Efficiency and Benefit-Cost Analysis of the Financial System

Thomas Philippon (tphilipp@stern.nyu.edu)

The Journal of Legal Studies, 2014, vol. 43, issue S2, S107 - S120

Abstract: Financial intermediation arises from the need for expertise in channeling capital from savers to borrowers in the presence of transaction costs. I present a framework for measuring the overall efficiency of financial intermediation and emphasize some key challenges in applying benefit-cost analysis to finance: long-run cycles in financial activity, the burden of proof between regulators and the regulated, and the interaction between benefit-cost analysis and academic research.

Date: 2014
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Citations: View citations in EconPapers (6)

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