Financial intermediation in developed countries:heterogeneity, lengthening and risk transfer - Archive ouverte HAL Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2007

Financial intermediation in developed countries:heterogeneity, lengthening and risk transfer

Intermédiation financière dans les pays développés : hétérogénéité, allongement et transfert de risque

Michel Boutillier
  • Fonction : Auteur
  • PersonId : 991209
Valérie Oheix
  • Fonction : Auteur

Résumé

We built an original database of the flow of funds accounts to assess the final destination of household financial wealth. The method, based on matrix stepwise calculation, made all financial intermediaries transparent. Our results rejected the usual dichotomy between bank-and market-based systems. The diversification of monetary and non-monetary financial intermediaries’ roles revealed various ways of interpenetration, including consolidation in Europe, credit risk transfer techniques in the United States, and the lengthening of the intermediation chain. Based on the same function of transformation of indirect debt securities,our findings reinforce Gurley and Shaw’s unifying definition of financial intermediation.
Fichier principal
Vignette du fichier
WP_EcoX_2007-22.pdf (640.16 Ko) Télécharger le fichier
Origine : Fichiers produits par l'(les) auteur(s)
Licence : Domaine public

Dates et versions

hal-03929054 , version 1 (04-03-2023)

Identifiants

  • HAL Id : hal-03929054 , version 1

Citer

Michel Boutillier, Nathalie Lévy, Valérie Oheix. Financial intermediation in developed countries:heterogeneity, lengthening and risk transfer. 2007. ⟨hal-03929054⟩
45 Consultations
27 Téléchargements

Partager

Gmail Facebook X LinkedIn More