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Cited by 1,076

The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.

Financial Intermediaries and Liquidity Creation

GORTON, GARY, PENNACCHI, GEORGE·1990·The Journal of Finance
DOI 10.1111/j.1540-6261.1990.tb05080.x
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Abstract

Trading losses associated with information asymmetries can be mitigated by designing securities which split the cash flows of underlying assets. These securities, which can arise endogenously, have values that do not depend on the information known only to informed agents. Bank debt (deposits) is an example of this type of liquid security which protect relatively uninformed agents, and we provide a rationale for deposit insurance in this content. High‐grade corporate debt and government bonds are other examples, implying that a money market mutual fund‐based payments system may be an alternative to one based on insured bank deposits.

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Crossref · 10.1111/j.1540-6261.1990.tb05080.x

Cites

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Metadata

Authors
GORTON, G., & PENNACCHI, G.
Venue
The Journal of Finance
Publisher
Wiley
Published
1990-03
Volume
45
Issue
1
Pages
49-71
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1990.tb05080.x
OpenAlex
W2007374379
Cited by
1,076
References
12
FWCI
6.15
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Financial Intermediaries and Liquidity Creation. https://app.cochat.ai/papers/10.1111/j.1540-6261.1990.tb05080.x
The paper
GORTON, G., & PENNACCHI, G. (1990). Financial Intermediaries and Liquidity Creation. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1990.tb05080.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.