Commercial Banks and Financial Intermediaries Fallacies and Policy Implications-学术期刊.pdf

COMMERCIAL BANKS AND FINANCIAL INTERMEDIARIES FALLACIES AND POLICY IMPLICATIONS JOSEPH ASCHHEIM The Johns Hopkins University W and con- D IDESPREAD interest in turn, to these objectives. Briefly to an- aroused by the are being cern it ticipate, will be concluded (1) that the that commer- finding empirical empirical finding just mentioned hides cial banks have declined in economic more than it reveals; (2) that the con- importance relative to other financial ventional dichotomy between commer- in the United States since institutions cial banks and financial intermediaries contributions In the well-known 1900.2 2 See J.