financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2020-24-2-6-21finance-977Research ArticleМЕЖДУНАРОДНЫЕ ФИНАНСЫINTERNATIONAL FINANCEКлючевые проблемы, стоящие перед современными финансами: как заставить финансовый сектор служить обществуKey Challenges Facing Modern Finance: Making the Financial Sector Serve Societyhttps://orcid.org/0000-0001-6149-046XСтиглицД. Ю.StiglitzJ. E.

Джозеф Юджин Стиглиц — лауреат Нобелевской премии по экономическим наукам 2001 г., профессор

Нью-Йорк

Joseph E. Stiglitz — 2001 Winner of Nobel Memorial Prize in Economic Sciences, Professor

New York

jes322@gsb.columbia.eduКолумбийский университетСоединённые Штаты АмерикиColumbia UniversityUnited States202024042020242621Copyright © Стиглиц Д.Ю., 20202020Стиглиц Д.Ю.Stiglitz J.E.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/977

Целью настоящей статьи является обсуждение широкого вопроса о том, как заставить финансовый сектор служить обществу лучше, чем он служил до сих пор. Финансы находятся в центре внимания уже более четверти века отчасти из-за увеличения их доли в ВВП, а отчасти из-за негативного поведения и деятельности финансовых специалистов. Статья состоит из шести частей. Первый раздел касается необходимости прекращения неблагоприятного поведения (деятельности) банков и финансовых институтов. В разделе II представлены некоторые меры, направленные на поощрение их позитивной деятельности и поведения. В разделе III обсуждается важнейший вопрос, касающийся настоятельной необходимости обуздать стремление экономических агентов к получению ренты. В разделе IV рассматривается налогообложение в контексте разрушительного воздействия налоговой конкуренции. В разделе V на основе проведенного анализа представлены меры по повышению роли правительства в восстановлении подорванного доверия населения к финансовым институтам. Наконец, в разделе VI обсуждаются вопросы о том, как мы можем восстановить доверие.

The purpose of this paper is to discuss the broad issue of how to make the financial sector serve society, at least serve it better than it has until now. Finance has been the centre of attention, for better or for worse, for more than a quartercentury, partly because of its increasing share of GDP, and partly because of the negative behaviour and activities of its professionals. The paper is divided into six parts. The first section concerns the necessity of stopping adverse behaviours (activities). Section II presents some measures aimed at encouraging positive activities and promoting positive behaviour. Section III discusses a crucial issue concerning the urgent need to curb rent-seeking. Section IV discusses taxation in the context of the corrosive effect of tax competition. Section V, using analysis provided, presents measures to enhance the role of government in restoring the public’s eroded trust in financial institutions. Finally, Section VI discusses questions about how we can restore trust.

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The authors declare that there are no conflicts of interest present.