Reflections on the Regulation of Financial Intermediaries
DOI:
https://doi.org/10.1016/1057-0810(91)90009-NAbstract
Financial intermediates are said to belong to the most regulated and supervised sector in the economy. This paper attempts to apply general theories of regulation to the financial services sector. Theoretical and practical attention is given to economic rationales of deregulation. One of the basic arguments in favor of regulation-the danger of market failureholds for almost every type of financial intermediary as a result of the distinct nature of financial operations compared with that on nonfinancial industries and, more important, the increasing blurring of functions between the financial intermediaries. Kyklos, Vol. 43, No. 1 (1990), pp. 91-109. (Reprinted with permission of the Journal of Economic Literature.)
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