It consists of specialised and non-specialised financial institutions, of organised and unorganised financial markets, of financial instruments and services. 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. All rights reserved worldwide.