Financial Intermediaries and Liquidity Creation
论证了通过设计分割基础资产现金流的证券（如银行债务、高等级公司债和政府债券）可缓解信息不对称导致的交易损失，并解释了存款保险的合理性，同时指出基于货币市场共同基金的支付系统可替代银行存款保险系统。
ABSTRACT Trading losses associated with information asymmetries can be mitigated by designing securities which split the cash flows of underlying assets. These securities, which can arise endogenously, have values that do not depend on the information known only to informed agents. Bank debt (deposits) is an example of this type of liquid security which protect relatively uninformed agents, and we provide a rationale for deposit insurance in this content. High‐grade corporate debt and government bonds are other examples, implying that a money market mutual fund‐based payments system may be an alternative to one based on insured bank deposits.