The Information Asymmetry as a Basic Factor in the Institutionalizing Financial Intermediation

Abstract

The article substantiates the fundamental impact of information asymmetry on the emergence and development of financial intermediation, the historical significance of uncertainty for the creation of an operational space for a financial intermediary is demonstrated. Features of the performance of a financial intermediary in the context of optimizing information asymmetries to ensure its complementary interaction with the client have been defined. It has been proven that the factor of historical institutionalization of financial intermediary is the market communication of the actors in the international exchanges in a state of shortage of information and liquidity, under circumstances of the full professional closure of the space for financial activities. The processes of transformation of financial intermediation in the context of current information surplus and liquidity have been displayed.

Keywords

• financial intermediation
• information asymmetry
• information surplus
• liquidity surplus
• transformations