Gurley And Shaw 1956
American Finance Association
Financial Intermediaries and the Saving-Investment Process
Author(s): John G. Gurley and Edward S. Shaw
Source: The Journal of Finance, Vol. 11, No. 2 (May, 1956), pp. 257-276
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/2976705 .
Accessed: 16/09/2013 06:25
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FINANCIAL INSTITUTIONS
INTERRELATIONSHIPS
AND
FINANCIAL INTERMEDIARIES AND THE
SAVING-INVESTMENT PROCESS*
JOHN G. GURLEY
AND EDWARD S. SHAW
Universityof Maryland and StanfordUniversity
these days to speak of thegrowinginstitutionalizationof saving and investment.
Rapid advances in recentyears by pension funds,open-endinvestmentcompanies,creditunions, and savingsand loan associations,amongothers,have caughtour eye. But theadvancehas beengoingon at least sincethe CivilWar, and, as RaymondGoldsmithhas recentlyshown,it was quite pronouncedduringthe firstthreedecades of this century.It is with these three decades that our paper is primarilyconcerned.Our methodof analyzingfinancialdata, however,requiresexplanation since it is based on unconventional the first theory.Accordingly, portionsof thepaperare largelytheoretical.
Afterthat,we get down to brass tacks.
Financial Intermediaries and the Saving-Investment Process
Author(s): John G. Gurley and Edward S. Shaw
Source: The Journal of Finance, Vol. 11, No. 2 (May, 1956), pp. 257-276
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/2976705 .
Accessed: 16/09/2013 06:25
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp .
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.
.
Wiley and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance.
http://www.jstor.org
This content downloaded from 139.184.30.136 on Mon, 16 Sep 2013 06:25:27 AM
All use subject to JSTOR Terms and Conditions
FINANCIAL INSTITUTIONS
INTERRELATIONSHIPS
AND
FINANCIAL INTERMEDIARIES AND THE
SAVING-INVESTMENT PROCESS*
JOHN G. GURLEY
AND EDWARD S. SHAW
Universityof Maryland and StanfordUniversity
these days to speak of thegrowinginstitutionalizationof saving and investment.
Rapid advances in recentyears by pension funds,open-endinvestmentcompanies,creditunions, and savingsand loan associations,amongothers,have caughtour eye. But theadvancehas beengoingon at least sincethe CivilWar, and, as RaymondGoldsmithhas recentlyshown,it was quite pronouncedduringthe firstthreedecades of this century.It is with these three decades that our paper is primarilyconcerned.Our methodof analyzingfinancialdata, however,requiresexplanation since it is based on unconventional the first theory.Accordingly, portionsof thepaperare largelytheoretical.
Afterthat,we get down to brass tacks.