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THE THEORY OF FINANCIAL INTERMEDIATION: AN ESSAY ON WHAT IT DOES (NOT) EXPLAIN

This essay reflects upon the relationship between the current theory of financial intermediation and real-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and informational asymmetries. As developments in information technology, deregulation, deepening of financial markets, etc. tend to reduce transaction costs and informational asymmetries, financial intermediation theory shall come to the conclusion that intermediation becomes useless. This contrasts with the practitioner’s view of financial intermediation as a value-creating economic process. It also conflicts with the continuing and increasing economic importance of financial intermediaries. From this. | THE THEORY OF FINANCIAL INTERMEDIATION AN ESSAY ON WHAT IT DOES NOT EXPLAIN by Bert Scholtens and Dick van Wensveen SUERF - The European Money and Finance Forum Vienna 2003 CIP The Theory of Financial Intermediation An Essay On What It Does Not Explain by Bert Scholtens and Dick van Wensveen Vienna SUERF SUERF Studies 2003 1 ISBN 3-902109-15-7 Keywords Financial Intermediation Corporate Finance Assymetric Information Economic Development Risk Management. Value Creation Risk Transfimnation. JEL classification numbers E50 G10 G20 L20 O16 2003 SURI. Vienna Copyright reserved. Subject to the exception provided for by law no part of this publication may be reproduced and or published in print by photocopying on microfilm or in any other way without the written consent of the copyright holder s the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and or tase legal or other action for this purpose. THE THEORY OF FINANCIAL INTERMEDIATION AN ESSAY ON WHAT IT DOES NOT EXPLAIN1 by Bert Scholtens Dick van Wensveen1 Abstract This essay reflects upon the relationship between the current theory of financial intermediation and real-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and informational asymmetries. As developments in information technology deregulation deepening of financial markets etc. tend to reduce transaction costs and informational asymmetries financial intermediation theory shall come to the conclusion that intermediation becomes useless. This contrasts with the practitioner s view of financial intermediation as a value-creating economic process. It also conflicts with the continuing and increasing economic importance of financial intermediaries. From this paradox we .