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 …

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 …

This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode …. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a … other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service …

intermediaries pursue prot opportunities by providing intermediation services (i.e. "liquidity") in exchange for an endogenous fee …

This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode …. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a … other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service …