When mentioned, corruption is often thought to take place just in areas of civil authority where the mandarins squeeze people and public property. This definitely breaks the laws and doesn’t obey social ethics. There is, however, another form of corruption existing in front of people’s eyes and obeying legally basic principles of the market economy, internationally financial rules such as WB, IMF, ADB, WTO, etc. and even the laws in all countries. That is financial cor-ruption of economic, financial and banking corporations. Financial corruption is the root of the economic crisis worldwide in 2008 although it is known by the world’s largest market economies and recognized by global financial organizations but they do not dare admit it. Financial corruption is one of the challenges of the global economic security in the 21st century and unless it is stoppable, its companion will be financial fraud. It is possible to stop and curb financial corruption by the 3 tools: the State’s intervention, market tool and public media.
| Published in | International Journal of Economics, Finance and Management Sciences (Volume 1, Issue 2) |
| DOI | 10.11648/j.ijefm.20130102.17 |
| Page(s) | 115-118 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2013. Published by Science Publishing Group |
Financial Corruption, Global Financial Crisis, Internationally Financial Rules, Financial Fraud
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APA Style
Nguyen Tan Phat. (2013). Causes and Consequences of Financial Corruption: a Conceptual Inquiry. International Journal of Economics, Finance and Management Sciences, 1(2), 115-118. https://doi.org/10.11648/j.ijefm.20130102.17
ACS Style
Nguyen Tan Phat. Causes and Consequences of Financial Corruption: a Conceptual Inquiry. Int. J. Econ. Finance Manag. Sci. 2013, 1(2), 115-118. doi: 10.11648/j.ijefm.20130102.17
AMA Style
Nguyen Tan Phat. Causes and Consequences of Financial Corruption: a Conceptual Inquiry. Int J Econ Finance Manag Sci. 2013;1(2):115-118. doi: 10.11648/j.ijefm.20130102.17
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Download@article{10.11648/j.ijefm.20130102.17,
author = {Nguyen Tan Phat},
title = {Causes and Consequences of Financial Corruption: a Conceptual Inquiry},
journal = {International Journal of Economics, Finance and Management Sciences},
volume = {1},
number = {2},
pages = {115-118},
doi = {10.11648/j.ijefm.20130102.17},
url = {https://doi.org/10.11648/j.ijefm.20130102.17},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20130102.17},
abstract = {When mentioned, corruption is often thought to take place just in areas of civil authority where the mandarins squeeze people and public property. This definitely breaks the laws and doesn’t obey social ethics. There is, however, another form of corruption existing in front of people’s eyes and obeying legally basic principles of the market economy, internationally financial rules such as WB, IMF, ADB, WTO, etc. and even the laws in all countries. That is financial cor-ruption of economic, financial and banking corporations. Financial corruption is the root of the economic crisis worldwide in 2008 although it is known by the world’s largest market economies and recognized by global financial organizations but they do not dare admit it. Financial corruption is one of the challenges of the global economic security in the 21st century and unless it is stoppable, its companion will be financial fraud. It is possible to stop and curb financial corruption by the 3 tools: the State’s intervention, market tool and public media.},
year = {2013}
}
TY - JOUR T1 - Causes and Consequences of Financial Corruption: a Conceptual Inquiry AU - Nguyen Tan Phat Y1 - 2013/04/02 PY - 2013 N1 - https://doi.org/10.11648/j.ijefm.20130102.17 DO - 10.11648/j.ijefm.20130102.17 T2 - International Journal of Economics, Finance and Management Sciences JF - International Journal of Economics, Finance and Management Sciences JO - International Journal of Economics, Finance and Management Sciences SP - 115 EP - 118 PB - Science Publishing Group SN - 2326-9561 UR - https://doi.org/10.11648/j.ijefm.20130102.17 AB - When mentioned, corruption is often thought to take place just in areas of civil authority where the mandarins squeeze people and public property. This definitely breaks the laws and doesn’t obey social ethics. There is, however, another form of corruption existing in front of people’s eyes and obeying legally basic principles of the market economy, internationally financial rules such as WB, IMF, ADB, WTO, etc. and even the laws in all countries. That is financial cor-ruption of economic, financial and banking corporations. Financial corruption is the root of the economic crisis worldwide in 2008 although it is known by the world’s largest market economies and recognized by global financial organizations but they do not dare admit it. Financial corruption is one of the challenges of the global economic security in the 21st century and unless it is stoppable, its companion will be financial fraud. It is possible to stop and curb financial corruption by the 3 tools: the State’s intervention, market tool and public media. VL - 1 IS - 2 ER -
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