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Erschienen in:
2017 | OriginalPaper | Buchkapitel
4. Financial Intermediation and the Economy
verfasst von : Ricardo A. Halperin
Erschienen in: The Influence of Uncertainty in a Changing Financial Environment
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Abstract
This chapter provides an overview of the changes that have taken place in the financial sector in recent times and examines the role played by financial intermediaries. It argues that the growing share of financial wealth held by households makes their economic decisions more sensitive to changes in its market value, so economists need to take these changes into account in their models. This section also examines how the velocity of money has changed over time, laying the ground for the argument that it no longer is a stable function of a few key variables, as originally assumed by monetarists.