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Intermédiation et marché : quelques remarques

Authors
Journal
Revue d économie financière
0987-3368
Publisher
PERSEE Program
Publication Date
Volume
89
Issue
3
Identifiers
DOI: 10.3406/ecofi.2007.4283
Disciplines
  • Economics

Abstract

Intermediation and markets : points to consider The economic analysis of current regulations must be based on the differences in the nature of investments and financing by intermediation on the one hand and via the market on the other. These differences are apparent in three areas : information, risk and client relations. The financial markets function on the basis of collective information which, in principle, is shared amongst all players while intermediation requires access to private data. Moreover, intermediation means the risk is shared whilst the opposite applies to the market. Lastly, although market relations are impersonal, intermediation is a two-way partnership that comes with all of the problems of a principal/agent relationship. Classification JEL : G10, G20

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