Globalization has various aspects which affect the world in several different ways:

Financial globalization – it's the emergence of worldwide financial markets and better access to competition and survival in the new global finance market which acquires for improved productivity and increased competition. Also industries have to upgrade their products and use technology skillfully for facing the competition and increasing their competitive financing for corporate, national and sub national borrowers. Other aspect of globalization is language and the merge of different countries together could cause miscommunication, but the advantage here is that English is the language of finance which can be used by all participating countries worldwide.

During the past two decades, financial markets around the world have become increasingly interconnected. Financial globalization has brought considerable advantages to national economies and to investors and savers, but it has also changed the structure of markets, creating new risks and challenges for market participants. Today it brings many more options to choose from. It is possible to shop around the world for a loan with a lower interest rate and borrow in foreign currency if foreign currency loans offer more attractive terms than domestic ones, globalization brings in a variety of choices and options making it all easier to us – consumers.
 

By Rima Ziaugaite