Introduction Financial globalization and integration of financial markets has become one of the most discussed topics in society. The reason of this is rapid changes that have occurred in the world economy over the past decade. The ongoing global economic crisis, which showed another face of financial globalization, forced to pay attention to this phenomenon. Indeed, despite the fact that this phenomenon is generally accepted in the science, there are still major differences in the definition of financial globalization. Globalization - the world is an objective trend caused by the strengthening of international political, cultural, economic, financial, informational, technical and other relations between states at different levels. It encompasses the process of transformation of the world economy into a single market for goods, services, capital, labor and knowledge. In fact, globalization can be defined as a higher stage of the internationalization of economic life and its further development. Globalization progresses through continuous and increasing flow of financial resources. Financial capital contributes to financial globalization, not just putting it in the vanguard of globalization processes, but also plays the role of locomotive of this process. It is in the financial globalization economic globalization demonstrates itself in full extent. The aim of this work is to determine the characteristics of the processes of globalization at the present stage of economic development, consideration of the problems associated with financial globalization and the prospects for their solution. To achieve this goal , you need to solve the following problems : 1.opredelit value finance regulation of economic processes , 2.opredelit impa... ... middle of paper ... ...) funding and financial support for high-end technologies and industries based on national raw material resources ; in ) financing promising new competitive industries , trends and individual industries; g ) the financing costs associated with the development of non-industrial infrastructure , the reproduction of the labor force , improving their qualifications, the development of science , professional training and orientation of new technologies . Economic incentives through the stimulus incentive funds realized in the form of the creation of economic incentive funds within enterprises with the establishment of fund-creating ratio for their formation depending on the targets that are set by the government through fiscal policy . As benchmarks can be yield growth and profitability , growth of production , including competitive products , quality indicators , etc.
Although it is becoming a rising topic, globalization is not new. The concept of globalization has existed from beginning of time, but gained most momentum when the earth was discovered not to be flat, and traveling east was possible by traveling west. This allowed countries to trade for any foreign product they once may not have had. Globalization integrates countries with different economies, societies, and cultures across the world into one global network, with the ultimate goal of one emerging economy (Ahearn). Globalization has been fueled by new trends in trading policies, technology, and the world supply of labor.
Globalization is a series of social, economic, technological, cultural, and political changes that promote interdependence and growth. Globalization raises the standard of living in developing countries, spreads technological knowledge, and increases political liberation. Harris 5-23. The main cause of globalization is influence from other, more developed, countries. Globalization is a historical process that results from human innovation and technological progress.
These financial players regulate and avail funds to governments and banks for investment. In an article titled The Global Financial System published in the eJournal USA, Geist noted that though the idea of globalization and elimination of trade barriers was noble, it contributed immensely to the 2008 global financial crisis (Blyth, Gisst and Soros). Financial integration and the use of advanced information technologies expose an economy to financial crises. More so, financial integration means that an economy is likely to be affected by problems existing in other markets through the ripple effect. The use of advanced computer systems in global trade has made the flow of funds around the globe easy.
Prasad, Eswar S., et al. “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence.” The National Bureau of Economic Research. National Bureau of Economic Research, 2003. Web. 10 Dec. 2013. .
“The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange”. The distances and barriers between countries, governments, organizations and individuals has significantly decreased due to the influence that globalization has on the world. Changes in one part of the world has a ripple effect on other countries and communities. This interconnectedness between economies and cultures has advantages and disadvantages, however, the impact that globalization has on individuals
The expression "globalization" is generally utilized as a part of business rings and matters of trade and profit to depict the expanding internationalization of businesses for merchandise and administrations, the budgetary framework, companies and commercial ventures, innovation, and rivalry. In the globalized economy, partitions and national points of confinement have liberally diminished with the departure of tangles to market access. Furthermore, there have been decreases in transaction expenses and layering of time and separation in global transactions.
Globalization is a new concept that was introduced to the world after the fall of the communist regime. Globalization has to its identity social, economic, and political reforms, .however the globalization that we are about to discuss is the term that combines the past socio-economic and political reforms and cross with them to the world where their are no boundaries, restrictions, and immobilization what Mittelman describes as ? cross-border flows of capital, knowledge, and consumer goods ? (Mittelman 1). For the world to become a one or a single entity it has to pass through a process of economic, and technological integration. The consequence of this unification is the aim of this research, positive and negative, although the negative aspects will be the dominating part.
Globalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.
In recent years, foreign banks accelerate their processes of globalisation, especially the entry in emerging market (J Cardenas, JP Graf & P O’Dogherty 2005), so does the Australian banks.
The definition of globalization is, “Globalization is the connection of different parts of the world. Globalization results in the expansion of international cultural, economic, and political activities. As people, ideas, knowledge, and goods move more easily around the globe, the experiences of people around the world become more
Globalization is the connection of different parts of the world. Globalization results in the expansion of international, cultural, economic, and political activities. As people, ideas, knowledge, and goods move easily around the globe, the experiences of people around the world become more similar. (“Definition of Globalization“, n.d., ¶ 1)
Globalization is associated with bringing together world economies and cultures. Globalization is a controvertible conception. This allows powerful corporation change local enterprises and in the future make the gaps big between, rich people and poor people. The benefits of an international market to integrated where labour, ideas, capital and goods can be free and to promote the economic development all of the levels in the society. Globalization is a process to interact and integrate among companies, people and the governments of other nations. Globalization is process which international organization, corporations, individuals and communities has become more interconnected with politics, cultures and the earths environment. “It is characterized
The term ‘Globalization’ refers to is the integration of economies, industries, markets, cultures and policy-making round the globe. It explains a progression by which both national and regional economies, societies, and cultures have become incorporated through the universal system of commerce, communication, migration and transportation.
Globalization it is an important change that occurs in the world because it is one of the main change which include facts and opinions. The term of globalization is not new because in the past the human civilizations were expanded. At the same time, it is a phenomenon to
Globalization is one of the main aspects in the 21st century. Globalization has brought the world closer; all the things that are happening nowadays are recognized globally even if they happened locally (Buckley). According to Nayef Al-Rodhan GCSP (Geneva Centre for Security Policy) globalization is not a single word or concept. It contains many other concepts within itself. Globalization is composed of different concepts like incorporation regarding the economics, transmitting information or understandings, stability within beliefs, and other concepts (Al-Rodhan p.3). This paper deals with the definition of Globalization, the advantages and disadvantages of globalization, and based on these information the views that to which extend the globalization is beneficial for majority of the world's population. The concept of globalization has changed the whole shape of the world. It has both its positive and negative impacts on people's life. However, by taking both the advantages and disadvantages into consideration we can find that to a large extend globalization is beneficial for majority of the world's population. With the help of globalization the works that were difficult in past is getting easier in today's environment. People are getting closer to each other, which is a product of globalization. Moreover, the knowledge and informations are being circulated in very good way which is a very good sign for having a good and prosperous life.