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Ethical Finance as a Manifestation of International Economic Relations

In: Global Economics and Management: Transition to Economy 4.0

Author

Listed:
  • 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)

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.

Suggested Citation

  • Elena N. Novokshonova & Ilya V. Tyurnin & Vladimir A. Tyurnin, 2019. "Ethical Finance as a Manifestation of International Economic Relations," Springer Proceedings in Business and Economics, in: Mikhail Kaz & Tatiana Ilina & Gennady A. Medvedev (ed.), Global Economics and Management: Transition to Economy 4.0, chapter 0, pages 201-208, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-26284-6_18
    DOI: 10.1007/978-3-030-26284-6_18
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