The theory of financial intermediation
传统金融中介理论基于交易成本和信息不对称，但近年来交易成本和信息不对称下降，中介活动却增加，新市场如金融期货和期权主要服务于中介而非个人或企业。本文探讨新背景下中介的角色，强调风险交易和参与成本。
Traditional theories of intermediation are based on transaction costs and asymmetric information. They are designed to account for institutions which take deposits or issue insurance policies and channel funds to firms. However, in recent decades there have been significant changes. Although transaction costs and asymmetric information have declined, intermediation has increased. New markets for financial futures and options are mainly markets for intermediaries rather than individuals or firms. These changes are difficult to reconcile with the traditional theories. We discuss the role of intermediation in this new context stressing risk trading and participation costs.