Financial System
From Open Risk Manual
Definition
The financial system is the totality of infrastructure, laws and regulations and economic agent behaviors that enable diverse participants in an economy to exchange funds in support of economic transactions, engage in trading, transfer risk etc.
Components of a financial system
- Banking (Both Lending products and Savings Account)
- Pensions
- Insurance of various types
- Financial Markets
- Payments
- Auxiliary services of various types (accounting, advisory, etc).
