All of these items have one thing in common. They facilitate transfer of funds. Financial Institutions operate in financial markets and are, therefore, a part of such markets. The word system , in the term financial system , implies a set of complex and closely connected or inter-linked Institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. Money refers to the current medium of exchange or means of payment .
Finance is monetary resources comprising debt and ownership funds of the state, company or person.
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