WHAT DO FINANCIAL INTERMEDIARIES DO?

Santomero Anthony M.Franklin Allen
CEIS Working Papers
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,
Number: 122
Date: Tuesday, June 1, 1999
Revision Date: Tuesday, June 1, 1999