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Author: | Allen, F. Santomero, A. M. |
Title: | What do financial intermediaries do? |
Journal: | Journal of Banking and Finance
2001 : FEB, VOL. 25:2, p. 271-294 |
Index terms: | BANKS FINANCIAL INTERMEDIARIES PARTICIPATION RISK MANAGEMENT FRANCE GERMANY JAPAN UNITED KINGDOM USA |
Language: | eng |
Abstract: | This paper presents evidence that the traditional banking business of accepting deposits and making loans has declined significantly in the US in recent years. There has been a switch from directly held assets to pension funds and mutual funds. However, banks have maintained their position relative to GDP by innovating and switching from their traditional business to fee-producing activities. A comparison of investor portfolios across countries shows that households in the US and UK bear considerably more risk from their investments than counterparts in Japan, France and Germany. |
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