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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

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.

Suggested Citation

  • Benu Schneider, 2005. "Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach," UNCTAD Discussion Papers 177, United Nations Conference on Trade and Development.
  • Handle: RePEc:unc:dispap:177
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    File URL: http://www.unctad.org/en/docs/osgdp20051_en.pdf
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    Cited by:

    1. Humphrey, Christopher & Loft, Anne & Woods, Margaret, 2009. "The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 810-825, August.
    2. John Ritchie, 2008. "Economic Governance, Accountability and Accounting Change in East Asia," Asia Pacific Business Review, Taylor & Francis Journals, vol. 14(2), pages 171-189, April.
    3. Grynberg, Roman & Silva, Sacha, 2006. "Harmonization without representation: Small states, the Basel Committee, and the WTO," World Development, Elsevier, vol. 34(7), pages 1223-1236, July.
    4. Mendoza, Ronald U., 2010. "Was the Asian crisis a wake-up call?: Foreign reserves as self-protection," Journal of Asian Economics, Elsevier, vol. 21(1), pages 1-19, February.

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