FINANCIAL INTERMEDIARIES

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FINANCIAL INTERMEDIARIES

9781852787912 Edward Elgar Publishing
Edited by Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia
Publication Date: 1995 ISBN: 978 1 85278 791 2 Extent: 688 pp
This volume brings together some of the most important articles on the topic of financial intermediaries. Financial Intermediaries puts recent developments into an appropriate historical setting, with seminal works by Edgeworth, Arrow, Gurley, Shaw, Baumol, Tobin and Stigler combined with more recent ones by Fischer, Black, Weiss and Stiglitz.

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This volume brings together some of the most important articles on the topic of financial intermediaries. Financial Intermediaries puts recent developments into an appropriate historical setting, with seminal works by Edgeworth, Arrow, Gurley, Shaw, Baumol, Tobin and Stigler combined with more recent ones by Fischer, Black, Weiss and Stiglitz.
Contributors
35 articles, dating from 1888 to 1992
Contributors: K.J. Arrow, W.J. Baumol, F.Y. Edgeworth, J.G. Gurley, L.G. Telser
Contents
1. Philippon, T. and A. Reshef (2013), ‘An International Look at the Growth of Modern Finance’, Journal of Economic Perspectives, 27 (2), 73–96.
2. Greenwood, R. and D. Scharfstein (2013), ‘The Growth of Finance’, Journal of Economic Perspectives, 27 (2), 3–28.
3. Cetorelli, N., B.H. Mandel and L. Mollineaux (2012), ‘The Evolution of Banks and Financial Intermediation: Framing the Analysis’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 21–34.
4. Asmundson, I. (2011), ‘What Are Financial Services?’, Finance & Development, 48 (1), 46–7.
5. Carter, R.L. (1979), Reinsurance, Dordrecht: Kluwer Publishing.
6. Lewis, M.K. and K.T. Davis (1987), Domestic and International Banking, Oxford: Philip Allan. Reprinted Cambridge, Mass: MIT Press, 1993.
7. Lewis, M.K. (1990), ‘Banking as Insurance’, in E.P.M. Gardener (ed.), The Future of Financial Systems and Services, London: Macmillan, 225–42.
8. Gurley, J.G. and E.S. Shaw (1956), ‘Financial Intermediaries and the Saving-Investment Process’, Journal of Finance, 11, 257–76. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
9. Tobin, J. (1963), ‘Commercial Banks as Creators of “Money”’, Banking and Monetary Studies, ed. D. Carson for the Comptroller of the Currency, Homewood, Illinois: R.D. Irwin, 408–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
10. International Monetary Fund (2014), ‘Global Financial Stability Report’, https://www.imf.org/external/pubs/ft/gfsr/, accessed 13 October 2014.
11. Cochrane, J.H. (2013), ‘Finance: Function Matters, Not Size’, Journal of Economic Perspectives, 27 (2), 29–49.
12. Stutchbury, O.P. (1964), The Management of Unit Trusts, Nottingham: Thomas Skinner & Co.
13. Fama, E.F and K.R. French (2010), ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’, Journal of Finance, 65 (4), 1915–47.
14. Gennaioli, N., A. Schleifer and R. Vishny (2012), ‘Money Doctors’, NBER Working Paper 18174, Cambridge, MA: National Bureau of Economic Research.
15. French, K.R. (2008), ‘Presidential Address: The Cost of Active Investing’, Journal of Finance, 63 (4), 1537–73.
16. Baumol, W.J. (1965), ‘The Specialist: Operator of the Automatic Mechanism’, in W.J. Baumol, The Stock Market and Economic Efficiency, New York: Fordham University Press, 9–34. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
17. Demsetz, H. (1968), ‘The Cost of Transacting’, Quarterly Journal of Economics, LXXXII (1), February, 33–53. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
18. Kirilenko, A.A. and A.W. Lo (2013), ‘Moore’s Law versus Murphy’s Law: Algorithmic Trading and Its Discontents’, Journal of Economic Perspectives, 27 (2), 51–72.
19. Hendershott, T., C.M. Jones and A.J. Menkveld (2011), ‘Does Algorithmic Trading Improve Liquidity?’, Journal of Finance, 66 (1), 1–33.
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21. Kirilenko, A.A., A.S. Kyle, M. Samadi and T. Tuzun (2011), ‘The Flash Crash: The Impact of High Frequency Trading on an Electronic Market’, http://papers.ssrn.comn/so13/papers.cfm?abstract_id=1686004, accessed 5 April 2013.
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30. Edgeworth, F.Y. (1888), ‘The Mathematical Theory of Banking’, Journal of the Royal Statistical Society, LI, 113–27. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
31. Haubrich, J.G. and R.G. King (1984), ‘Banking and Insurance’, Working Paper 1312, National Bureau of Economic Research.
32. Orr, D. and W.G. Mellon (1961), ‘Stochastic Reserve Losses and Expansion of Bank Credit’, American Economic Review, LI (4), 614–23. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
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39. Leland, H.E. and D.H. Pyle (1977), ‘Information Asymmetries, Financial Structure and Financial Intermediation’, Journal of Finance, 32, 371–87. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
40. Diamond, D. (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (166), 393–414. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
41. Fama, E.F. (1985), ‘What’s Different About Banks?’, Journal of Monetary Economics, 15, 23–39. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
42. Arrow, K.J. (1964), ‘The Role of Securities in the Optimal Allocation of Risk-Bearing’, Review of Economic Studies, 31, 91–6.
43. Arrow, K.J. (1974), ‘Insurance, Risk and Resource Allocation’, in K.J. Arrow, Essays in the Theory of Risk-Bearing, Amsterdam: North Holland, 134–43. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
44. Swary, I. and G.F. Udell (1985), ‘The Role of Collateral in Commercial Lending’, Working Paper No. 359, Salomon Brothers Center for the Study of Financial Institutions, New York University.
45. Dowd, K. (1992a), ‘Models of Banking Instability: A Partial Review of the Literature’, Journal of Economic Surveys, 6 (2), 107–32. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.
46. Dowd, K. (1996), Competition and Finance. A Reinterpretation of Financial and Monetary Economics, London: Macmillan.
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52. Lewis, M.K. (1994), ''Banking on Real Estate'', in D.E. Fair and R. Raymond (eds), The Competitiveness of Financial Institutions and Centres in Europe, on behalf of the Société Universitaire Européenne de Recherches Financières, Dordrecht: Kluwer Academic Press, 47–71.
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54. Bentick, B.L. and M.K. Lewis (2004), ‘Real Estate Speculation as a Source of Banking and Currency Instability: Some Different Lessons from the Asian Crisis’, The Economics and Labour Relations Review, 14 (2), 256–75.
55. Lewis, M.K. (2009), ‘The Origins of the Sub-prime Crisis: Inappropriate Policies, Regulations, or Both?’, Accounting Forum, 33 (2), 114–26.
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