caa a22 4500 605482861 CHVBK 20210128100428.0 cr unu---uuuuu 210128e20150401xx s 000 0 eng 10.1007/s10551-014-2087-x doi (NATIONALLICENCE)springer-10.1007/s10551-014-2087-x Oil and Water Do Not Mix, or: Aliud Est Credere, Aliud Deponere [Elektronische Daten] [Philipp Bagus, David Howden, Amadeus Gabriel] The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts (such as money market mutual funds) allow for the "bank” to make use of their clients' funds while the intents of money owners are clearly classified without running into legal or ethical problems. Springer Science+Business Media Dordrecht, 2014 Fractional-reserve banking nationallicence Maturity mismatching nationallicence Fraud nationallicence Legal purpose nationallicence Deposit nationallicence Loans nationallicence Bagus Philipp Department of Applied Economics I, Universidad Rey Juan Carlos, Paseo Artilleros s/n, 28032, Madrid, Spain aut Howden David Department of Business and Economics, St. Louis University, Madrid Campus, Avenida del Valle, 34, 28003, Madrid, Spain aut Gabriel Amadeus Economics, Strategy and Organization Department, La Rochelle Business School, La Rochelle, France aut Journal of Business Ethics Springer Netherlands 128/1(2015-04-01), 197-206 0167-4544 128:1<197 2015 128 10551 https://doi.org/10.1007/s10551-014-2087-x text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2087-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Bagus Philipp Department of Applied Economics I, Universidad Rey Juan Carlos, Paseo Artilleros s/n, 28032, Madrid, Spain aut NATIONALLICENCE 700 1- Howden David Department of Business and Economics, St. Louis University, Madrid Campus, Avenida del Valle, 34, 28003, Madrid, Spain aut NATIONALLICENCE 700 1- Gabriel Amadeus Economics, Strategy and Organization Department, La Rochelle Business School, La Rochelle, France aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 128/1(2015-04-01), 197-206 0167-4544 128:1<197 2015 128 10551