Integration of domestic banks in the world financial system

Abstract

The article reveals the integration of domestic banks into the global financial system. An urgent issue today is the integration of the activities of domestic commercial banks into the global financial system, which is characterized by globalization processes.

Globalization is a process of global economic, political and cultural integration, the main characteristics of which are the world division of labor, global migration of monetary, human and productive resources, standardization of legislation, economic and technological processes, as well as the convergence of cultures of different countries. The economic aspects of globalization are characterized by free trade, free movement of capital, reduction of taxes on the profits of enterprises, ease of movement of industries between different states in order to reduce the costs of labor and natural resources, etc.