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Gaming-the-System

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Stability in International Finance

Part of the book series: SpringerBriefs in Economics ((BRIEFSECONOMICS))

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Abstract

Even good people get tempted. The basic truism about any financial system is that’s its about money; and the truth about money is that there will always be people to cheat, to steal it. Money is the repository of wealth and what better to steal—than money? This is why financial systems must be regulated. Financial systems are temptations to theft and corruption, which do not contribute to the public good due to a lack of proper regulation. We saw in the model of the international financial grid that abuse of financial integrity is deep, widespread, and costly to the public good. We conclude this book with examining cases of theft—individual corruption and institutional corruption—the case of Libor in the twenty-first century and the case of the South Sea Bubble in the eighteenth century.

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Betz, F. (2016). Gaming-the-System. In: Stability in International Finance. SpringerBriefs in Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-26760-9_9

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