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Financial Intermediation, Loanable Funds, and the Real Sector Bengt Holmstrom; Jean Tirole The Quarterly Journal of Economics, Vol. 112, No. 3. (Aug., 1997), pp. 663-691. Stable URL: http://links.jstor.org/sici?sici=0033-5533%28199708%29112%3A3%3C663%3AFILFAT%3E2.0.CO%3B2-Z The Quarterly Journal of Economics is currently published by The MIT Press. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/journals/mitpress.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. For more information regarding JSTOR, please contact [email protected]. http://www.jstor.org Mon Jan 15 15:29:38 2007

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Page 1: Financial Intermediation, Loanable Funds, and the Real ...nina.baranchuk/Fin7310/papers/Holm… · Financial Intermediation, Loanable Funds, and the Real Sector Bengt Holmstrom; Jean

Financial Intermediation, Loanable Funds, and the Real Sector

Bengt Holmstrom; Jean Tirole

The Quarterly Journal of Economics, Vol. 112, No. 3. (Aug., 1997), pp. 663-691.

Stable URL:

http://links.jstor.org/sici?sici=0033-5533%28199708%29112%3A3%3C663%3AFILFAT%3E2.0.CO%3B2-Z

The Quarterly Journal of Economics is currently published by The MIT Press.

Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available athttp://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtainedprior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content inthe JSTOR archive only for your personal, non-commercial use.

Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained athttp://www.jstor.org/journals/mitpress.html.

Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission.

JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. Formore information regarding JSTOR, please contact [email protected].

http://www.jstor.orgMon Jan 15 15:29:38 2007

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