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Ethical Finance And The Vatican Banking System: The Reforms Of Pope Francis

Author

Listed:
  • SANTORO, Raffaele

    (University of studies of Campania “Luigi Vanvitelli”, via Mazzocchi 68 (Palazzo Melzi) – 81055 Santa Maria Capua Vetere (CE), Italia)

  • GRAVINO, Federico

    (University of studies of Florence, via delle Pandette 32 – 50127 Firenze (FI), Italia)

Abstract

Vatican finance is characterized by its service to charity. The tools used and the organization of structures are closely linked to the mission of the Church. In this perspective Vatican financial activity is marked by specific ethical rules. In the same way the Vatican banking system is organized to meet solidarity goals. On several occasions Francis has intervened to improve the organization of the administration, controls and supervision of these activities. Vatican financial and banking system highlights the autonomy of this system. However, it is called to enter into relations with other states. Therefore, a problem of coexistence between norms, principles and practices arises when Vatican economic rules are not characterized only by the specific religious nature but represent an expression of a State.

Suggested Citation

  • SANTORO, Raffaele & GRAVINO, Federico, 2023. "Ethical Finance And The Vatican Banking System: The Reforms Of Pope Francis," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 11(1), pages 7-21, October.
    • Handle: RePEc:vls:rojfme:v:11:y:2023:i:1:p:7-21
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    More about this item

    Keywords

    ethical economy and finance; charity; Vatican banking system; solidarity; religious rules;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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