Both authors from Finance Department, The Wharton School, University of Pennsylvania. A previous version of this paper was entitled “Transactions Contracts.” The comments and suggestions of Mark Flannery, Jeff Lacker, Chris James, Dick Jefferis, Bruce Smith, Chester Spatt, an anonymous referee, members of the University of Pennsylvania Macro Lunch Group, especially Randy Wright and Henning Bohn, and participants in the 1988 NBER Summer Institute, the 1988 Garn Institute Conference on Federal Deposit Insurance and the Structure of Financial Markets, the 1988 Winter Econometric Society Meetings, and the Federal Reserve Bank of Richmond were greatly appreciated. The first author thanks the NSF for financial support through #SES-8618130. Errors remain the authors'.
Financial Intermediaries and Liquidity Creation
Article first published online: 30 APR 2012
1990 The American Finance Association
The Journal of Finance
Volume 45, Issue 1, pages 49–71, March 1990
How to Cite
GORTON, G. and PENNACCHI, G. (1990), Financial Intermediaries and Liquidity Creation. The Journal of Finance, 45: 49–71. doi: 10.1111/j.1540-6261.1990.tb05080.x
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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