Chapter OneWhy Are Financial Intermediaries SpecialChapter OutlineIntroductionFinancial Intermediaries Specialness Information Costs Liquidity and Price Risk Other Special ServicesOther Aspects of Specialness The Transmission of Monetary Policy Credit Allocation Intergenerational Wealth Transfers or Time Intermediation Payment Services Denomination IntermediationSpecialness and Regulation Safety and Soundness Regulation Monetary Policy Regula