Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach
AbstractAfter 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 177.
Date of creation: 2005
Date of revision:
Contact details of provider:
Postal: Palais des Nations, CH - 1211 Geneva 10
Phone: +41 22 907 12 34
Fax: +41 22 907 00 43
Web page: http://www.unctad.org/Templates/Page.asp?intItemID=2101&lang=1
More information through EDIRC
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- R. Gaston Gelos & Shang-Jin Wei, 2002.
"Transparency and International Investor Behavior,"
NBER Working Papers
9260, National Bureau of Economic Research, Inc.
- 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.
- Barry Eichengreen & Ashoka Mody, 2000.
"Would Collective Action Clauses Raise Borrowing Costs?,"
NBER Working Papers
7458, National Bureau of Economic Research, Inc.
- Eichengreen, Barry & Mody, Ashoka, 1999. "Would Collective Action Clauses Raise Borrowing Costs?," CEPR Discussion Papers 2343, C.E.P.R. Discussion Papers.
- Rojas-Suarez, Liliana, 2002.
"Can international capital standards strengthen banks in emerging markets?,"
Journal of Financial Transformation,
Capco Institute, vol. 5, pages 51-63.
- Liliana Rojas-Suarez, 2001. "Can International Capital Standards Strengthen Banks in Emerging Markets?," Working Paper Series WP01-10, Peterson Institute for International Economics.
- Andrew G Haldane & Jorg Scheibe, 2004. "IMF lending and creditor moral hazard," Bank of England working papers 216, Bank of England.
- 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.
- Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology: An Evaluation," IMF Working Papers 02/170, International Monetary Fund.
- John Cady, 2004. "Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies," IMF Working Papers 04/58, International Monetary Fund.
- Abdourahmane Sarr, 2001. "Benefits of Compliance with Securities Listing Standards: Evidence from the Depository Receipt Market," IMF Working Papers 01/79, International Monetary Fund.
- Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
- 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.
- Richards, Anthony & Gugiatti, Mark, 2003.
"Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets,"
Wiley Blackwell, vol. 6(3), pages 415-47, Winter.
- Mark Gugiatti & Anthony Richards, 2003. "Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets," RBA Research Discussion Papers rdp2003-02, Reserve Bank of Australia.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rachid Bouhia).
If references are entirely missing, you can add them using this form.