Public sector corruption: lessons from daiwa, sumitomo, and bank of Estonia
Journal of Public Budgeting, Accounting & Financial Management
ISSN: 1096-3367
Article publication date: 1 March 2005
Abstract
Daiwa, Sumitomo, and Bank of Estonia experiences display patterns from which lessons emerge for public sector financial managers. Effective fiscal policies, avoidance of conflicts of interest, and attention to the hazards of joint regulation by home- and foreign-owned entities’ regulators are essential to avoid scandals and allegations of public sector corruption. Through international initiatives to align capital requirements, alongside budgetary commitments to regulation, examinations, and monitoring activities, financial managers can develop a more effective infrastructure for global financial markets. This paper details the scandals, documents their social cost, identifies patterns, discusses implications for public policy and budgeting, and proposes action.
Citation
Wallace, W.A. (2005), "Public sector corruption: lessons from daiwa, sumitomo, and bank of Estonia", Journal of Public Budgeting, Accounting & Financial Management, Vol. 17 No. 3, pp. 365-397. https://doi.org/10.1108/JPBAFM-17-03-2005-B006
Publisher
:Emerald Publishing Limited
Copyright © 2005 by PrAcademics Press