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A Functional Perspective of Financial Intermediation
Abstract
New financial product designs, improved computer and telecommunications technology, and advances in the theory of finance have led to dramatic and rapid changes in the structure of global financial markets and institutions. This paper offers a functional perspective as the conceptual framework for analyzing the dynamics of institutional changes in financial intermediation and uses a series of examples to illustrate the range of institutional change that is likely to occur. These examples are used to frame the managerial issues surrounding the production process for intermediaries and to discuss the regulatory process for those intermediaries.
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Citations
Cited by
Chapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
Tufano, P. (2003) · Handbook of the Economics of Finance · doi:10.1016/s1574-0102(03)01010-0 · Cited by 277
Finance, Growth, and Inequality
Levine, R. (2021) · IMF Working Papers · doi:10.5089/9781513583365.001 · Cited by 62
Financial Markets and Economic Development in Africa
Ndikumana, L. (2003) · doi:10.2139/ssrn.333321 · Cited by 43
Metadata
- Authors
- Merton, R. C.
- Venue
- Financial Management
- Publisher
- Wiley
- Published
- 1995
- Volume
- 24
- Issue
- 2
- Pages
- 23
- ISSN
- 0046-3892 (ISSN-L)
- OpenAlex
- W2044728049
- Cited by
- 489
- References
- 0
- FWCI
- 10.57
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: A Functional Perspective of Financial Intermediation. https://app.cochat.ai/papers/10.2307/3665532
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- Merton, R. C. (1995). A Functional Perspective of Financial Intermediation. Financial Management. https://doi.org/10.2307/3665532
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.
