By Benu Schneider
After the hindrance in rising marketplace economies within the mid-late Nineties, the adoption of the world over famous criteria, or codes of excellent perform, was once noticeable in an effort to aid improve the foreign economic system. This quantity examines even if the criteria and codes workout could make a significant contribution to worldwide monetary balance and examines the constructing kingdom viewpoint. It takes the 1st steps in answering a number of the open questions within the box.
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Extra resources for The Road to International Financial Stability: Are Key Financial Standards the Answer? (International Political Economy)
Sample text
Voluntary compliance is important. Hence standardised rules are unlikely to be effective in countries where complementary laws exist only in part or not at all. For example, commercial law is a necessary prerequisite for the International Organisation of Securities Commission (IOSCO) standards, and an independent judiciary is a prerequisite for defining and bringing into practice the code on insolvency. The issue of ‘ownership’ is also related closely to the ‘incentives’ a country has to implement standards.
The positive and negative incentives discussed in this chapter are valid mainly in the case of emerging markets and developing countries. Transparency can enhance financial stability only if all countries participating in international financial markets implement transparency procedures. Example 1: Some limits in implementing transparency Achieving transparency through the SDDS is still a problem, although it has been in operation since the Asian crisis of 1997. As of March 2003, only 61 out of the 183 IMF member countries have subscribed to 32 Implications of Implementing S&C the SDDS.
It is important to acknowledge that financial stability depends on macroeconomic fundamentals, and sometimes on the endogenous consequences of a rapid expansion of lending, and that this poses a limitation on the regulation and supervision of a country’s financial system. For example, most bank assets are subject to changes in their quality resulting from broader changes in economic conditions, which are often characterised by cycles of ‘boom and bust’. Moreover, cross-border financing and herd behaviour on the part of investors, along with macroeconomic fluctuations, can further intensify problems in the financial system (UNCTAD, 2001).