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 …

introduces the DeFi intermediation chain and provides theoretical and empirical evidence for private information as a key … determinant of intermediation rents. We propose a repeated bargaining model that predicts that profit share of Ethereum market …

This paper studies bargaining and exchange in a networked market with intermediation. Possibilities to trade are …