analyses in various ways, we ask when intermediation emerges and study its efficiency. In one version of the framework, meant … view that intermediation in financial markets is more prone to instability than in goods markets. …

active in the "assembly line" process of modern financial intermediation, a system that has become known as shadow banking … acquiring the capability to engage in financial intermediation. I document instances of the emergence and growth of such nonbank … activities. I focus on securities lending, a well-understood example of shadow financial intermediation, and document the …

I study intermediation in networked markets using a stochastic model of multilateral bargaining in which traders …