| 单词 | disintermediation |
| 释义 | disintermediation The elimination of financial intermediaries, such as brokers and bankers, from transactions between borrowers and lenders or buyers and sellers in financial markets. Disintermediation has been a consequence of improved technology and deregulation (see also globalization). Disintermediation allows both parties to a financial transaction to reduce costs by eliminating payments of commissions and fees. Disintermediation also often occurs when governments attempt to impose direct controls on the banking system, such as reserve asset ratios and lending ceilings. In response, the market develops new instruments and institutions that are not covered by the direct controls. When these controls are relaxed, funds may return to the normal banking system, i.e. there may be reintermediation. |
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