Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach
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.
|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
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.:
- Andrew G Haldane & Jorg Scheibe, 2004. "IMF lending and creditor moral hazard," Bank of England working papers 216, Bank of England.
- Liliana Rojas-Suarez, 2001.
"Can International Capital Standards Strengthen Banks in Emerging Markets?,"
Working Paper Series
WP01-10, Peterson Institute for International Economics.
- Rojas-Suarez, Liliana, 2002. "Can international capital standards strengthen banks in emerging markets?," Journal of Financial Transformation, Capco Institute, vol. 5, pages 51-63.
- R. Gaston Gelos & Shang-Jin Wei, 2002.
"Transparency and International Investor Behavior,"
NBER Working Papers
9260, National Bureau of Economic Research, Inc.
- 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.
- 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.
- Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
- Eichengreen, Barry & Mody, Ashoka, 1999.
"Would Collective Action Clauses Raise Borrowing Costs?,"
CEPR Discussion Papers
2343, C.E.P.R. Discussion Papers.
- Barry Eichengreen & Ashoka Mody, 2000. "Would Collective Action Clauses Raise Borrowing Costs?," NBER Working Papers 7458, National Bureau of Economic Research, Inc.
- Gianluigi Ferrucci, 2003. "Empirical determinants of emerging market economies' sovereign bond spreads," Bank of England working papers 205, Bank of England.
- 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.
- Andrew CORNFORD, 2000. "Commentary On The Financial Stability Forum’S Report Of The Working Group On Capital Flows," G-24 Discussion Papers 7, United Nations Conference on Trade and Development.
- Abdourahmane Sarr, 2001. "Benefits of Compliance with Securities Listing Standards; Evidence From the Depository Receipt Market," IMF Working Papers 01/79, 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:unc:dispap:177. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joerg Mayer)
If references are entirely missing, you can add them using this form.