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Ethics and Finance: A Shift to Performation الأخلاقيات والمالية: التحول إلى التصور

In: Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08

Author

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  • Christian Walter

    (Chartered Actuary of the Institute of Actuaries Director of the Ethics and Finance Chair Associate Professor at the University Paris 1 Panthéon-Sorbonne Faculty of Social and Economic Sciences (FASSE) Institut Catholique de Paris (ICP)Associate Professor of Islamic Economics & Finance Islamic Economics Institute, King Abdul Aziz University, Jeddah, Kingdom of Saudi Arabia)

Abstract

The ethics of finance cannot be limited to good conduct, but should include consideration of the impact of management tools, especially those that contain a representation of risk. Management tools conveying a representation of risk are a real machinery in professional finance. They have an impact that is organizational (control procedures), institutional (international regulatory standards), technical (evaluation methods), and cognitive (ways of thinking about uncertainty and how to deal with it). The shaping of financial activities by technical and mental tools is called the “performation” of the financial system. It is of prime importance to understand the role played by performation in the 2007-2008 financial crisis, so that the ethics of finance can be integrated into the techniques that shape the financial world. لا يمكن أن تقتصر أخلاقيات التمويل على حسن السلوك ، ولكن ينبغي أن تشمل النظر في تأثير أدوات الإدارة ، وخاصة تلك التي تحتوي على تمثيل للمخاطر. أدوات الإدارة التي تنقل المخاطر تمثل آلية حقيقية في التمويل المهني. لها تأثير تنظيمي (إجراءات الرقابة) ، ومؤسسي (المعايير التنظيمية الدولية) ، والتقني (طرق التقييم) ، والمعرفي (طرق التفكير في عدم اليقين وكيفية التعامل معها). يطلق على تشكيل الأنشطة المالية بواسطة الأدوات الفنية والعقلية "التشوه" للنظام المالي. من الأهمية بمكان فهم الدور الذي يلعبه التصور في الأزمة المالية 2007-2008 ، بحيث يمكن دمج أخلاقيات التمويل في التقنيات التي تشكل العالم المالي.

Suggested Citation

  • Christian Walter, 2013. "Ethics and Finance: A Shift to Performation الأخلاقيات والمالية: التحول إلى التصور," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 1, chapter 15, pages 83-99, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:ieibch:758
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    References listed on IDEAS

    as
    1. Black, Fischer, 1976. "The pricing of commodity contracts," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 167-179.
    2. Mr. Juan Sole & Andreas Jobst, 2012. "Operative Principles of Islamic Derivatives: Towards a Coherent Theory," IMF Working Papers 2012/063, International Monetary Fund.
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    More about this item

    Keywords

    performation; sociology of finance; management technology; financial mathematics; systemic risk; ethics of finance. علم اجتماع المالية ، تكنولوجيا الإدارة ، الرياضيات المالية ، المخاطر النظامية ، أخلاقيات التمويل.;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
    • G1 - Financial Economics - - General Financial Markets

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