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Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach

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  • Benu Schneider
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    Abstract

    After the crises in emerging market economies beginning with that of Mexico in the mid-1990s, the adoption of internationally recognized standards and codes (S&C) of financial best practices came to be seen as a way to strengthen the international financial system. The S&C initiative was launched as such in 1999 but included within its scope work on standards for the different subjects included which had often already been under way for some time. This paper evaluates the progress made so far and considers some of the basic assumptions of the S&C initiative. In particular it examines how far S&C can be instrumental in preventing financial crises, and focuses on issues raised by the initiative from a developing-country perspective. It devotes special attention to both the process of surveillance of S&C by the Bretton Woods institutions (BWI) and to the information which this process generates. In this context it appraises the use of this information by the private sector whose increased engagement with emerging markets is a major part of the rationale of the exercise.

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    File URL: http://www.unctad.org/en/docs/osgdp20051_en.pdf
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    Bibliographic Info

    Paper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 177.

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    Date of creation: 2005
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    Handle: RePEc:unc:dispap:177

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    1. John Cady, 2004. "Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies," IMF Working Papers 04/58, International Monetary Fund.
    2. Richards, Anthony & Gugiatti, Mark, 2003. "Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets," International Finance, Wiley Blackwell, vol. 6(3), pages 415-47, Winter.
    3. Katharina PISTOR, 2000. "The Standardization Of Law And Its Effect On Developing Economies," G-24 Discussion Papers 4, United Nations Conference on Trade and Development.
    4. Barry Eichengreen & Ashoka Mody, 2000. "Would Collective Action Clauses Raise Borrowing Costs?," NBER Working Papers 7458, National Bureau of Economic Research, Inc.
    5. R. Gaston Gelos & Shang-Jin Wei, 2002. "Transparency and International Investor Behavior," NBER Working Papers 9260, National Bureau of Economic Research, Inc.
    6. Liliana Rojas-Suarez, 2001. "Can International Capital Standards Strengthen Banks in Emerging Markets?," Working Paper Series WP01-10, Peterson Institute for International Economics.
    7. Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
    8. Murray Petrie, 2003. "Promoting Fiscal Transparency the Complementary Roles of the Imf, Financial Markets and Civil Society," IMF Working Papers 03/199, International Monetary Fund.
    9. Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology," IMF Working Papers 02/170, International Monetary Fund.
    10. Andrew G Haldane & Jorg Scheibe, 2004. "IMF lending and creditor moral hazard," Bank of England working papers 216, Bank of England.
    11. Abdourahmane Sarr, 2001. "Benefits of Compliance with Securities Listing Standards," IMF Working Papers 01/79, International Monetary Fund.
    12. Devesh KAPUR & Richard WEBB, 2000. "Governance-Related Conditionalities Of The International Financial Institutions," G-24 Discussion Papers 6, United Nations Conference on Trade and Development.
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