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&2006-, All rights reserved.From Wikipedia, the free encyclopedia
A financial intermediary is a
that connects
. According to
and , as well as most , a financial intermediary is typically a
that consolidates
and uses the funds to transform them into . According to some
and others, financial intermediaries simply do not exist.
Through the process of financial intermediation, certain
are transformed into different assets or liabilities. As such, financial intermediaries channel funds from people who have extra money or surplus savings () to those who do not have enough money to carry out a desired activity ().
A financial intermediary is typically an institution that facilitates the channeling of
between lenders and borrowers indirectly. That is, savers (lenders) give funds to an intermediary institution (such as a ), and that institution gives those funds to spenders (borrowers). This may be in the form of
or . Alternatively, they may lend the money directly via the , which is known as financial .
In the context of
and , financial intermediaries generally refer to private sector intermediaries, such as banks, private equity, venture capital funds, leasing companies, insurance and pension funds, and micro-credit providers. Increasingly,
provide funding via companies in the financial sector, rather than directly financing projects.
The hypothesis of financial intermediaries adopted by
offers the following three major functions they are meant to perform:
provide a line of credit to qualified clients and collect the premiums of debt instruments such as loans for financing homes, education, auto, credit cards, small businesses, and personal needs.
Converting short-term
to long term
(banks deal with large number of lenders and borrowers, and reconcile their conflicting needs)
Risk transformation[]
Converting risky investments into relatively risk-free ones. (lending to multiple borrowers to spread the risk)
Convenience denomination
Matching small
with large
and large deposits with small loans
There are two essential advantages from using financial intermediaries:
Cost advantage over direct lending/borrowing[]
Market failure protection the conflicting needs of lenders and borrowers are reconciled, preventing[] market failure
The cost advantages of using financial intermediaries include:
Reconciling conflicting preferences of lenders and borrowers
Risk aversion intermediaries help spread out and decrease the risks
using financial intermediaries reduces the costs of lending and borrowing
intermediaries concentrate on the demands of the lenders and borrowers and are able to enhance their products and services (use same inputs to produce different outputs)
Various disadvantages have also been noted in the context of
and . These include a lack of transparency, inadequate attention to social and environmental concerns, and a failure to link directly to proven developmental impacts.
According to the dominant economic view of monetary operations, the following institutions are or can act as financial intermediaries:
According to the alternative view of monetary and banking operations, banks are not intermediaries but "fundamentally " institutions, while the other institutions in the category of supposed "intermediaries" are simply .
Financial intermediaries are meant to bring together those economic agents with surplus funds who want to lend (invest) to those with a shortage of funds who want to borrow. In doing this, they offer the benefits of maturity and risk transformation. Specialist financial intermediaries are ostensibly enjoying a related (cost) advantage in offering financial services, which not only enables them to make profit, but also raises the overall efficiency of the economy. Their existence and services are explained by the "information problems" associated with financial markets.
The alternative view of banking operations treats almost all institutions
Siklos, Pierre (2001). Money, Banking, and Financial Institutions: Canada in the Global Environment. Toronto: McGraw-Hill Ryerson. p. 35.  .
. , 22 September 2009
by Paul Sheard, Chief Global Economist and Head of Global Economics and Research,
Ratings Direct newsletter, 13 August 2013
"The currently dominant intermediation of
(ILF) model views banks as
institutions that intermediate deposits of pre-existing, real,
between depositors and borrowers. The problem with this view is that, in the real world, there are no pre-exi and ILF-type institutions do not exist. Instead, banks create new funds in the act of lending, through matching loan and deposit entries, both in the name of the same customer, on their . The financing-through-money-creation (FMC) model reflects this, and therefore views banks as fundamentally monetary institutions. The FMC model also recognises that, in the real world, there is no
mechanism." From , by
Working Paper No 529, May 2015
Sullivan, A Steven M. Sheffrin (2003). . Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 272.  .
(PDF). Global: FSB. 2003. p. 12.  .
Robert E. Wright and Vincenzo Quadrini. Money and Banking: Chapter 2 Section 5: Financial Intermediaries. Accessed June 28, 2012
Institute for Policy Studies(2013), "", A Glossary of Climate Finance Terms, IPS, Washington DC
Eurodad (2012), "", Eurodad, Brussels
Bretton Woods Project (2010)"", Bretton Woods Project, London
, Finance Informer website, Australia (accessed 10 June 2015)
Gahir, Bruce (2009). "Financial Intermediation". Prague, Czech Republic.
Pilbeam, Keith. Finance and Financial Markets. New York: PALGRAVE MACMILLAN, 2005.
Valdez, Steven. An Introduction To Global Financial Markets. Macmillan Press, 2007.
: Hidden categories:potential certification reachTo share this paper with the <span class="clickable" data-html="data-html" data-placement="top" data-toggle="tooltip" style="border-bottom: 1px dotted black" title="Field is based on suggesti research interests of people d and manual curation.">field, you must first certify it. Certifying a paper means declaring that it is a worthwhile contribution to the literature.I have read this paper.This paper is a worthwhile contribution to the literature.certifyAbstract:In August 2006, with support from the Konrad Adenauer Foundation and GVpesquisa, the editors convened an international seminar at the S?o Paulo Business School of the Getulio Vargas Foundation (Escola de Administra??o de Empresas de S?o Paulo, FGV-EAESP) entitled Public Banking: Challenges of Sustainable Development and Social Inclusion. Scholars, policy makers, government bank executives, and representatives from multilateral financial institutions from Europe, North America, and South America gathered to reassess the role of government banks, especially in terms of their capacity to accelerate sustainable development and social inclusion. Scholars included economists, political scientists, financial economists, and statisticians, providing a variety of disciplinary perspectives. Additional chapters were subsequently comissioned to expand the scope of the volume, reflecting the rapid evolution of research, policy, and debate about savings banks, public banking, finance, and development in Europe and South America. Loading PreviewGovernment Banking: New Perspectives on Sustainable Development and Social Inclusion from Europe and South America232 PagesSign upBefore we can start your download,please take a moment to join our communityof 22,601,991 academic researchers.&&Connect&&Connect&&Sign up with emailBy signing up, you agree to our&Download PDFs forover 6 Million papers Share your paperswith other researchersSee analytics on yourprofile & papersFollow other peoplein your field
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