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Financial institutions that borrow from ultimate lenders and lend to ultimate borrowers are prominent features of any modern economy, yet present an apparent paradox. The lenders could lend directly to the borrowers without the use of the intermediary, and indeed many do. The purpose of this chapter is to contribute to the understanding of the workings of financial institutions and the benefits that they provide to lenders and borrowers. A number of issues relating to financial institutions and their functioning are examined. Why do financial institutions exist? What functions do they perform? Why do some borrowers and lenders use the services of financial institutions while others do not? Do different types of financial institutions serve different functions?
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