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- Title
FINANCIAL INTERMEDIARIES AND MONETARY CONTROLS.
- Authors
Smith, Warren L.
- Abstract
The article analyzes the role of non-bank financial intermediaries in the financial structure of the economy, its relation to the commercial banking system and the impact of its growth on the monetary policy. The recent arguments of the studies about the similarities of financial intermediaries on commercial banks is a considerable oversimplification which exaggerates the similarities between commercial banks and financial intermediaries. The role of intermediaries in the process of credit expansion differs from that of commercial banks in three important respects. The analysis suggests that financial intermediaries have not contributed very much to instability of monetary policy.
- Subjects
NONBANK financial institutions; BANKING industry; FINANCIAL institutions; ECONOMICS; MONETARY theory; CREDIT; FINANCE; MONEY supply; MONETARY policy
- Publication
Quarterly Journal of Economics, 1959, Vol 73, Issue 4, p533
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1884302