Secular Change in the Financial Services Industry
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Abstract
THE PR13SENT PAPER oSers an interpretation of the process of secular change in the financial services industry. The primary activity of the industry is taken to be financial intermediation, a process by which the menu of claims available to wealth owners is transformed and/or augmented. Since the set of all firms engaged in financial intermediation is so widely inclusive and disparate, it is useful to distinguish between those firms engaged in intermediation as a primary activity and those performing such services as an adjunct to other business. The former group we refer to as members of the financial services industry, recognizing that the criterion for inclusion in the industry lacks