RESEARCH OF THE ROLE OF FINANCIAL INSTITUTIONS IN THE COMMUNITY ECONOMIC DEVELOPMENT IN ONE OF THE WORLD’S LEADING COUNTRIES

Abstract

The article addressed the community as the smallest unit in geography scope, which unites individuals, companies, and government. The role of each one is significant and irreplaceable. For this paper, the community is as a synergy between group of individuals, institutions, and a government that live and (or) operate within geographical, political, social, and economic boundaries. This article focuses on banks, as a link between individuals and government in the development process. In particular, the supply and retention of financial and human capital. The authors try to prove financial companies and banks play a key role in the community and economic development because they deliver financial capital to individuals and businesses. This research allows concluding that the Finance & Insurance industry contributes toward the development of both national and local levels with the high share and positive mix and competitive components.