RATIONAL APPROACH FOR THE EFFECTS AND IMPACTS OF FINANCIAL CRISIS IN THE SELECTED DEVELOPED AND DEVELOPING COUNTRIES CAUSED BY THE FRAUDULENT AND MANIPULATED FINANCIAL INFORMATION

Tak Isa and Valentin Rotariu
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Tak Isa: The Bucharest Academy of Economic Studies, Romania
Valentin Rotariu: The Bucharest Academy of Economic Studies, Romania

Annals - Economy Series, 2011, vol. 4, 187-191

Abstract: Nowadays the financial crisis is in the news more than it never was before. We must accept that the world face an immense financial crisis. In this decade, financial crises raised significantly caused by the fraudulent and manipulated financial information. Suggestions, discussion, recommendations, bailouts to the insolvency countries relieve the pain a little bit but do not close the wound.This causes the damage of the public trust on financial information produced by the companies` managers. The financial information must provide to the financial information users; accurate, reliable and correct information in order to invest in necessary areas of the economy. Otherwise real economy, indisputably, will be affected by fraudulent and manipulated financial information.This paper attempts to monitor, explain and find out the causes of the effects and damages of financial crisis on countries` economies caused by the fraudulent and manipulated financial information.This study also investigates the reasons for losing the public trust in the financial market. Macroeconomic data is given for developed and developing countries to highlight the importance of the financial information in the real economy.

Keywords: financial information; fraudulent; trust; decision; impact (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2011:v:4:p:187-191

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