These firms are simply an unusually pure form of the market making intermediator
. The fact that they outsource all their major technological requirements indicates that technology is not the key to their success.
At the end of the day, either Europe and Japan will execute "Anglo-Saxon"-style reforms to lift their rates of return, or the United States will become the "sole financial intermediator
" of the world, with the current account deficit becoming the equivalent of file currency-issuance function of the world's "sole central bank." With 40 percent of industrialized-world GDP, 50 percent of total world defense spending, 60 percent of the total world growth rate, 70 percent of tradable world financial wealth, and 80 percent of world military R&D, the United States could handle this.
To prevent their savings from becoming worthless paper, foreign savers send their money to the United States, thus informally appointing the United States to be the world's financial intermediator
of last resort.
The view of intermediation implicit in the international business (IB) literature emphasises the intermediator
's role in the organisation of production.
The Board of Directors provides significant guidance to our management team as we complete the restructuring and repositioning of the bank in order to deliver financial solutions as a pre-eminent intermediator
of capital flows across the region."
does not intervene in an already existing market so much as set up the market from scratch himself.
We won't deposit money banks as financial intermediators
to play this role, because must be seen to catalyse growth in Nigeria economy.
This clearly is much more in favour of sellers and intermediators
, who in turn can pocket the difference.
Bahrain's retail banks, the main domestic intermediators
, remain healthy in terms of liquidity, capitalisation, and leverage, with a loan-to-deposit ratio of 65 per cent, according to Banking Industry Country Risk Assessment: Bahrain.