[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-324224-105":59,"doc-detail-324224-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","finance-some-more-observations-on-financial-institutions","Finance - Some More Observations on Financial Institutions","","A monthly publication examines how financial intermediaries shape consumer financial behavior, emphasizing their growing role in household asset growth. It highlights trends from mid-20th-century data, showing increases in both total household assets and the share flowing through intermediaries, even after adjusting for inflation. The discussion connects supply and demand forces: rising income and wealth, consumer preferences for safety, liquidity, and diversified returns, and how product matching and yields expand intermediary market shares.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/finance-some-more-observations-on-financial-institutions/324224/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/finance-some-more-observations-on-financial-institutions/324224.png","ImageObject",300,407,{"name":92,"@type":93},"Sage","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-01","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What role do financial intermediaries play in consumer finance?","Question",{"text":112,"@type":113},"Financial intermediaries provide important financial services to both fund suppliers and users. The material argues these services have proven useful because households supply a large share of intermediated funds.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How did household total assets and intermediary shares change from 1945 to 1982?",{"text":117,"@type":113},"Household total assets rose substantially from 1945 to 1982. As household assets increased, the portion intermediated also increased, rising from about 23% in 1945 to almost 30% by 1982.",{"name":119,"@type":110,"acceptedAnswer":120},"Why did financial intermediaries grow in importance over the postwar period?",{"text":121,"@type":113},"Their increasing importance is attributed to both supply and demand effects. Households demanded productive savings outlets with safety, liquidity, and diversified returns, while institutions offered a wider variety of products and higher nominal yields over time.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},324224,1790495593,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},687197207057,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","# Finance\n\nA Monthly Publication on Consumer Financial Behavior  \nAs discussed in last month's FinanceFacts,financial intermediaries existbecause they provide important financialservices to both suppliers and users offunds.  These services certainly appearto have proven useful to consumers,since the largest supply of intermedi-ated funds arises from the householdsector of the economy.  \nTotal assets of the household sectorhave risen tremendously since World WarII,the period for which detailed in-formation is available.   The table onpage 3,containing estimates by the Flowof-Funds Section of the Federal ReserveBoard's Division of Research and Sta-tistics,indicates that the householdsector's total assets grew from $687billion at year-end 1945 to almost $11trillion at the end of 1982.  Of course,much of the apparent increase is due toinflation,but even in constant dollarshousehold sector assets almost tripledin the post-war period through i982(line 4 of the table).  \nLines 5 and 6 of the table show thatas household assets have increased overtime,the shares flowing through inter-mediaries have also increased.  From 23percent in 1945,the portion of totalassets which were intermediated rose toalmost 30 percent by 1982.Relative tofinancial assets alone,  intermediatedfinancial assets rose steadily over thepostwar period,up from 28.3 percent in1945 to 45.2 percent at the end of 1982.Thus,while armchair analysis mightinitially suggest that total assetgrowth would lead to a proportionallysmaller role for intermediaries ashouseholds grow more financially so-phisticated,this presumption is notsquare with the facts.Financial insti-tutions have intermediated more house-   \nMAY 1983  \n# Some More Observations on Financial Institutions\n\nhold resources over time,proportionallyas well as absolutely.  \nAs with any economic phenomenon,thesteadily increasing importance of finan-cial intermediaries to the householdsector arises from both supply anddemand effects.   Slowly increasingincome and wealth have caused householdsto demand productive outlets for sav-ings.  However,the consumer or house-hold sector's definition of productiveincludes more than just nominal return.Consumers demand a variety of attributesfrom their savings instruments,and thishas caused financial institutions tooffer a wide variety of products.  Thecloser matching of products to needs,along with higher nominal yields overtime,has raised consumers'returns fromthe services of intermediaries.  Thesechanges enabled the institutions toenlarge their share of the household-sector market.  \nConsumers,of course,save and holdassets for a variety of reasons includ-ing transactions,precautionary,specu-lative,old age,and estate motives.Most savers save for all these reasonsand more。  However,when they decide tosave,consumers'second decision is tochoose the asset for holding the savedwealth。  Nominal yields are important,but households also demand safety andliquidity.  Intermediaries offer yield,safety and liquidity in varying combina-tions on their liabilities.  \nSafety or risk reduction appearsparamount to the household sector,andintermediaries supply safety by offeringdiversification.  Asset diversificationwould be difficult or impossible formany households,but through an inter-mediary the benefits of diversification are available。The intermediary simply  \n                         (text continued on last page)  \nComposite Indexes By Months1974-19831974197519761977197819791940198119821957  \n83  \nIndex ofIndustrial Productionby months(seasonally adjusted)1974-1983  \nMI  \nFederal Renerve Syst心  \n# LEADING ECONOMIC INDICATORS\n\nThe composite index of leading indicators increased  \n1.58 in March to a level of 149.8(1967=100)accord-ing to preliminary data.   Based on more completedata the February estimate remained unchanged withan increase of i.48 and the January increase wasrevised slightly downward to 3.28 from 3.5%asreported last month.  This index has now been in-creasing every month since ","cbCaividjz4uOJEY","https://ap.wps.com/l/cbCaividjz4uOJEY","pdf",915572,"English","# Finance\n## Some More Observations on Financial Institutions\n## Leading Economic Indicators\n## Consumer Installment Credit\n## Industrial Production\n## Household Assets, Selected Years 1945-1982","[{\"question\":\"What role do financial intermediaries play in consumer finance?\",\"answer\":\"Financial intermediaries provide important financial services to both fund suppliers and users. The material argues these services have proven useful because households supply a large share of intermediated funds.\"},{\"question\":\"How did household total assets and intermediary shares change from 1945 to 1982?\",\"answer\":\"Household total assets rose substantially from 1945 to 1982. As household assets increased, the portion intermediated also increased, rising from about 23% in 1945 to almost 30% by 1982.\"},{\"question\":\"Why did financial intermediaries grow in importance over the postwar period?\",\"answer\":\"Their increasing importance is attributed to both supply and demand effects. Households demanded productive savings outlets with safety, liquidity, and diversified returns, while institutions offered a wider variety of products and higher nominal yields over time.\"}]","Finance - Some More Observations on Financial Institutions | PDF",1789967369,13]