Financial Service Industry Report
Expanded Anna Lindh, a Swedish Social Democratic politician who served as Swedish Minister for Foreign Affairs from 1998 until her assassination in 2003,once said, "Firstly, economic globalisation has brought prosperity and development to many countries, but also financial crises to Asia, Latin America and Russia, and increasing poverty and marginalization (Anna Lindh)." Economic globalization is the assimilation of domestic financial system of a country with the world's financial markets (Das, 2006). In the world of economics, financial institutions are the leaders in the integration of financial markets globally.
Financial institutions in the Global Economy
Financial institutions are the leading guarantors of agility of trade and industry transactions within the world of finance (Bonvin & Dembinski, 2002). Financial institutions strengthen the global economy. The arms of financial institutions stretching across the nations offer opportunities to distribute wealth. Under-developed countries are able to attain financial services from another country. These monies are redistributed within the country through the provision of financial services amongst the country's citizens through banking needs.
Through the use of advanced technology, the globalization of the financial services industry has made services available and affordable. Countries are able to research available information and find the financial services industry that is the right fit for their needs. An individual may use the internet to search life insurance quotes and find the right policy with the greatest benefit (Garven, 2002).
Financial institutions guide the economy by establishing economic ...