IDEAS home Printed from
   My bibliography  Save this article

Financial Controls, an Old Function in a New Role


  • András Vigvári

    () (Budapesti Műszaki és Gazdaságtudományi Egyetem)


The phenomenon of financial controls is as old as money. The ancient rulers wanted to know if their subordinates gave an accurate report on how the tax revenues was spent. Traders in Lombardy wanted to be ensured that their employees had not cheated. The owners of joint stock companies are also curious whether the board that leads the company and the managers act in the owners' interest when managing the company. I believe that the appearance and consolidation of the financial system, which is without internal values and based on trust, and the increasing need for financial stability have given increasing role to financial controls. The global financial crises in the third part of the 1990's has resulted a new situation in the operation of the international financial system. It has been pointed out that financial stability can only be guaranteed by global regulation and control, supervision and audit. Financial controls have been put in a new position qualitatively due to the development of the uniformed controlling procedures and the internationally co-ordinated operation of institutions. It cannot be ruled out that financial controls will be the generator and creator of global co-ordination. This article tries to discuss the arguments of this hypothesis as well as present some data supporting it.

Suggested Citation

  • András Vigvári, 2005. "Financial Controls, an Old Function in a New Role," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 3(01), pages 71-74.
  • Handle: RePEc:mic:tmpjrn:v:3:y:2005:i:01:p:71-74

    Download full text from publisher

    File URL:
    Download Restriction: no


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mic:tmpjrn:v:3:y:2005:i:01:p:71-74. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.