Intermediation

The financial intermediation is the fact for the producing companies and other organizations to resort to establishments playing the part of Intermédiaire financier for their own account (primarily of the Banque S) to find the required funds rather than to address itself on line to the holders of inheritance which can bring their capital (in particular by obligation or application for shares).

Economic aspects

The idea of the financial intermediation had allured the theorists of development and at their head the Structuraliste S, since work of Gurley, Shaw, Goldsmith and others.

According to the theory of Gurley and Shaw, the financing of an economy can take place is:

  • On own resources or self-financing.
  • On call to the external funds.

In this last case the economic agents have two techniques to obtain resources, the first to emit actions and obligations on the Financial market (desintermediation), second is to borrow near the or not banking banking intermediaries (intermediation).

It will be noted however that the subscriptions of titles are also made by financial intermediaries in the broad sense, but with the difference that in this case they do nothing but gather and transmit the orders instead of operating for their own account.

The relation between the monetary theory and that of the intermediaries appears on the level of the theory of demand of currency, this request is related to the inheritance and vis-a-vis the increase in this inheritance the economic agents left again them in monetary Financial credit.

Then the technology of the intermediation goes in the direction of the setting-up of a certain number of financial institutions, to diversify them to the maximum to cover the various branches of industry.

The desintermediation

The economists realized that the systems of financing intermédiatrices were carrying perverse effects and wasting of resources. Of or concept of financial desintermediation , the advent of the emergent purses. It is articulated around four main axes:
  • institution of the purse " universelle".
  • the liberalization of the appropriations and the rates of interest.
  • the installation of the prudential rules: obligation for the banks to apply the coefficient of solvency (the Ratio Cooke ) replaced today by the ratio mac donough, which has to little result in developing extra-banking circuits
  • the modernization of the institutional framework by the banking law (1993).

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