Economies 10, 71-96.
12. Dewatripont M., Tirole J. The Prudential Regulation of Banks. 1994;MIT Press, Cambridge, MA.
13. Duffie D., Rahi R. Financial market innovation and security design: An introduction. Journal of Economic Theory. 65:1995;1-42.
14. Freixas X., Rochet J.-C. Microeconomics of Banking. 1997;MIT Press, Cambridge, MA.
15. Hackethal, A., Schmidt, R.H., 1999. Financing patterns: measurement concepts and empirical results. Working paper, University of Frankfurt.
16. Kaufman, G.G., Mote, L.R., 1994. Is banking a declining industry? A historical perspective. Federal Reserve Bank of Chicago: Economic Perspectives, May/June, 2-21.
17. Mayer C. New issues in corporate finance. European Economic Review. 32:1988;1167-1188.
18. Mayer C. Financial systems, corporate finance, and economic development. Hubbard R.G. Asymmetric Information, Corporate Finance and Investment. 1990;307-332 University of Chicago Press, Chicago, IL.
19. Merton, R.C., Bodie, Z., 1995. A conceptual framework for analyzing the financial environment. In: Crane, D.B., et al. (Eds.), The Global Financial System: A Functional Perspective, Harvard Business School Press, Boston, MA.
20. Miles, D., 1996. The future of savings and wealth accumulation: Differences within the developed economies. Global Securities Research and Economics Group, Merrill Lynch, London.
21. Petersen M.A., Rajan R.G. The effect of credit market competition on lending relationships. Quarterly Journal of Economics. 110(2):1995;407-443.
22. Rajan R.G., Zingales L. What do we know about capital structure? Some evidence from international data. Journal of Finance. 50:1995;1421-1460.
23. Santomero A.M. Modelling the banking firm. Journal of Money, Credit and Banking. 16(4):1984;576-602.
24. Santomero A.M., Babbel D. Financial Markets, Instruments and Institutions. 1997;Irwin, Chicago, IL.
25. Santomero, A.M., Hoffman, P., 1998. Life insurance firms in the retirement market: Is the news all bad? Journal of the American Society of CLU and ChFC.
26. Schmidt R.H., Hackethal A., Tyrell M. Disintermediation and the role of banks in Europe: An international comparison. Journal of Financial Intermediation. 8:1999;36-67.
27. Scholtens, B., van Wensveen, D., 1999. A critique on the theory of financial intermediation. Journal of Banking and Finance, 24 (8), 1243-1251.