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The Impact of the Financial Crisis on Business Ethics in the Banking Sector: A Case Study from Slovakia

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  • Belás Jaroslav

    (Department of Enterprise Economics, Faculty of Management and Economics, Tomas Bata University in Zlín, Mostní 5139, 760 01 Zlín)

Abstract

The importance of ethical standards for financial markets is based on the purpose of commercial banks and other financial institutions which operate with money of others. Besides significant economic implications, the financial crisis has also revealed considerable lack of moral values in commercial banking, which has been reflected by a very unscrupulous approach of bankers to their clients. The crisis has also caused a fundamental turnaround in public opinions on commercial banking and increased the pressure on application of moral principles in banking, which represents an appropriate complement of banking regulations.

Suggested Citation

  • Belás Jaroslav, 2013. "The Impact of the Financial Crisis on Business Ethics in the Banking Sector: A Case Study from Slovakia," Review of Economic Perspectives, Sciendo, vol. 13(3), pages 111-131, September.
    • Handle: RePEc:vrs:reoecp:v:13:y:2013:i:3:p:111-131:n:1
    DOI: 10.2478/revecp-2013-0004
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