作者：Bert Scholtens , Dick van Wensveen

Abstract
This comment discusses the review by Franklin Allen and Anthony Santomero of the
theory of ®nancial intermediation in the 20th anniversary special issue of the Journal of
Banking and Finance. We do not fully agree with their view that risk management is
only of recent importance to the ®nancial industry and with putting central the concept
of participation costs. We suggest how the theory of ®nancial intermediation might be
developed further in order to understand present-day phenomena in the ®nancial services
sector. Ó 2000 Elsevier Science B.V. All rights reserved.

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