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A financial intermediary is a financial institution that connects surplus and deficit agents. According to classical and neoclassical economics, as well as most mainstream economics, a financial intermediary is typically a bank that consolidates deposits and uses the funds to transform them into loans. According to some heterodox economists〔Wray, L. Randall.("Functional finance and U.S- government budget surpluses in the new millenium" )〕〔Mitchell, Bill. ("The IMF fall into a loanable funds black hole again" ), 22 September 2009〕 and others,〔("Repeat After Me: Banks Cannot And Do Not "Lend Out" Reserves" ) by Paul Sheard, Chief Global Economist and Head of Global Economics and Research, Standard & Poor's ''Ratings Direct'' newsletter, 13 August 2013〕〔"The currently dominant intermediation of loanable funds (ILF) model views banks as barter institutions that intermediate deposits of pre-existing, real, loanable funds between depositors and borrowers. The problem with this view is that, in the real world, there are no pre-existing loanable funds; and ILF-type institutions do not exist. Instead, banks create new funds in the act of lending, through matching loan and deposit entries, both in the name of the same customer, on their balance sheets. The financing-through-money-creation (FMC) model reflects this, and therefore views banks as fundamentally monetary institutions. The FMC model also recognises that, in the real world, there is no deposit multiplier mechanism." From ("Banks are not intermediaries of loanable funds — and why this matters" ), by (Zoltan Jakab ) and Michael Kumhof, Bank of England Working Paper No 529, May 2015〕 financial intermediaries simply do not exist. Through the process of financial intermediation, certain assets or liabilities are transformed into different assets or liabilities.〔 As such, financial intermediaries channel funds from people who have extra money or surplus savings (savers) to those who do not have enough money to carry out a desired activity (borrowers). A financial intermediary is typically an institution that facilitates the channeling of funds between lenders and borrowers indirectly. That is, savers (lenders) give funds to an intermediary institution (such as a bank), and that institution gives those funds to spenders (borrowers). This may be in the form of loans or mortgages.〔Robert E. Wright and Vincenzo Quadrini. Money and Banking: Chapter 2 Section 5: Financial Intermediaries.() Accessed June 28, 2012〕 Alternatively, they may lend the money directly via the financial markets, which is known as financial disintermediation. In the context of climate finance and development, financial intermediaries generally refer to private sector intermediaries, such as banks, private equity, venture capital funds, leasing companies, insurance and pension funds, and micro-credit providers.〔Institute for Policy Studies(2013), "(Financial Intermediaries )", A Glossary of Climate Finance Terms, IPS, Washington DC〕 Increasingly, international financial institutions provide funding via companies in the financial sector, rather than directly financing projects.〔Eurodad (2012), "(Investing in financial intermediaries: a way to fill the gaps in public climate finance? )", Eurodad, Brussels〕 ==Functions performed by financial intermediaries== The hypothesis of financial intermediaries adopted by mainstream economics offers the following three major functions they are meant to perform: # Creditors provide a line of credit to qualified clients and collect the premiums of debt instruments such as loans for financing homes, education, auto, credit cards, small businesses, and personal needs. #:Converting short-term liabilities to long term assets (banks deal with large number of lenders and borrowers, and reconcile their conflicting needs) # Risk transformation #:Converting risky investments into relatively risk-free ones. (lending to multiple borrowers to spread the risk) # Convenience denomination #:Matching small deposits with large loans and large deposits with small loans 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Financial intermediary」の詳細全文を読む スポンサード リンク
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