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| Author: | Berlin, M. Mester, L. J. |
| Title: | Intermediation and vertical integration. |
| Journal: | Journal of Money, Credit and Banking
1998 : AUG, VOL. 30:3:2, p. 500-519 |
| Index terms: | Marketing channels Banking |
| Language: | eng |
| Abstract: | The authors explore how competitive conditions in retail and wholesale funding markets affect the incentive for independent originators (such as investment banks) and fund managers (such as mutual funds) to integrate and form intermediaries (such as banks). In their model, originators and fund managers integrate to form intermediaries to produce higher yielding, but not illiquid, assets and to suppress competition in retail funding markets. |
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