Contemporary Aspects of Financial – Banking Responsibility
Abstract
We all as individuals have responsibility for any decisions, in terms of time, value and risk. In time, the system in which we are evolving requires different behaviors that are in alignment with our interests, as individuals, as organizations or as institutions. The paper brings into attention the concept of financial responsibility manifested in financial – banking environment, as a concept and as a species of financial education (or literacy). The main aim of this article is to evaluate the awareness, the manifestation and the importance of financial responsibility in Romania. The primary results reveal the fact that financial responsibility can improve the positive effects on individual’s welfare, and also the good impact that the financial system has on market economy. Moreover, here it is also evaluating the impact of financial education on the financial responsibility manifestation, as well as the theoretical interdependence ratio between those two terms – financial responsibility and financial education/literacy.
Keywords: financial – banking responsibility, moral hazard, financial education.
References
[1] Serbu, R. et.al. (2013). Bio-Eco-Analysis for Risk Factors unisng GIS Software. International Journal of Computers Comunications and Control, April, 8(2), pp. 304-311.
[2] Farrington, R. (2017). 10 tips for financial responsibility while in college. [Online] Available at: https: //thecollegeinvestor.com/11772/10-tips-for-financial-responsibility-while-in-college/ [Accessed 2019].
[3] Smith, H. (2018). Get Rich Slowly - What is Financial Responsibility. [Online] Available at: https://www. getrichslowly.org/what-is-financial-responsibility/ [Accessed 2019].
[4] Morgan Cautero, R. (2019). The Balance. [Online] Available at: https://www.thebalance.com/the- principles-of-personal-financial-responsibility-4584854 [Accessed 2019].
[5] RR. (2019). Ready Ratios. [Online] Available at: https://www.readyratios.com/reference/analysis/ financial_responsibility.html [Accessed 2019].
[6] American Consumer Credit Counseling (ACCC) (2019). Consumer Credit. [Online] Available at: https://www.consumercredit.com/financial-education/videos/how-to-practice-financial-responsibility [Accessed 2019].
[7] Kokemuller, N. (2019). Sampling. [Online] Available at: https://www.sapling.com/7792868/define- financial-responsibility [Accessed 2019].
[8] FA (2019). Law Free Advice. [Online] Available at: https://law.freeadvice.com/insurance_law/ auto_insurance/financial_responsibility_law.ht [Accessed 2019].
[9] Mattson, B. (2019). Alaska Gov. [Online] Available at: https://dec.alaska.gov/spar/ppr/contingency-plans/ financial-responsibility/ [Accessed 2019].
[10] Florida State University. (2019). Student Business Services. [Online] Available at: https://studentbusiness. fsu.edu/new-students/financial-responsibility [Accessed 2019].
[11] Business Dictionary. (2019). Business Dictionary. [Online] Available at: http://www.businessdictionary. com/definition/responsibility.html [Accessed 2019].
[12] Mishkin, F. (2016). The Economics of Money, Banking, and Financial Markets. Eleventh Edition ed. s.l.:Pearson Education Limited.
[13] Dinga, E. (2018). Studii de teorie si modelare economica. Bucuresti: Academia Romana.
[14] NBR (2018). Financial Stability Report, Bucharest: National Bank of Romania.
[15] Fisher, P., and Montalto, C. P. (2010). Effect of saving motives and horizon on saving behavior. Journal of Economic Psychology, Issue 31, pp. 92-105.
[16] Tokuoka, K. (2013) Saving response to unemploiment of a sibling. Journal of Economic Behavior & Organizations, pp. 58-75.
[17] Zhou, W. (2014). Brothers, household financial markets and saving rate in China. Journal of Development Economics, Issue 111, pp. 34-47.
[18] Bucciol, A., and Veronesi, M. (2014). Teaching children to save: What is the best strategy for lifetime savings?. Journal of Economic Psychology, Issue 45, pp. 1-17.
[19] Nocetti, D., and Smith, W. (2011). Price uncertainty, saving, and welfare. Journal of Economic Dynamics & Control, Issue 35, pp. 1139-1149.
[20] Punj, G. (2012). Income effects on relative importance of two online purchase goals: saving time versus saving money?. Jurnal of Business Research, Issue 65, pp. 634-640.
[21] Gu, X., and Tam, P.S.(2013). The saving-growth-inequality triancle in China. Economic Modelling, Issue 33, pp. 850-857.
[22] Sahoo, P. and Dash, R.K. (2013). Financial Sector development and domestic savings in South Asia. Economic Modelling, Issue 33, pp. 388-397.
[23] Adema, Y. and Pozzi, L. (2015). Business cycle fluctuations and household saving in OECD countries: A panel data analysis. European Economic Review, Issue 79, pp. 214-233.
[24] NBR. (2019). Monthly Bulletin, Bucharest: National Bank of Romania.
[25] Robbins, T. (2016). Banii. Stăpânește jocul. București: ACT si Politon.
[26] Bernartzi, S. and Lewin, R. (2015). Think Smarter. Seven Steps to Your Fulfilling Retirement...and Life. s.l.:Portfolio/Penguin.
[27] ASF (2019). Consumers. The Participant’s Guide. [Online] Available at: https://asfromania.ro/files/ ghid_pensii_private.pdf, [Accessed 2019].
[28] ASF (2019). Customers. Pilon III Guide. [Online] Available at: https://asfromania.ro/files/pilon_III.pdf [Accessed 2019].