financial intermediation
description: the process of facilitating the flow of funds from savers to borrowers through financial institutions
121 results
Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing and Why Virtual Worlds Mean Real Business
by David G. W. Birch and Victoria Richardson · 28 Apr 2024 · 249pp · 74,201 words
world of tokens is not a world without middlemen, but it could be a world in which the overall total cost of robust and reliable financial intermediation is substantially reduced. A token taxonomy As noted earlier, we use a simple taxonomy that divides tokens into two kinds: those with intrinsic value and
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in figure 16 overleaf, provide a surface for a new economy and, therefore, for new financial services. With these services in place, the costs of financial intermediation in that economy should be substantially lower than they are in the current economy, and it will therefore in time become the dominant financial sector
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: transparency, universal access and the ability to reduce ‘frictional costs’. Access is important, of course. Reducing frictional costs, and thereby reducing the overall cost of financial intermediation in society, would be a good thing for all of us as well. But that point about transparency is central to our vision of new
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a more efficient financial system that is based on the trading of tokens across translucent ledgers is appealing because, as noted earlier, the cost of financial intermediation is a tax on the economy and directs resources away from more productive uses that we need in order to maintain our standard of living
Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
, finance is seen as earning profits from services reclassified as productive. I look at how and why this extraordinary redefinition took place, and ask if financial intermediation really has undergone a transformation into an inherently productive activity. In Chapter 5 I explore the development of ‘asset manager capitalism': how the financial sector
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the sense of ‘unearned income', finance was transformed into a producer of new value. This seismic shift was justified by labelling commercial bank activities as ‘financial intermediation', and investment bank activities as ‘risk-taking'. It was a change that co-evolved with the deregulation of the sector, which also swelled its size
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of liquidity to customers with overdrafts, also mean a transfer of risk to banks from other private-sector firms. This bundle of services collectively constitutes ‘financial intermediation'. It is assumed that, instead of directly charging for these services, banks impose an indirect charge by lending at higher interest rates than they borrow
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at. The cost of ‘financial intermediation services, indirectly measured' (FISIM) is calculated by the extent to which banks can mark up their customers' borrowing rates over the lowest available interest rate
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bus companies were becoming less efficient, and take action against operators who used monopoly power to push up their prices? But when the cost of financial intermediation keeps rising in real terms, we celebrate the emergence of a vibrant and successful banking and insurance sector. According to theories that view the financial
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cost gap, between the two. Maximum efficiency, friction-free capitalism, would in theory be reached when the interest differential disappears. Yet the ‘indirect' measure of financial intermediation services adopted by national accounts (FISIM, explained in Chapter 4) assumes that a rise in added value will be reflected in a wider wedge (or
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and charges through which intermediaries can obtain payment directly). The point, of course, is not to eliminate interest but - if interest is the price of financial intermediation - to make sure that it reflects increased efficiencies in the system, driven by appropriate investments in technological change, as some fintech (financial technology) developments have
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in the aftermath of the 2008 crash. In the UK, since the financial crisis regulators have aimed to promote new banks and alternative forms of financial intermediation, such as peer-to-peer lending, in order to spur competition. The handful of new banks started in the UK since the crisis are somewhat
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' - a challenge that so far has not put much of a dent in the oligopoly of UK ‘high street' banks. Nor are alternative forms of financial intermediation effective substitutes for the dominant banks. Only licensed banks can create money through loans,30 as distinct from merely shifting money between savers and borrowers
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that had benefited from the bailout now profited from governments' plight, earning some 20 per cent of their entire derivative revenues from such naked CDSs. Financial intermediation - the cost of financial services - is a form of value extraction, the scale of which lies in the relationship between what finance charges and what
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risks it actually runs. Charges are called the cost of financial intermediation. But as we have seen, while finance has grown and risks have not appreciably changed, the cost of financial intermediation has barely fallen, apart from some web-based services that remain peripheral to global financial flows
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, and it was certainly doing it more cheaply.'37 Let's now take some of the main parts of the fund management business, a huge financial intermediation machine, and look in more detail at fees and risks. Millions of savers invest in funds - usually mutual funds or unit trusts -either directly themselves
Portfolios of the poor: how the world's poor live on $2 a day
by Daryl Collins, Jonathan Morduch and Stuart Rutherford · 15 Jan 2009 · 296pp · 87,299 words
treated as expenses given that they were mostly used to support the daily needs of family members living at a distance. Their active engagement in financial intermediation also shows up clearly on the liabilities side of their balance sheet. They are borrowers, with a debt of $153 to a microfinance institution and
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. These monthly payments certainly make income more regular, and we later show that this regularity does make it easier to engage in higher levels of financial intermediation. But these incomes are small: in the rural areas, a grant meant to support one person supports, on average, a family of four. As a
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on regular monthly grant income. In our study, these households were able to “leverage” their more regular sources of income to engage in larger-scale financial intermediation: with a regular income, they were more comfortable taking on higher levels of debt and lenders were more willing to provide loans. As table 2
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financial diaries data show that most South African households spent no more than 75 percent of income on goods and services: the balance went toward financial intermediation such as insurance, savings, or debt servicing. The next, crucial step is to find ways to protect the money that has been set aside and
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diaries made us think afresh about poverty in terms of money—and, more specifically, money management. We saw that without access to basic forms of financial intermediation, poor households found their health emergencies triggered broader economic crises; they were prevented from seizing opportunities to increase income; and they were pushed into relying
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. The diaries have shown that it is because of, not in spite of, their low and uncertain incomes that poor people are extremely active in financial intermediation, through whatever means are available to them. As providers get better at responding to this demand over the next decade or so, financial services will
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, 177 CHAPTER SEVEN whereas the more retiring Prakash nurtures his savings privately and cautiously. Despite their differences, all of them, as the diaries show, seek financial intermediation services to further their ends. Sometimes the devices they use succeed for them, sometimes not. Taking the broadest view of their portfolios, we distinguish three
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comparative study of rotating credit associations.” Journal of the Royal Anthropological Institute 94 (2): 201–29. Aryeetey, Ernest, and William Steel. 1995. “Savings collectors and financial intermediation in Ghana.” Savings and Development 19 (1): 191–212. Ashraf, Nava. 2008. “Spousal control and intra-household decision making: An experimental study in the Philippines
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risk management, toward better options, 90–94; savings clubs (see savings clubs); “turnover” of cash flows through (see turnover of cash flows through financial instruments) financial intermediation/management: cash-flow friendly, key features of, 57– 60; evidence of from financial diaries, 8–10; informal partners in, predominance of, 46; long term (see
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–94; state-sponsored in India, 71–72; village/collective vs. self-, 70–71, 253n.21. See also risk interest rates. See prices intermediation, financial. See financial intermediation/management internal rate of return (IRR), 138–39 International Food Policy Research Institute, 261n.2 International Monetary Fund, 248n.6 Islam, Rabeya, 261n.6 Islam
Principles of Corporate Finance
by Richard A. Brealey, Stewart C. Myers and Franklin Allen · 15 Feb 2014
Structure (Oxford: Oxford University Press, 1995). Robert Merton gives an excellent overview of the functions of financial institutions in: R. Merton, “A Functional Perspective of Financial Intermediation,” Financial Management 24 (Summer 1995), 23–41. The Winter 2009 issue of the Journal of Financial Perspectives contains several articles on the crisis of 2007
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15.1 and read the following article: S. Kaplan, F. Martel and P. Stromberg, “How do Legal Institutions and Experience Affect Financial Contracts?” Journal of Financial Intermediation 16 (2007), pp. 273–311. ___________ 1N. Mohan and C. R. Chen track the abnormal returns of RJR securities in “A Review of the RJR Nabisco
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on a large scale in nineteenth-century Germany. 30See F. Allen and D. Gale, “Diversity of Opinion and the Financing of New Technologies,” Journal of Financial Intermediation 8 (April 1999), pp. 68–89. 31See R. Rajan and L. Zingales, “Banks and Markets: The Changing Character of European Finance,” in V. Gaspar, P
Rentier Capitalism: Who Owns the Economy, and Who Pays for It?
by Brett Christophers · 17 Nov 2020 · 614pp · 168,545 words
.5. UK real short-term interest rates, 1971–2017 1.6. Lending spreads, UK-based banks, 1997–2017 1.7. Dynamics of UK-based banks’ financial intermediation business, 2001–2017 1.8. Share of gross operating surplus represented by financial income, UK non-financial corporations, 1987–2017 1.9. Financial wealth by
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us be clear, has not just survived the end of capital scarcity; the classic rentier is thriving. Figure 1.7 Dynamics of UK-based banks’ financial intermediation business, 2001–2017 If substantially stretched spreads represent the proximate explanation for this good fortune, the more interesting and important question concerns how, in turn
Stigum's Money Market, 4E
by Marcia Stigum and Anthony Crescenzi · 9 Feb 2007 · 1,202pp · 424,886 words
, and others who have an interest in the markets discussed. The book begins with an introduction to what goes on in fixed-income financial markets—financial intermediation and money creation—plus an introduction to how fixed-income securities work, including various concepts of yield, the meaning and importance of the yield curve
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issued by ultimate funds-deficit units, that is, primary securities. All this sounds a touch harmless, so let’s look at a simple example of financial intermediation. Jones, a consumer, runs a $20,000 funds surplus, which she receives in cash. She promptly deposits her cash in a demand deposit at a
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financial intermediary between Jones and this company. Federal Reserve statistics on the assets and liabilities of different sectors in the economy show the importance of financial intermediation. In particular, at the beginning of 2006, households, personal trusts, and nonprofit organizations, who, as a group, have historically been the major suppliers of external
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that over the years large amounts of money in consumer deposits have been channeled out of households running funds surpluses to other spending units through financial intermediation. The data also show that even larger amounts of monies have been channeled into the economy through the purchase of other financial assets. Financial intermediaries
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positions to using repos to run matched books, they took a giant step: they diversified in a big way into a new-to-them business, financial intermediation. A financial intermediary is an institution that (1) solicits funds from funds-surplus units in exchange for claims against itself and (2) passes on those
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and relending them at a higher rate to earn a spread—that’s what dealers running matched books do—is pure and simple, for-profit financial intermediation. This is illustrated in Figure 13.8. Primary dealers include among their ranks firms such as Lehman, Goldman, and Merrill, who can borrow with ease
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Clearing Corporation) FICO (see Financing Corporation) Financial Accounting Standards Board (FASB) asset-backed paper loan participations financial futures (see also futures) financial holding companies (FHCs) financial intermediation (see intermediation) financial options (see options) Financial Services Act (FSA) financial stability, Fed Financing Corporation (FICO) S&L crisis financing gap financing use, Treasury fine
Profiting Without Producing: How Finance Exploits Us All
by Costas Lapavitsas · 14 Aug 2013 · 554pp · 158,687 words
GDP; US, Japan, Germany, UK 5. Value added in FIRE as percentage of total value added (current prices); US, Japan, Germany, UK 6. Employment in financial intermediation as percentage of total employment; US, Japan, Germany, UK 7. Financial profit as proportion of total profit; US 8. Pre-tax profits of financial corporations
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distinction, as is argued immediately below and in Chapter 6, but its importance should not be exaggerated. For one thing, capital markets also generate further financial intermediation. Thus, investment banks engage in a form of banking that is integrally related to capital markets in terms of fundamental activities and profit extracted. Moreover
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of their rise are examined in chapters 8 and 9. In the rest of this chapter consider some brief theoretical observations regarding these forms of financial intermediation in contrast to ordinary (commercial) banks. Investment banking is fundamental to capital markets, indeed to several markets in which financial assets (securities) are traded, not
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see Xavier Freixas and Jean-Charles Rochet, Microeconomics of Banking, Cambridge, MA: MIT Press, 2008; and Franklin Allen and Anthony M. Santomero, ‘The Theory of Financial Intermediation’, Journal of Banking and Finance 21, 1998. 8 An elegant exposition of such analysis of financial contracting can be found in Robert M. Townsend, ‘Optimal
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105:2, 1997. 10 Once again, the literature is very broad; see, very selectively, Hayne Leland and David H. Pyle, ‘Informational Asymmetries, Financial Structure and Financial Intermediation’, The Journal of Finance 32, 1977; John Bryant, ‘A Model of Reserves, Bank Runs, and Deposit Insurance’, Journal of Banking and Finance 4, 1980; Douglas
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Diamond and Philip Dybvig, ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy 91, 1983; Douglas Diamond, ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies 51, 1984; John H. Boyd and Edward C. Prescott, ‘Financial Intermediary-Coalitions’, Journal of Economic Theory 38, 1986
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to have equilibrating give-and-take between owners and users of funds. However, the money market is created by financial institutions for reasons associated with financial intermediation, not by the owners and final users of loanable capital. 53 Lapavitsas, Social Foundations of Markets, Money and Credit, ch. 4. 54 See Costas Lapavitsas
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has been made available which focuses more closely on the financial sector and, above all, on financial intermediation (though the starting point of the change is different for each country). Thus, figure 6 shows employment in financial intermediation as a percentage of total employment. The countries of market-based finance, US and UK, have
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have been low and stable across the four countries: the proportion of the labour force employed in financial intermediation has been flat (or even gently declining) as the financial sector has surged ahead. If employment in financial intermediation (mostly banking) was taken as a proxy for aggregate financial employment, it would appear that financialization
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has not brought a sustained increase in the proportion of the labour employed in the realm of finance.8 The reasons for stagnant employment in financial intermediation are not immediately clear, and are probably related to the transformation of banking discussed in subsequent sections of this chapter. Suffice it to note that
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.9 The strong growth of banking in the 1990s and 2000s has been achieved with a relatively stable input of labour. FIG. 6 Employment in financial intermediation as percentage of total employment; US, Japan, Germany, UK Financial profit The relatively small proportion of the labour force employed by banks brings into sharp
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Ross Levine, ‘Finance and Growth: Schumpeter Might be Right’, Quarterly Journal of Economics 153, 1993; as well as Ross Levine, Norman Loyaza, and Thorsten Beck, ‘Financial Intermediation and Growth: Causality and Causes’, Journal of Monetary Economics 46, 2000. For use of claims by financial intermediaries on the private sector relative to GDP
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Shadow Banking System: Implications for Financial Regulation,’ Banque de France Financial Stability Review 13, 2009; Tobias Adrian and Hyon Song Shin, ‘The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–09’, Annual Review of Economics 2, 2010; Zoltan Pozsar et al., ‘Shadow Banking’, Staff Report 458, Federal Reserve Bank
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Ashcraft, Shadow Banking Regulation, Staff Report No. 559, Federal Reserve Bank of New York, 2012. Adrian, Tobias, and Hyon Song Shin, ‘The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–09’, Annual Review of Economics 2, 2010, pp. 603–18. Adrian, Tobias, and Hyon Song Shin, ‘The Shadow Banking
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, ‘Rules and Discretion with Non-Coordinated Monetary Policies’, Economic Enquiry 25:4, 1987, pp. 619–30. Allen, Franklin, and Anthony M. Santomero, ‘The Theory of Financial Intermediation’, Journal of Banking and Finance 21, 1998, pp. 1461–85. Allen, Franklin, and Anthony M. Santomero, ‘What Do Financial Intermediaries Do?’, Journal of Banking and
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Did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income’, NBER Working Paper No. 11842, National Bureau of Economic Research, 2005. Diamond, Douglas, ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies 51, 1984, pp. 393–414. Diamond, Douglas, and Philip Dybvig, ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of
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– Before and After the Crisis’, Journal of Economic Geography 9, 2009, pp. 723–47. Leland, Hayne, and David H. Pyle, ‘Informational Asymmetries, Financial Structure and Financial Intermediation’, The Journal of Finance 32, 1977, pp. 371–87. Lenin, V.I., The Collapse of the Second International, in Collected Works, vol. 21, Moscow: Progress
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, Ross, and Sara Zervos, ‘Stock Markets, Banks, and Economic Development’, American Economic Review 88, 1998, pp. 537–88. Levine, Ross, Norman Loyaza, and Thorsten Beck, ‘Financial Intermediation and Growth: Causality and Causes’, Journal of Monetary Economics 46, 2000, pp. 31–77. Leyshon, Andrew, and Nigel Thrift, ‘The Capitalization of Almost Everything: The
Trading and Exchanges: Market Microstructure for Practitioners
by Larry Harris · 2 Jan 2003 · 1,164pp · 309,327 words
to Securities Transactions (John Wiley & Sons, New York). Chapter 6: Order-driven Markets Domowitz, Ian. 1990. The mechanics of automated trade execution systems. Journal of Financial Intermediation 1(2), 167–194. Mendelson, Haim. 1982. Market behavior in a clearing house. Econometrica 50(6), 1505–1524. Chapter 7: Brokers Brennan, Michael J., and
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trading in futures markets. Journal of Finance 47(2), 643–672. Röell, Ailsa. 1990. Dual capacity trading and the quality of the market. Journal of Financial Intermediation 1(2), 105–124. Sofianos, George, and Ingrid Werner. 2000. The trades of NYSE floor brokers. Journal of Financial Markets 3(2), 139–176. Weiss
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. 1991. Measuring the information content of stock trades. Journal of Finance 46(1), 179–208. Madhavan, Ananth. 1996. Security prices and market transparency. Journal of Financial Intermediation 5(3), 255–283. Malkiel, Burton G. 1973. A Random Walk Down Wall Street (Norton, New York). Pinches, George E. 1970. The random walk and
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and market liquidity. Review of Financial Studies 4(3), 483–511. Forster, Margaret M., and Thomas J. George. 1992. Anonymity in securities markets. Journal of Financial Intermediation 2(2), 168–206. Garman, Mark B. 1976. Market microstructure. Journal of Financial Economics 3(3), 257–275. Hansch, Oliver, Narayan Y. Naik, and S
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Bourse. Journal of Finance 50(5), 1655–1689. Chakravarty, Sugato, and Craig W. Holden. 1995. An integrated model of market and limit orders. Journal of Financial Intermediation 4(3), 213–241. Handa, Puneet, and Robert A. Schwartz. 1996. Limit order trading. Journal of Finance 51(5), 1835–1861. Harris, Jeffrey H., and
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. Journal of Financial Economics 51(1), 85–102. Macy, Jonathan R., and Maureen O'Hara. 1997. The law and economics of best execution. Journal of Financial Intermediation 6(3), 188–223. Securities and Exchange Commission, Division of Market Regulation. 1994. Market 2000: An Examination of Current Equity Market Developments (U.S. Government
Capital in the Twenty-First Century
by Thomas Piketty · 10 Mar 2014 · 935pp · 267,358 words
record in France and many other countries and is probably the source of as much confusion today as in the Napoleonic era. The process of financial intermediation (whereby individuals deposit money in a bank, which then invests it elsewhere) has become so complex that people are often unaware of who owns what
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, or at any rate attention, that is required of anyone who wishes to invest. To be sure, the cost of managing capital and of “formal” financial intermediation (that is, the investment advice and portfolio management services provided by a bank or official financial institution or real estate agency or managing partner) is
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and deducted from the income on capital in calculating the average rate of return (as presented here). But this is not the case with “informal” financial intermediation: every investor spends time—in some cases a lot of time—managing his own portfolio and affairs and determining which investments are likely to be
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an industrial or service firm—the marginal productivity of capital may be difficult to determine. In theory, this is the function of the system of financial intermediation (banks and financial markets): to find the best possible uses for capital, such that each available unit of capital is invested where it is most
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” are sometimes the shortest path to maximizing the immediate private return on capital. Whatever institutional imperfections may exist, however, it is clear that systems of financial intermediation have played a central and irreplaceable role in the history of economic development. The process has always involved a very large number of actors, not
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possible that it will be more than compensated by other forces tending in the opposite direction, such as the creation of increasingly sophisticated systems of financial intermediation and international competition for capital. The Caprices of Technology The principal lesson of this second part of the book is surely that there is no
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development has been to undermine the distinction between labor and capital. In fact, it is just the opposite: the growing sophistication of capital markets and financial intermediation tends to separate owners from managers more and more and thus to sharpen the distinction between pure capital income and labor income. Economic and technological
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of Europe is compensated by what Europeans own of the rest of the world). This reality is obscured by the complexity of the system of financial intermediation: people deposit their savings in a bank or invest in a financial product, and the bank then invests the money elsewhere. There is also considerable
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, 627n43; prices of, 171–172, 187–191, 452–453 Financial crisis (2008), 296–298, 472–474, 549–550, 558 Financial globalization, 193–194, 355, 430 Financial intermediation, 205, 214, 233, 430–431, 453, 541 Financial legal structures, 451–452 Financial markets, 49, 58, 476 Financial professions, 303 Fiscal flows, 381–382 Fiscal
Other People's Money: Masters of the Universe or Servants of the People?
by John Kay · 2 Sep 2015 · 478pp · 126,416 words
excess, the majority of those engaged in it are not guilty or representative of that excess. They are engaged in operating the payments system, facilitating financial intermediation, enabling individuals to control their personal finances and helping them to manage risks. Most people who work in finance are not aspiring Masters of the
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illustrates how a broader range of relationships diminishes their average quality. Recent financial innovations, such as crowd-funding and peer-to-peer lending, cannot eliminate financial intermediation. If savers are to obtain returns that match the risks they take, they need to be able to judge how their money is used and
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who had been ill served by his stockbroker. Regulated, managed agency, imposed by law and buttressed by regulation and practice, is the natural model for financial intermediation, and this was the model Mr Justice McCardie described. It is not clear when the law changed – or whether it did. But any strict application
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’; but the wise man saith, ‘Put all your eggs in the one basket and – WATCH THAT BASKET.’ Mark Twain, Pudd’nhead Wilson’s Calendar, 1894 Financial intermediation can facilitate diversification. A small share of several projects is less risky than a large share of a single one. If you toss a coin
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and mindsets of other traders; individuals who are skilled at analysing the massive volumes of data generated by securities markets. These three broad styles of financial intermediation may be respectively described as investment, trading and analytics, and the groups of people who engage in them as investors, traders and quants. Stock markets
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did in the US sub-prime sector, they were essentially mortgage-selling businesses, not specialist lenders. The paradox is that, while the resource diverted to financial intermediation in the housing market increased, housing expertise diminished. The thrift industry was deregulated in 1980. Because of the structure of the US mortgage market, with
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will discuss these issues further in Chapter 7. Throughout the capital allocation process, expertise in investment has been supplanted by expertise in the mechanics of financial intermediation, an activity that requires greater intellectual capabilities and the ability to do complicated mathematics, rather than the convivial conversation of the nineteenth hole. In the
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of the businesses whose securities are traded. The economic purposes of securities markets are to meet the needs of companies and savers. The effectiveness of financial intermediation in promoting efficient capital allocation depends on the quality of the information available to market participants. Regulation whose primary purpose is to encourage trading by
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system is the result of the interdependencies inherent in an industry that deals mainly with itself. The growth in the scale of resources devoted to financial intermediation is not to any large degree (or, in most cases, at all) the result of any change in the needs of users of intermediary services
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finance sector today does many things that do not need to be done, and fails to do many things that do need to be done. Financial intermediation that meets the needs of the real economy should not be a game in which professional intermediaries compete to outwit each other. Competition between financial
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to a decline in ethical standards but has also contributed to financial instability and has enhanced the ‘bias to action’ that increases the costs of financial intermediation. The appropriate objective is to reduce trading volumes to the modest levels that serve the real needs of the non-financial economy. One reform suggestion
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capital are too few and too weak. The prioritisation of transactions among intermediaries over transactions with end-users is responsible for the excessive costs of financial intermediation, the instability of the financial system and the failure to generate the information required to achieve propriety in corporate governance and efficiency in capital allocation
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on the non-financial economy. Volumes of trading in financial markets have reached absurd levels – levels that have impeded rather than enhanced the quality of financial intermediation, and increased rather than diversified the risks to which the global economy is exposed. The capital resources needed to reconcile these trading volumes with economic
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payments, the provision of housing, the management of large construction projects, the needs of the elderly or the nurturing of small businesses. The process of financial intermediation has become an end in itself. The expertise that is valued is understanding of the activities of other financial intermediaries. That expertise is devoted not
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