Accession Number : ADA475376


Title :   Financial Services Industry


Descriptive Note : Final rept.


Corporate Author : INDUSTRIAL COLL OF THE ARMED FORCES WASHINGTON DC


Personal Author(s) : Arezo, Gullab ; Billingslea, Willie D ; Brooks, James V ; Brown, Jeffery D ; Cotton, Cheryl ; Determan, Deborah A ; Dzurenko, Monte S ; Egentowich, John ; Greenwald, Michael N ; Keegan, Matthew


Full Text : https://apps.dtic.mil/dtic/tr/fulltext/u2/a475376.pdf


Report Date : Jan 2006


Pagination or Media Count : 28


Abstract : The United States' position as a global economic leader rests on a financial infrastructure that is second to none in size, liquidity, complexity, and trust. The financial services industry impacts the daily lives of all Americans. They rely on it to save for their retirement and their children's education, pay their bills, insure against risks, and buy their homes and automobiles. Governments and businesses look to the industry to fund corporate expansion, finance improvements to public infrastructure and education, and raise money to pay government debt. The more efficiently the financial services industry can meet these needs, the more effectively individuals, governments, and businesses can attain their goals. It is no exaggeration to state that a trusted, well-functioning financial services industry is the foundation of U.S. economic prosperity. Without the ability to tap into additional financial capital, industries supporting national security would be unable to provide the support necessary to carry out the nation's grand strategy. This paper takes a broad view of the entire industry as the primary underpinning of the world's economies. It compares and contrasts the financial services industry operating in the more mature economies of the U.S. and U.K. with the industry operating in Japan and in China. The analysis yielded three themes that are necessary in these different operating environments: competition, information, and trust. As the authors examine the current industry conditions, challenges, outlook, and the role governments play relative to the industry, they will consider these three themes. They then take a deeper look at competition, information, and trust, and highlight related issues that emerged from their research as areas deserving further consideration by appropriate government entities. Policy recommendations aimed to improve the ability of the financial services industry to support the nation's economy and industrial base are provided.


Descriptors :   *INDUSTRIES , *POLICIES , *REGULATIONS , *UNITED STATES GOVERNMENT , *TECHNOLOGY ASSESSMENT , *GLOBALIZATION , *FINANCE , UNITED STATES , INFORMATION SYSTEMS , MONITORING , CHINA , JAPAN , FORECASTING , ECONOMICS , CORPORATIONS , NATIONAL SECURITY , COMPETITION


Subject Categories : Economics and Cost Analysis
      Government and Political Science


Distribution Statement : APPROVED FOR PUBLIC RELEASE