Accounting-Analytical Aspect of Functioning of Financial Pyramid Schemes
Journal Title: Бізнес Інформ - Year 2015, Vol 4, Issue 0
Abstract
The article is aimed at a topical problem of contemporary social relations in the field of finance. With the proliferation of unethical organizations, which take hold of people's possessions, also by using fraudulent mechanisms, the traditional and secure financial operations often become discredited, too. The loss of confidence among the population, in particular to banks, is often a misunderstanding of the nature of operations and bases of the activities of various financial institutions. Aiming to regain or increase confidence, various measures should be taken, including increasing people's financial literacy, special actions for prevention of frauds and so forth. In this article, using the methods of accounting and economic analysis, the difference between financial pyramid schemes and the regular banks is displayed. Also, keeping in mind research interests of the author concerning the functioning of electronic money systems, the conclusions in the article should be considered as a scientific basis to enhance the credibility towards this mean of payment, understanding that the right to issue electronic money in Ukraine is exclusive to banks, and the principles of constructing the financial pyramid schemes and the electronic money systems differ fundamentally.
Authors and Affiliations
Oleksandr Melnychenko
Keywords
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