Gaming-the-System

Frederick Betz
Additional contact information
Frederick Betz: Portland State University

Chapter Chapter 9 in Stability in International Finance, 2016, pp 149-165 from Springer

Abstract: Abstract Even good people get tempted. The basic truism about any financial system is that’s its about money; and the truth about money is that there will always be people to cheat, to steal it. Money is the repository of wealth and what better to steal—than money? This is why financial systems must be regulated. Financial systems are temptations to theft and corruption, which do not contribute to the public good due to a lack of proper regulation. We saw in the model of the international financial grid that abuse of financial integrity is deep, widespread, and costly to the public good. We conclude this book with examining cases of theft—individual corruption and institutional corruption—the case of Libor in the twenty-first century and the case of the South Sea Bubble in the eighteenth century.

Keywords: Interest Rate; Financial System; Credit Default Swap; Derivative Market; Libor Rate (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-319-26760-9_9

Ordering information: This item can be ordered from
http://www.springer.com/9783319267609

DOI: 10.1007/978-3-319-26760-9_9

Access Statistics for this chapter

More chapters in SpringerBriefs in Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().