The evolution of banks and financial intermediation: framing the analysis

Cetorelli, Nicola; Mandel, Benjamin H.; Mollineaux, Lindsay

Journal Article

The evolution of banks and financial intermediation: framing the analysis

Abstract: This is the introduction to a volume which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In the introduction, Nicola Cetorelli introduces the series and provides a preview of the topics covered. Additionally, he lays out the overarching theme of the volume?the fact that banks continue to be major players in the modern credit intermediation system.

Keywords: Intermediation (Finance); Banks and banking - History; Banking structure; Credit; Securities; non-bank activities; Financial crises;