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The credit crisis of 2007–2009 has sparked an enormous interest in the role that financial intermediaries play in our economy. Recent literature examines how financial intermediaries affect not only macro-economic variables but also asset markets such as the stock and the bond markets. The underlying theme in this recent literature is that the function of financial intermediaries in our asset markets is not yet completely understood and requires further study. This dissertation is based on three chapters that examine the interaction between systemic risks, financial intermediaries, and asset markets.