A Functional Perspective of Financial Intermediation
提出一个功能视角作为分析金融中介制度变迁的概念框架，通过实例说明可能发生的制度变化范围，并讨论中介生产过程中的管理问题和监管问题。
New financial product designs, improved computer and telecommunications technology, and advances in the theory of finance have led to dramatic and rapid changes in the structure of global financial markets and institutions. This paper offers a functional perspective as the conceptual framework for analyzing the dynamics of institutional changes in financial intermediation and uses a series of examples to illustrate the range of institutional change that is likely to occur. These examples are used to frame the managerial issues surrounding the production process for intermediaries and to discuss the regulatory process for those intermediaries.