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Ethics, Culture, and Higher Purpose in Banking: Post-Crisis Governance Developments

Author

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  • Anjan V. Thakor

    (YECGI, FTG, MIT LFE, and Olin Business School, Washington University in St. Louis)

Abstract

This paper examines the roles of ethics, culture, and higher purpose in banking, defining these concepts and discussing how they are related. Developments in these areas since the financial crisis are discussed in the context of governance in banking. The theoretical and empirical research on ethics, culture, and purpose is reviewed, including a discussion of a framework for diagnosing bank culture. The paper closes with a discussion of the regulatory policy implications of the review.

Suggested Citation

  • Anjan V. Thakor, 2021. "Ethics, Culture, and Higher Purpose in Banking: Post-Crisis Governance Developments," International Journal of Central Banking, International Journal of Central Banking, vol. 17(71), pages 1-31, December.
    • Handle: RePEc:ijc:ijcjou:y:2021:q:5:a:2
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    References listed on IDEAS

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    Cited by:

    1. Bunderson, Stuart & Thakor, Anjan V., 2022. "Higher purpose, banking and stability," Journal of Banking & Finance, Elsevier, vol. 140(C).

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    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G2 - Financial Economics - - Financial Institutions and Services

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