...Introduction Globalization generally refers to the worldwide idea of economic, technological, cultural and political exchanges enhanced by the modern transport, communication and legal infrastructure. The political choice to open links and borders in international finance and trade makes it easy for globalization to happen. This means that human beings are continuously interacting with each other across the globe politically, economically and culturally. Economic globalization refers to the process of increasing the economic integration between two or more countries which leads to the emergence of a worldwide marketplace or a single global market. The international Monetary Fund defines globalization as “the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, freer international capital flows, and more rapid and widespread diffusion of technology”. At the same time, the International Forum on Globalization defines globalization as “the present worldwide drive toward a globalized economic system dominated by supranational corporate trade and banking institutions that are not accountable to democratic processes or national governments.” The two definitions vary and so depending on the paradigm, the aspect of globalization can be seen as both positive and negative effects. Nonetheless, globalization has cultural, political and technological factors that are closely intertwined. All these...
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...The world is changing like never before. Globalization is affecting every aspect of our lives. It affects our culture, our economy, and even our politics. We face new challenges and old challenges dressed up in new clothes. As economies become more intertwined, we find that they can also become more vulnerable to unexpected shifts and new forms of opaqueness. This isn’t a reason to turn away from globalization, but it is a reason to be vigilant. This essay will look at the way countries have become more dependent on other through the process of globalization. Of course, with current economic events shaking the world economy, we begin to see some of the potential negative effects of globalization for various countries’ economies. In a recent visit to the United States, UK Prime Minister Gordon Brown was keen to point out that the problems started in the U.S. as the result of bad regulations and greed. He said that the “global banking collapse needed a global solution. He called for the same standards in banking ‘of remuneration, accountability, transparency and disclosure all round the world’, saying this would lead to a restoration of confidence in banking.” 1 The problems point to one of the serious drawbacks of globalization: when you open your economy up to the other economies of the world you can get very rich as long as they do well—but you also become very vulnerable to their problems too. ...
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...the term risk is used the first thing comes to your mind is the banking sector. Banking is one of the risky sides of the finance. For instance they always encounter the asymmetric information risk. Imagine bank lend money of its depositors to the borrower, there is always a risk that the borrower will default. There is also a risk that, if the payment is fixed bank can have a risk of declined interest rates. Since 1960 due to the increased financial innovations the concept of the risk became more complicated. For instance in the U.S. banks are the main source of funding for households and business, besides this they are also main source of credit borrowings, payments, and main determinant factor in monetary policy conduct. Conduction so many operations simultaneously banks healthy business shape is always heated interest of public. The main concerning factor is always bank capital and its risk related management. Starting from 1981 U.S. banking industry started establishing general standards for bank capital risk and its management. By the time these rules were more specified due to the low capital ratios of the banks. Due to low capital ratio the quality of loans declined. The risk of default due to low bank capitals were increasing, therefore Federal Reserve adopted the standard of “Primary Capital”. Later the modified version of “Primary Capital” was replaced by Basel Capital Accord. Due to the globalization and increased mutual relations among the countries such as investments...
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...Strategic HRM for banking The environments in which organizations operate today are divergent. Myanmar banking sector has been facing unprecedented challenges with the wave of privatization and globalization of myanmar economy. Banks are under intense pressure to perform in today’s volatile market place. Steep competition, globalization, growing customer demand and exposure to higher credit risks are forcing the banks to find new ways of providing better customer service so as to improve profitability. The strategic management of human resources is one of the ways companies may use to increase their competitiveness in the new organizational landscapes, since managing in a global marketplace, introducing new technology, developing organizational knowledge, improving customer service or product quality, requires considering the “human equation” (Pfeffer, 1998). The management of organization human resources is an integral part of how an organization is going to achieve its mission goals. Without people, there is no one to do the work. Therefore, integrating HRM into the organization strategic plan is important step in Establishing an HR Strategy. The function of building human resources management strategy requires analyzing the current strategies of the organization and its goals which means Because of the globalization, the competition is very intense to get competitive advantage. Globalization represents the structural making of the world that is characterized by the free flow...
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...Acknowledgment Now-a-days globalization brings challenges for Bangladesh and private sector of Bangladesh. By facing these challenges if private sector of this country could success then the country will receive opportunities of globalization. I would like to thank my course teacher Dr. Salehuddin Ahmed (Economic Condition Analysis) for giving us this opportunity for assigning us with this paper. It helps me a lot to know about the challenges and opportunities that Bangladesh and private sector of this country faced and received from globalization while I am making this portfolio. This portfolio helps me a lot to know each and every area where globalization brings opportunities for our private sector and those areas that facing challenges. And this paper will also demonstrate that the main driver of progress has been Bangladesh private sector. Then we like to thank those people who really helped us by providing valuable information during prepare the paper. Read more: http://essaybank.degree-essays.com/business/globalization-for-bangladesh.php#ixzz2EWf1f3By ABSTRACT This paper examines the role of private sector in Bangladesh in the context of Globalization since the change of the first government of the independent of Bangladesh. Actually Bangladesh has undertaken a wide range of reforms to open the economy in the areas of trade, finance and investment. The globalization efforts in these areas have produced some positive results. But in the overall...
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...customers. Similar to other for profit organizations there are four basic functions of management in banking. They are planning, organizing, leading, and controlling. All four functions are necessary to ensure that a business operates seamlessly but may not be in any particular order. As a manager, proper planning and execution of the company’s assets and reputation must always be at the forefront. Always keeping the company’s mission in mind when strategizing daily activities or budget analysis is key in a management role. Organization from a managerial capacity is important and is only effective when you have the right resources and team in place that offer the greatest potential for success. Leadership is most often the first function to come to mind when discussing active management and entails much more that offering direction. An effective leader motivates and encourages their staff. They get to know them individually and identify what their career objectives are and what they are passionate about. Great leaders bring out the best qualities in their employees in order to get the highest level of production from them. Finally, controlling is enforcing corrective action when other approaches are not yielding positive results. Sometimes corrective action is the last resort to ensure that the strategic goal and results that the company has aligned are followed. Globalization is a...
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...GLOBALISATION AND ITS IMPACT ON CULTURE Globalization can be defined as the removing of borders and barriers to facilitate easy exchange of ideas, resources and knowledge between countries. Communication is the essence of Globalization. Without communication, globalization is not possible. Globalization was introduced to India in 1991,when Manmohan Singh signed the New Economic Policy , when the Indian government introduced a set of reforms for the ailing Indian economy to prevent it from going to further crisis. These reforms were the Liberalization, Privatization and Globalization reforms. Since 1991, we have seen major changes in India. Globalization has opened India to the world and has brought in the much needed exposure. Globalization has had impacts in the economic, social, cultural and political ways of India. The most significant remains the impact of globalization on the economic sector. India has seen tremendous growth since 1991. India is one of the fastest growing countries in the world and that is all due to the reforms undertaken in 1991. The role of Multi -National Corporations (MNC’s) is very significant in the Indian scenario. The MNC’s were brought in by Globalization. Indian shores were attacked by the Chinese ships , and their products dominated the markets at first. But now , after Globalization , it’s a flat world , where in raw material , labour is picked up where it is cheap and all functions like marketing , manufacturing...
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...ASSIGNMENT WEEK 2 Globalization in the twentieth and twenty first century is usually analyzed from an economic or technological perception, that is the internet, international markets and global institutions such as IMF, WTO cable news etc. The impact of globalization on the economies of countries across the world whether developed or developing cannot be over emphasized. An important ingredient in globalization is trade liberalization. . Economic liberalization is the process of achieving unobstructed economic activities, it seeks to remove all hindrances to trade, production and investment, whiles emphasizing on the freedom of economic activities (Onyekpe, 2001:52, Akinboye, 2008). In this light I will want to associate myself with the argument brought forward by Peter Mandelson in support of globalization. Globalization can be described as a “double edged sword”. Countries and companies which are prepared can take advantage of the opportunities that it brings on the other hand, globalization is not ready to “forgive” countries or companies who are not prepared to take the dynamics of globalization. Even the developed countries in Europe and the USA cannot afford to be complacent in the face of globalization. Peter Mandelson has done a good job in explaining both positive and negative effects of globalization in his defense of globalization. Peter Mandelson analyzed the impact of globalization under six headings namely, the openness boom, the interlinked world, the challenges...
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...International Trade Role of the technology in globalization is to enable globalization. It is a driving factor in the process of globalization. It changed the economic relationship between countries because it made knowledge an increasingly important component in the production of goods and services. These are some of the technology that played important role in the globalization as the invention of them become the base of a lot of technology nowadays and facilitated the globalization. 1.Commercial Activities in the Mediterranean In the ancient time one of the activity that can be marked as one of the technology that started the globalization is the commercial activities in the Mediterranean, even though the world is smaller in those time, it is still one of the witness of the globalization in the navigation and transportation. 2.Script The invention of the script can be considered as one of the first communication technology that contributed to globalization. After the script was invented people can store up and send the information which led to the further communication development. 3. Telegraph As the development of the script, soon one of the most important technology that was invented in the past is telegraph by Samuel Morse. In the past the transmission of the information is limited because of the transportation that doesn’t support the transmission to the larger area. But then Telegraph made it possible to communicate with the places where you don’t have...
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...‘If customers change and you don’t, you’ll lost them’. Why company needs to change? Why organization cannot only concentrates on their core business which they are earning profit and comparatively doing better than their competitors? The customers are changing, our competitors are changing, the world is changing. Globalization and forces driving the major change in organization Firms nowadays are not only competing with the local firms which provide similar services. A globalized economy is creating both more hazards and more opportunities for everyone, forcing firms to make dramatic improvements not only to compete and prosper but also to merely survive. Globalization, in turn, is being driven by a broad and powerful set of forces which can be summarized into four categories, they are Economic, Technological, Political and Social forces. The example of the car manufacturing companies in US are a very good example of why firms have to keep ‘Changing’ in order to survive in the modern world. The US car manufacturers were once very successfully organization in US and their cars were once the first choice of US people. However, the firms were on the edge of bankrupt and nearly need to shutdown the business because of the competitions from the Japanese cars which has been keep innovating new models and technology while US car firms failed to change to cope with the new demand from customers. We can see that due to deregulation and foreign competition and also the keen...
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...internship in Standard Bank Limited, Motijheel, (Foreign Exchange branch), Dhaka for the period of three months starting from September 24, 2011 to December 24, 2011. My report is on the “Overall General Banking of Standard Bank Limited Emphasizing on Foreign Exchange Performance Compared with Others” of Standard Bank Limited, Motijheel, (Foreign Exchange branch). With the advent of the 21st century, globalization and consolidation amongst the multinational and foreign companies are making their impact in the third world economies including that of Bangladesh. The report studies how the bank has maintained growth in its general banking business by maintaining and enhancing its relationship with its clients. The success of The Standard Bank Limited is largely credited to its friendly, co-operative approach, understanding the foreign exchange policy special banking needs of every client and concern for the benefits and welfare. A fundamental characteristic of money is that it is very much like a collective commodity. It is a parallel relationship between the Money and Banking. Bank is an important and essential financial institution for the necessity of the use of money and the protection of the money. At the very arena of globalization and technological innovation, banking business has become competitive. To cope with this, bankers should have vast theoretical knowledge and professional knowledge as well as technical basic. As a BBA student, with major in Accounting, I felt...
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...Globalization is the key component nowadays for a company to be able to be profitable. As Thomas Friedman states in his book, The World is Flat, “For physical products, supply chains now span the world. For example, raw materials might be extracted in South America, electronic components manufactured in Asia, computers assembled in the United States, and the final products sold in Europe.” [1] Consolidation strategies further empower firms to capitalize on economies of scale and focus on lowering their unit production costs. Firms often publicly declare that their mergers are motivated by a desire for revenue growth, an increase in product bases, and for increased shareholder value via staff consolidation, overhead reduction and by offering a wider array of products. However, the main reason and value of such strategy combinations is often related to internal cost reduction and increased productivity. [2] In banking, globalization has also affected us. Citibank, for example, two years ago moved their AML operations from Ft. Lauderdale, Florida to India where a friend of mine ended up for three weeks training her now ex-coworkers. Not only that, call centers are located around the world, I recently called Bank of America to report a problem and someone with perfect English helped me in a very efficient way, when I asked where was he located at, he mentioned that he was in San Jose de Costa Rica, Costa Rica. Most recently, the banking institution where I work was sold...
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...BANKING PROJECT | October 2 2011 | ABSTRACT: The pulse of this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic factors like globalization, liberalization and modernization has given it a new form. Today’s CRM requires real time interaction than that of the earlier times. Focus of various banks has changed from attracting customers to retaining as well as attracting new customers. Ensuring safety and at the same time efficiently utilizing resources is need of hour.The report presented is an initiative to address the issues and status of CRM with focus on evolution and background of this concept. How the technology has helped CRM in new age banking is also discussed here. | CRM IN NEW AGE BANKING | VIVEK SHARMA 10BSPHH011019 SECTION: C CONTENTS 1. Abstract 2 2. Introduction 3 3. Evolution of CRM 4 4. Customer relationship management 5 5. Overview of Indian banking sector 7 6. CRM in new age 12 7. Role of IT in CRM implementation 14 8. Present scenario 18 9. Conclusion 20 Abstract The pulse of this era says that for a successful venture customer relationship management...
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...Abstract A study provides a framework for developing global strategies for service businesses. It integrates existing, separate frameworks on globalization and on service businesses, analyzes how the distinctive characteristics of service businesses affect globalization and which do not. It then applies the new framework to numerous industry and company examples, with particular emphasis on the role of information technology. Full Text How do the distinctive characteristics of service businesses affect globalization and the use of global strategy? This is a crucial question for managers in numerous industries. Not only are services continuing to grow rapidly in domestic economies, but international trade in services is increasing, too. The United States, like some other developed countries, has a trade surplus in services that helps offset the deficit in merchandise trade. In contrast, Japan has been much less successful in internationalizing its service businesses.1 So it is essential to national competitiveness that governments, as well as companies, achieve a better understanding of how to develop effective global strategies for different types of service businesses. Most research to date has focused either on why and how service firms internationalize or on different modes of internationalization.2 In contrast, we examine how globalization drivers and the use of global strategy might apply to various types of services, and what differences might exist relative to manufacturing...
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...is financial intermediation? 2 a) The brokerage function: 2 b) The asset transformation function 2 c) The Risk evaluation and management function 3 Why are financial intermediaries important? 3 THEORIES OF FINCANCIAL INTERMEDIATION 3 Informational Asymmetries 3 Transaction Costs Theory 4 Regulation 4 HISTORICAL DEVELOPMENT 5 Origin of Financial Intermediation 5 EVOLUTION OF FINANCIAL INTERMEDIATION 6 THE FUTURE OF FINANCIAL INTERMEDIATION 7 TRENDS IN FUTURE FINANCIAL INTERMEDIATION 8 Regulation (Deregulation) 8 Revised regulatory framework 8 Revised reporting standards and accounting 8 International Monitoring and Oversight 9 Effects on Insurance 9 Technology 9 New financial innovations 9 Globalization 9 Presence 9 Scale 10 Increased Government involvement 10 IMPLICATIONS 11 CONCLUSION 11 BIBLIOGRAPHY 12 FINANCIAL INTERMEDIATION INTRODUCTION Financial Intermediation is a crucial and pervasive feature of all world economies. But as Franklin Allen (2001) observed in his AFA presidential Address, there is a widespread view that financial intermediaries can be ignored because they have no real effect. But this cannot be true, in my opinion, savings-investment process, corporate finance decisions, and consumer portfolio choices cannot be understood without studying financial intermediation. So what is financial intermediation? When talking about financial markets we generally are talking about two kinds of markets, capital...
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