ETHICS PARADIGM OF GLOBAL FINANCIAL CRISIS

Elena Stavrova ()

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2013, vol. 11, issue 1, 265-272

Abstract: The financial crisis marks a significant change in market conditions and is now in confidence in the fraitaning of confidence of financial system. Mass transfer of debt from the private sector to the public caused the deterioration of public finances in the leading economic countries. Deteriorating fiscal positions put challenges vital areas as health, pension system, climate change. The increased indebtedness of public and common sector undermine recent changes in regulatory arrangements Basel 2, which assumes that government secured bonds are considered the most risky. In developing this report sought to answer several important questions: How the current global financial crisis has put into question the fundamental categories such as business ethics, corporate social responsibility, international guarantee of fundamental human rights as a prerequisite for a detailed system for companies and their commitments in the field of corporate responsibility, approaching to the Christian values and incorporating the full range of civil, political, economic, social and cultural rights? To clarify the nature and scope of ethics – such as determining the behaviour of economic agents, the cost of the financial institution, defining individual responsibility, linking decisions based on the interests of shareholders; To refer to the guidelines for the establishment of institutional system of values and professional integrity in leadership and management of bodies in the financial sector in order to protect the rights of shareholders and depositors in financial institutions. To outline the main directions of work to improve financial education in mainstream customers of the financial system, to ensure their financial inclusion and financial literacy.

Keywords: financial ethics; global financial crisis; institutional values; business ethics; corporate management methods; financial education; financial inclusion. (search for similar items in EconPapers)
Date: 2013
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