Causes and Consequences of Financial Corruption: a Conceptual Inquiry

Nguyen Tan Phat

doi:doi:10.11648/j.ijefm.20130102.17

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Causes and Consequences of Financial Corruption: a Conceptual Inquiry

Nguyen Tan Phat

Published in International Journal of Economics, Finance and Management Sciences (Volume 1, Issue 2)

Published: 2 April 2013

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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.

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

Keywords

Financial Corruption, Global Financial Crisis, Internationally Financial Rules, Financial Fraud

References

[1]	Phan Manh Ha (2008), From a game theory to resolving crises of the 7 Nobel-winning, Light Ray Journal, website: http://www.tiasang.com.vn/Default.aspx?tabid=66&CategoryID=7&News=2506.
[2]	Tran Hai Hac (2007), a WTO game: The ways to set up problems of J. E. Stiglitz, New era, No. 12 - / July-2007
[3]	John Maynard Keynes (1994), General theory of employ-ment, interest and currency, Education Press, Ha Noi.
[4]	Steven Pressman (1999), 50 predominant economists, Labor Press, Ha Noi.
[5]	Maurice baslé – Francoise Benhamon – Bernerd Havance Alain Gélédan – Jean Léobal – Alain Lipietz (1996), History of economic thinking –Vol.1: Founders, Social Science Press, Ha Noi.
[6]	Robert B. Ekelund, JR Robert F Hébert (2004), History of economic theories, Statistics Press, Ha Noi.

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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

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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

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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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@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}
}

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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
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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
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EP  - 118
PB  - Science Publishing Group
SN  - 2326-9561
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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
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Author Information

Nguyen Tan Phat

Faculty of Economics, University of Economics & Law, Vietnam National University HCMC

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Plain Text BibTeX RIS

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

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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

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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

Copy | 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}
}

Copy | Download

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  -

Copy | Download