Ethical Finance as a Manifestation of International Economic Relations

Elena N. Novokshonova (), Ilya V. Tyurnin () and Vladimir A. Tyurnin ()
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Elena N. Novokshonova: Pitirim Sorokin Syktyvkar State University
Ilya V. Tyurnin: Institute of Philosophy, Russian Academy of Sciences
Vladimir A. Tyurnin: Financial University Under the Government of the Russian Federation

Chapter Chapter 18 in Global Economics and Management: Transition to Economy 4.0, 2019, pp 201-208 from Springer

Abstract: Abstract The paper attempts to review fintech progress in global financial system with regard to the ethical side of financial profession. The purpose of this article is to find relationship between introducing different forms of digital moneyDigital money, and improvement in ethics and professional responsibilities in banking and finance. The authors note that in the world there is a growing mistrust of the existing financial system, coordination of financial flows at the international level is more problematic. The authors find out convincing proofs of growing mistrust in the existing financial system, and analyze respective literature showing degrees of ethical climate deterioration. Digital moneyDigital money and Ethical financial systems, as technologies of risk-free banking and budgeting, in the future can be a worthy response to the challenges of the global financial system. Since, introduction of different forms of digital moneyDigital money leads to reduction of transaction costs and streamlining payment-processing procedures, it assumingly causes reduction of incomplete contracts and information asymmetry, which improves ethical state of financial profession.

Keywords: Ethics in finance; Digital money; Distributed ledger (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-26284-6_18

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DOI: 10.1007/978-3-030-26284-6_18

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