Edited by Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

• 1.Philippon, T. and A. Reshef (2013), ‘An International Look at the Growth of Modern Finance’, Journal of Economic Perspectives, 27 (2), 73–96.2.Greenwood, R. and D. Scharfstein (2013), ‘The Growth of Finance’, Journal of Economic Perspectives, 27 (2), 3–28.3.Cetorelli, N., B.H. Mandel and L. Mollineaux (2012), ‘The Evolution of Banks and Financial Intermediation: Framing the Analysis’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 21–34.4.Asmundson, I. (2011), ‘What Are Financial Services?’, Finance & Development, 48 (1), 46–7.5.Carter, R.L. (1979), Reinsurance, Dordrecht: Kluwer Publishing.6.Lewis, M.K. and K.T. Davis (1987), Domestic and International Banking, Oxford: Philip Allan. Reprinted Cambridge, Mass: MIT Press, 1993.7.Lewis, M.K. (1990), ‘Banking as Insurance’, in E.P.M. Gardener (ed.), The Future of Financial Systems and Services, London: Macmillan, 225–42.8.Gurley, J.G. and E.S. Shaw (1956), ‘Financial Intermediaries and the Saving-Investment Process’, Journal of Finance, 11, 257–76. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.9.Tobin, J. (1963), ‘Commercial Banks as Creators of “Money”’, Banking and Monetary Studies, ed. D. Carson for the Comptroller of the Currency, Homewood, Illinois: R.D. Irwin, 408–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.10.International Monetary Fund (2014), ‘Global Financial Stability Report’, https://www.imf.org/external/pubs/ft/gfsr/, accessed 13 October 2014.11.Cochrane, J.H. (2013), ‘Finance: Function Matters, Not Size’, Journal of Economic Perspectives, 27 (2), 29–49.12.Stutchbury, O.P. (1964), The Management of Unit Trusts, Nottingham: Thomas Skinner & Co.13.Fama, E.F and K.R. French (2010), ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’, Journal of Finance, 65 (4), 1915–47.14.Gennaioli, N., A. Schleifer and R. Vishny (2012), ‘Money Doctors’, NBER Working Paper 18174, Cambridge, MA: National Bureau of Economic Research.15.French, K.R. (2008), ‘Presidential Address: The Cost of Active Investing’, Journal of Finance, 63 (4), 1537–73.16.Baumol, W.J. (1965), ‘The Specialist: Operator of the Automatic Mechanism’, in W.J. Baumol, The Stock Market and Economic Efficiency, New York: Fordham University Press, 9–34. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.17.Demsetz, H. (1968), ‘The Cost of Transacting’, Quarterly Journal of Economics, LXXXII (1), February, 33–53. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.18.Kirilenko, A.A. and A.W. Lo (2013), ‘Moore’s Law versus Murphy’s Law: Algorithmic Trading and Its Discontents’, Journal of Economic Perspectives, 27 (2), 51–72.19.Hendershott, T., C.M. Jones and A.J. Menkveld (2011), ‘Does Algorithmic Trading Improve Liquidity?’, Journal of Finance, 66 (1), 1–33.20.Tabb, L. (2012), ‘Written Testimony to the United States Senate Committee on Banking, Housing and Urban Affairs by Larry Tabb, CEO, TABB Group’, 30 September, http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Testimony&Hearing_ID=f8a5cef9-291d-4dd3-ad3-10b55c86d23e&Witness_ID=f52000faa2-1cfe-48a5-b373-60bde009d3a3, accessed 20 January 2013.21.Kirilenko, A.A., A.S. Kyle, M. Samadi and T. Tuzun (2011), ‘The Flash Crash: The Impact of High Frequency Trading on an Electronic Market’, http://papers.ssrn.comn/so13/papers.cfm?abstract_id=1686004, accessed 5 April 2013. 22.Vigna, P. and T. Lauricella (2012), ‘Sawtooth Trading Hits Coke, IBM, McDonald’s, and Apple Shares’, Wall Street Journal, 19 July, http://blogs.wsj.com/marketbeat/2012/07/19/sawtooth-trading-hits-coke-ibm-mcdonalds-and-apple-shares/, accessed 25 July 2012. 23.Khandani, A.E. and A.W. Lo (2007), ‘What Happened to the Quants in August 2007?’, Journal of Investment Management, 5 (4), 5–54.24.Lehmann, B.N. (1990), ‘Fads, Martingales, and Market Efficiency’, Quarterly Journal of Economics, 105 (1), 1–28.25.Lo, A. and C. MacKinlay (1990), ‘When Are Contrarian Profits Due to Stock Market Over-reaction?’, Review of Financial Studies, 3 (2), 175–205.26.Goldman Sachs Asset Management (2007), ‘The Quant Liquidity Crunch’, Goldman Sachs Global Quantitative Equity Group, August. Proprietary document for Goldman Sachs clients; not available to the general public.27.Rothman, M.S. (2007a), ‘Turbulent Times in Quant Land’, US Equity Quantitative Strategies, 9 August, Lehman Brothers Equity Research, http://dealbreaker.com/_old/images/pdrf/quant.pdf, accessed 19 August 2007. 28.Rothman, M.S. (2007b), ‘View from QuantLand: Where Do We Go Now?’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public.29.Rothman, M.S. (2007c), ‘Rebalance of Large Cap Quant Portfolio’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public.30.Edgeworth, F.Y. (1888), ‘The Mathematical Theory of Banking’, Journal of the Royal Statistical Society, LI, 113–27. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.31.Haubrich, J.G. and R.G. King (1984), ‘Banking and Insurance’, Working Paper 1312, National Bureau of Economic Research.32.Orr, D. and W.G. Mellon (1961), ‘Stochastic Reserve Losses and Expansion of Bank Credit’, American Economic Review, LI (4), 614–23. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.33.Friedman, M. (1969), ‘The Optimal Quantity of Money’, in M. Friedman, The Optimal Quantity of Money and Other Essays, Chicago: Aldine Publishing Co., 1–50.34.Keister, T. and J.J. McAndrews (2009), ‘Why Are Banks Holding So Many Excess Reserves?’, Current Issues in Economics and Finance, Federal Reserve Bank of New York, 15 (8), 1–11.35.Iley, Richard A. and M.K. Lewis (2013), Global Finance After the Crisis: The United States, China and the New World Order, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.36.Bank for International Settlements (2010), ‘The Future of the Financial Sector’, BIS 80th Annual Report, Basel, Switzerland: Bank for International Settlements, 74–88.37.Gurley, J.G. and E.S. Shaw (1960), Money in the Theory of Finance, Washington, DC: The Brookings Institution, 1995.38.Keynes, J.M. (1936), General Theory of Employment, Interest and Money, London: Macmillan.39.Leland, H.E. and D.H. Pyle (1977), ‘Information Asymmetries, Financial Structure and Financial Intermediation’, Journal of Finance, 32, 371–87. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.40.Diamond, D. (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (166), 393–414. Reprinted in M.K. 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Edited by Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

• 1.Philippon, T. and A. Reshef (2013), ‘An International Look at the Growth of Modern Finance’, Journal of Economic Perspectives, 27 (2), 73–96.2.Greenwood, R. and D. Scharfstein (2013), ‘The Growth of Finance’, Journal of Economic Perspectives, 27 (2), 3–28.3.Cetorelli, N., B.H. Mandel and L. Mollineaux (2012), ‘The Evolution of Banks and Financial Intermediation: Framing the Analysis’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 21–34.4.Asmundson, I. (2011), ‘What Are Financial Services?’, Finance & Development, 48 (1), 46–7.5.Carter, R.L. (1979), Reinsurance, Dordrecht: Kluwer Publishing.6.Lewis, M.K. and K.T. Davis (1987), Domestic and International Banking, Oxford: Philip Allan. Reprinted Cambridge, Mass: MIT Press, 1993.7.Lewis, M.K. (1990), ‘Banking as Insurance’, in E.P.M. Gardener (ed.), The Future of Financial Systems and Services, London: Macmillan, 225–42.8.Gurley, J.G. and E.S. Shaw (1956), ‘Financial Intermediaries and the Saving-Investment Process’, Journal of Finance, 11, 257–76. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.9.Tobin, J. (1963), ‘Commercial Banks as Creators of “Money”’, Banking and Monetary Studies, ed. D. Carson for the Comptroller of the Currency, Homewood, Illinois: R.D. Irwin, 408–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.10.International Monetary Fund (2014), ‘Global Financial Stability Report’, https://www.imf.org/external/pubs/ft/gfsr/, accessed 13 October 2014.11.Cochrane, J.H. (2013), ‘Finance: Function Matters, Not Size’, Journal of Economic Perspectives, 27 (2), 29–49.12.Stutchbury, O.P. (1964), The Management of Unit Trusts, Nottingham: Thomas Skinner & Co.13.Fama, E.F and K.R. French (2010), ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’, Journal of Finance, 65 (4), 1915–47.14.Gennaioli, N., A. Schleifer and R. Vishny (2012), ‘Money Doctors’, NBER Working Paper 18174, Cambridge, MA: National Bureau of Economic Research.15.French, K.R. (2008), ‘Presidential Address: The Cost of Active Investing’, Journal of Finance, 63 (4), 1537–73.16.Baumol, W.J. (1965), ‘The Specialist: Operator of the Automatic Mechanism’, in W.J. Baumol, The Stock Market and Economic Efficiency, New York: Fordham University Press, 9–34. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.17.Demsetz, H. (1968), ‘The Cost of Transacting’, Quarterly Journal of Economics, LXXXII (1), February, 33–53. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.18.Kirilenko, A.A. and A.W. Lo (2013), ‘Moore’s Law versus Murphy’s Law: Algorithmic Trading and Its Discontents’, Journal of Economic Perspectives, 27 (2), 51–72.19.Hendershott, T., C.M. Jones and A.J. Menkveld (2011), ‘Does Algorithmic Trading Improve Liquidity?’, Journal of Finance, 66 (1), 1–33.20.Tabb, L. (2012), ‘Written Testimony to the United States Senate Committee on Banking, Housing and Urban Affairs by Larry Tabb, CEO, TABB Group’, 30 September, http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Testimony&Hearing_ID=f8a5cef9-291d-4dd3-ad3-10b55c86d23e&Witness_ID=f52000faa2-1cfe-48a5-b373-60bde009d3a3, accessed 20 January 2013.21.Kirilenko, A.A., A.S. Kyle, M. Samadi and T. Tuzun (2011), ‘The Flash Crash: The Impact of High Frequency Trading on an Electronic Market’, http://papers.ssrn.comn/so13/papers.cfm?abstract_id=1686004, accessed 5 April 2013. 22.Vigna, P. and T. Lauricella (2012), ‘Sawtooth Trading Hits Coke, IBM, McDonald’s, and Apple Shares’, Wall Street Journal, 19 July, http://blogs.wsj.com/marketbeat/2012/07/19/sawtooth-trading-hits-coke-ibm-mcdonalds-and-apple-shares/, accessed 25 July 2012. 23.Khandani, A.E. and A.W. Lo (2007), ‘What Happened to the Quants in August 2007?’, Journal of Investment Management, 5 (4), 5–54.24.Lehmann, B.N. (1990), ‘Fads, Martingales, and Market Efficiency’, Quarterly Journal of Economics, 105 (1), 1–28.25.Lo, A. and C. MacKinlay (1990), ‘When Are Contrarian Profits Due to Stock Market Over-reaction?’, Review of Financial Studies, 3 (2), 175–205.26.Goldman Sachs Asset Management (2007), ‘The Quant Liquidity Crunch’, Goldman Sachs Global Quantitative Equity Group, August. Proprietary document for Goldman Sachs clients; not available to the general public.27.Rothman, M.S. (2007a), ‘Turbulent Times in Quant Land’, US Equity Quantitative Strategies, 9 August, Lehman Brothers Equity Research, http://dealbreaker.com/_old/images/pdrf/quant.pdf, accessed 19 August 2007. 28.Rothman, M.S. (2007b), ‘View from QuantLand: Where Do We Go Now?’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public.29.Rothman, M.S. (2007c), ‘Rebalance of Large Cap Quant Portfolio’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public.30.Edgeworth, F.Y. (1888), ‘The Mathematical Theory of Banking’, Journal of the Royal Statistical Society, LI, 113–27. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.31.Haubrich, J.G. and R.G. King (1984), ‘Banking and Insurance’, Working Paper 1312, National Bureau of Economic Research.32.Orr, D. and W.G. Mellon (1961), ‘Stochastic Reserve Losses and Expansion of Bank Credit’, American Economic Review, LI (4), 614–23. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.33.Friedman, M. (1969), ‘The Optimal Quantity of Money’, in M. Friedman, The Optimal Quantity of Money and Other Essays, Chicago: Aldine Publishing Co., 1–50.34.Keister, T. and J.J. McAndrews (2009), ‘Why Are Banks Holding So Many Excess Reserves?’, Current Issues in Economics and Finance, Federal Reserve Bank of New York, 15 (8), 1–11.35.Iley, Richard A. and M.K. Lewis (2013), Global Finance After the Crisis: The United States, China and the New World Order, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.36.Bank for International Settlements (2010), ‘The Future of the Financial Sector’, BIS 80th Annual Report, Basel, Switzerland: Bank for International Settlements, 74–88.37.Gurley, J.G. and E.S. Shaw (1960), Money in the Theory of Finance, Washington, DC: The Brookings Institution, 1995.38.Keynes, J.M. (1936), General Theory of Employment, Interest and Money, London: Macmillan.39.Leland, H.E. and D.H. Pyle (1977), ‘Information Asymmetries, Financial Structure and Financial Intermediation’, Journal of Finance, 32, 371–87. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.40.Diamond, D. (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (166), 393–414. Reprinted in M.K. 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Edited by Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

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Green (ed.), Risk Behaviour and Risk Management in Business Life, Dordrecht: Kluwer Academic Publishers, 98–110.54.Bentick, B.L. and M.K. Lewis (2004), ‘Real Estate Speculation as a Source of Banking and Currency Instability: Some Different Lessons from the Asian Crisis’, The Economics and Labour Relations Review, 14 (2), 256–75.55.Lewis, M.K. (2009), ‘The Origins of the Sub-prime Crisis: Inappropriate Policies, Regulations, or Both?’, Accounting Forum, 33 (2), 114–26.56.Calomiris, C.W. and C. Kahn (1989), ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’, mimeo, Northwestern University.57.Diamond, D. and P. Dybvig (1983), ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy, 91 (3), 401–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995.58.Jacklin, C.H. 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