Financial Intermediation in Developed Countries: Heterogeneity, Lengthening and Risk Transfer

Michel Boutillier, Nathalie Lévy and Valérie Oheix

No 2007-22, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: We built an original database of flow of funds financial accounts in order to assess the final destination of households' financial wealth. Our method based on matrix calculation stepwise makes all financial intermediaries transparent. We reject the usual dichotomy between bankand market-based systems. The diversity of monetary and non-monetary financial intermediaries' roles includes various ways of interpenetration - consolidation in Europe, credit risk transfer techniques in the U.S. - and the lengthening of the intermediation chain. Based on the same function of transformation of indirect debt securities, it reinforces the Gurley and Shaw's unifying definition of financial intermediation.

Keywords: Financial intermediation; risk management; input-output matrix; households’ wealth; bank-based systems; market-based systems; cross-sectoral activities (search for similar items in EconPapers)
JEL-codes: C67 E01 E21 G2 G32 L16 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2007
New Economics Papers: this item is included in nep-cfn and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2007-22

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