英语翻译
Developmenteconomistshavespentmucheffortinrecentyearstryingtomeasuretheextenttowhichhouseholdsappeartobeinsuredagainstidiosyncraticshocksandthestructureandperformanceoflocalfinancialcontractssuchasbilateralcreditandinsurancearrangementswithlandlords,moneylenders,familyorfriends,orgroup-basedmutualsavingsandinsurancearrangementssuchasrotatingsavingsandcreditassociations(ROSCAs).Whilethesestudieshaveadvancedourunderstandingoflocalbilateralfinancialcontractingandmutualinsurancewithinpoorcommunities,thestudyoffinancialintermediationhasremainedrelativelyneglected.Afinancialintermediaryexpandsandtransformsthesetoftradesthatcantakeplacebothwithincommunitiesandacrosscommunitiesbycarryingoutmonitoringandcontrolactivitiesandprovidingassettransformationservicesatlowercostthanwhatcouldbeachievedunderasystemoflocalbilateralcontractsormutualinsurancearrangements(Diamond1996).
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