Financial Markets, Intermediaries, and Intertemporal Smoothing
在代际交叠经济中比较了仅有金融市场、仅有中介机构以及两者并存三种情形，发现中介机构能通过积累安全资产实现跨期平滑和帕累托改进，但金融市场的竞争会限制中介的这种作用。
In an overlapping generations economy with (incomplete) financial markets but no intermediaries, there is underinvestment in safe assets. In an economy with intermediaries and no financial markets, accumulating reserves of save assets allows returns to be smoothed, nondiversifiable risk to be eliminated, and an ex ante Pareto improvement compared to the allocation in the market equilibrium to be achieved. In a mixed financial system, however, competition from financial markets constrains intermediaries so that they perform no better than markets alone. Copyright 1997 by the University of Chicago.