D'une intermédiation financière à une autre : le cas de la désintermédiation

Abstract

From one financial intermediation to another : the disintermediation case The recent changes which have occurred in the structure of financial and investment flows have shown a relative fall in the share of credit institutions. This would explain the tread towards a greater disintermediation. In fact, the statistical measure of this phenomenon gives some divergent results, which can be explained by arguable assumptions, grounded on a too narrow concept of financial intermediation. A broader theory should integrate the complementary role of financial institutions and security markets. The proposed integration is not based on the difference between the two financing modes, direct or indirect, but between two activities : either the issue of monetary or non-monetary assets on the institutions themselves, or the brokerage on short — or long — term securities. These activities are performed by four different ways, and this concentration in one institution or their separation between different ones depends on the degree of legal constraints.

Une nouvelle mesure du taux d’intermédiation financière : l’approche en volume

“…À ce sujet, on pourra consulter la controverse qui opposeBiacabe (1988) etUllmo (1988).3 Le premier est défini comme le rapport des emprunts des agents non financiers sur le total de leurs financements externes ; le second comme la part des financements offerts par les intermédiaires financiers aux agents non financiers sur le total de leurs financements externes.…”