2020 (17), №3

Compliance with Ethical Norms in Digital Financial Relations for Improved Financial Efficiency

For citation: 

Naydenov, N. D. (2020). Compliance with Ethical Norms in Digital Financial Relations for Improved Financial Efficiency. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (3), 732-743.

Abstract:

The article identifies ethical “failures” in the existing system of digital financial relations (misselling, customer fraud, abuse of power, etc.). Although many laws regulating finance are based on ethical standards, some standards may remain outside the legislative process while playing a vital role in financial relations. The article argues that religious financial systems, in particular Islamic finance, are expanding due to the fact that they pay more attention to the ethical aspects of finance. The digital form of value incorporates ethical standards. The article shows that the level of compliance with ethical standards in digital financial relations is an important factor that can improve the efficiency of banking and digital financial technologies in the modern economy.

PDF full
Downloaded: 27

Naydenov Nikolay Dmitrievich — Doctor of Economics, Professor, Russian University of Cooperation, Syktyvkar Branch (Syktyvkar, Russian Federation e-mail: ND. Naidenov@mail.ru).

Al’-Ghazali, A. H. (2005). Nastavleniya pravitelyam i drugie sochineniya [Instructions to rulers and other writings]. Moscow, Russia: Ansar; Perm’, IPK «Zvezda», 334. (In Russ.)

Archakova-Uzhakhova, M. B. (2018). Islamskiy bukhgalterskiy uchet: osobennosti razvitiya na rubezhe XX-XXI vv. [Islamic accounting model: aspects of development in XX-XXI C]. Ekonomika, predprinimatel’stvo i pravo [Journal of Economics, entrepreneurship and law], 8(4), 245-256. (In Russ.)

Baudrillard, J. (2007). K kritike politicheskoy ekonomii znaka [For a Critique of the Political Economy of the Sign], Moscow, Russia: Akademicheskiy proekt, 335. (In Russ.)

Vigna, P., & Casey, M. (2017). Epokha kriptovalyut. Kak bitkoin i blokcheyn menyayut mirovoy ekonomicheskiy poryadok [The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order]. Moscow, Russia: Mann, Ivanov i Ferber, 432. (In Russ.)

Ibragimova, S. M. (2017). Osobennosti islamskoy uchetnoy modeli [Features of islamic accounting model]. Bukhgalterskiy uchet, analiz i audit v sovremennykh usloviyakh: materialy Vserossiyskoy zaochnoy nauchno-prakticheskoy konferentsii [Accounting, analysis and audit in modern conditions: materials of the all-Russian correspondence scientific and practical conference]. Kizlyar, St. Petersburg State University of Economics, branch Kizlyare. Kizlyar, 43-52. (In Russ.)

Mavrina, L., & Obukhova, E. (2019). Platezhi otpustyat na svobodu [Payments will be released]. Ekspert [Expert], 6 (1106), 13-17. (In Russ.)

McLuhan, M. (2004). Galaktika Gutenberga: Sotvorenie cheloveka pechatnoy kul’tury [The Gutenberg Galaxy: The Making of Typographic Man]. Kiev, Ukraine: Nika Tsentr, 432. (In Russ.)

Mokina, L. S. (2017). Otsenka razvitiya islamskogo bankinga kak al’ternativnogo instrumenta finansirovaniya i vozmozhnosti ego primeneniya v usloviyakh Rossii [Assessment of development of Islamic banking as alternative instrument of financing and possibility of its application in Russia]. Rossiyskoe predprinimatel’stvo [Russian entrepreneurship], 18(16), 2399-2412. DOI: 10.18334/gr.18.16.38232 (In Russ.)

Monopoliya protiv monopolii: Redaktsionnaya stat’ya (2019). [Monopoly vs. monopoly: Editorial]. Ekspert [Expert], 6 (1106), 11. (In Russ.)

Naydenov, N. D. (2014). Strukturalizm, menedzherializm i liberalizm o vlasti [Structuralism, liberalism and managerialism about authority]. European Social Journal [Evropeyskiy zhurnal sotsial’nykh nauk]. Moscow, Russia: Mezhdunarodnyy issledovatel’skiy institut, 7 (1), 520-526. (In Russ.)

Patlasov, O. Yu., & Kairdenov, S. S. (2015). Eticheskie finansy v nravstvennoy ekonomike [Ethical finance in moral economy]. Nauka i chelovek: gumanitarnye issledovaniya [The Science of Person: Humanitarian Researches], (22), 213-225. (In Russ.)

Tyurnin, V. A. (2017). Eticheskie finansy i obespechenie finansovoy bezopasnosti naseleniya [Ethical Finance and Financial Security of the Population]. Ekonomika. Nalogi. Pravo [Economics. Taxes. Law], 10(4), 42-48. (In Russ.)

Frolov, D. P. (2019). Postindustrial’naya teoriya blokcheyna [Post-Institutional Theory of Blockchain]. Zhurnal ekonomicheskoy teorii [Russian Journal of Economic Theory], 2, 262-279. (In Russ.)

Baydoun, N., & Willett, R. J. (2000). Islamic Corporate Reports. Abacus, 36 (1), 71-90.

Boatright, J. (2018). Ethics in the Finance. Finance Ethics. The SaGe Encyclopedia of Business Ethics and Society. Thousand Oaks. SAGE Publications, 1396-1402.

Commons, J. R. (1934). Institutional Economics: its Place in Political Economy. Madison: University of Wisconsin Press, 921.

Novokshonova, E. N., Turnin, I. V., & Turnin, V. A. (2019). Ethical Finance as a Manifestation of International Economic Relations. Economics and Management: Transition to Economy 4.0. Prospects of Fundamental Science Development International Conference 2018 (PFSD), 2018: Economics and Management Session, Tomsk. (April 24-27). Tomsk. In Mikhail Kaz, Tatyana Ilina, Gennady A. Medvedev (Eds.), 201-208.