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Financial Intermediaries: An Analysis of Essential Articles

Mervyn K. Lewis

This research review examines some of the most important articles on the topic of financial intermediaries. As well as seminal studies exploring the theoretical foundations of financial intermediaries and financial instability, special attention is devoted to examining the implications posed as traditional institutional-based structures have evolved to the ‘originate-and-distribute model’ and ‘shadow banking’, along with the parallel transition in securities markets as once prevalent specialist market-makers have been supplanted by technology-driven algorithmic trading, auto-quoting, high frequency trading, and dark pools, with new attendant risks and instabilities.

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