id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_3r2nuqzigrab7f2wwf7zhiewvy	Bert Scholtens	A critique on the theory of financial intermediation	2000	9	.pdf	application/pdf	3629	248	57	the emphasis on the role of intermediaries as reducing the frictions of transaction costs and asymmetric information is too strong; while these factors may ®nancial industry, we focus on their concept of participation costs, we argue Financial intermediaries, according to that theory, have a function only because ®nancial markets are not perfect. more prominent role of public markets, ®nancial intermediaries appear to Relative size of the US ®nancial sector and the banking industry (Source: Barth et al., 1997). We agree with AS that risk management has become a prominent function of ®nancial intermediation. In our opinion, AS are right in suggesting a central role of risk in the intermediation process and proposing that risk management become the main AS associate the risk management function of ®nancial intermediaries that the use of derivatives by ®nancial institutions for risk management has participation cost can be relevant in understanding new roles of the ®nancial	./cache/work_3r2nuqzigrab7f2wwf7zhiewvy.pdf	./txt/work_3r2nuqzigrab7f2wwf7zhiewvy.txt