Abstract
This paper looks into the financial advancements made by Mongolia over the 20th century towards the 21st century. It also looks into the global financial trends with an insight into the various factors contributing to the changes and developments in the global financial sector. It has analyzed the financial situation of Mongolia in the 20th century and how it has changed through various reforms and revolutionary measures in the 21st century. Various financial indicators have been compared between the last century and this century to identify the advancements made in the financial industry. It has identified various challenges in the financial sector of Mongolia and offered recommendations on how to solve these challenges.
Highlights
A country’s financial advancements look into the ways it has improved in the borrowing, lending, creation and management of its money
This paper looks into the financial advancements made by Mongolia over the 20th century towards the 21st century
Considering the instability and the challenges faced by the current financial system in Mongolia, it is only logical to call for continuity in the reforming of this sector
Summary
A country’s financial advancements look into the ways it has improved in the borrowing, lending, creation and management of its money. The financial status of a country highly dictates the economic growth of the country because all the activities involving a country’s economy generally revolve around its money (Reid, 2010). Mongolia is considered one of the fastest growing economies of the Asian region. Mongolia was even at one time in 2011 identified as the fastest growing economy in the world with double digits of 17% growth rate (Asian Development Bank, 2008). The country’s economy is highly depended on minerals with mining activities involving copper, gold, and coal among others. The mining activities in Mongolia are about 90% of their total export.
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