institutional structure has been evolved over the centuries to make possible the production of goods and services. Growth in economic integration and globalization has given rise to process whereby an excess of saving over investment in one nation discovers an appropriate scope for opening in another. They are in search of a system that makes possible the drive to equate risk adjusted rates of return on investment globally. The progressive extension of global finance is considered crucial for matching the radical growth in world trade in goods and services. Many levels of financial inter mediation are felt essential to explore the full advantages of advances in finance. (Greenspan, 1997)
             With the intensive financial globalization the global capital flows wi
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