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The Road to International Financial Stability
 
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The Road to International Financial Stability
Are Key Financial Standards the Answer?
Edited by Benu Schneider
 
 
Palgrave Macmillan
 
 
 
 
 
 
23 Oct 2003
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£86.00
|Hardback Out of Stock
  
9781403915870
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DescriptionContentsAuthors

After the crisis in emerging market economies in the mid-late 1990s, the adoption of internationally recognised standards, or codes of good practice, was seen as a way to help strengthen the international financial system. In April 1999, the Financial Stability Forum (FSF) was established and a set of standards and codes were defined at an international level. Although this initiative brings many benefits in terms of improved transparency, it is not unproblematic and uncontroversial, especially from the point of view of developing countries. Issues include the provenance and ownership of the codes, the cost of monitoring and the balance between external review and self-assessment. There is also an important issue as to whether the initiative actually works: in other words, the impact of standards and codes on market access and market stability. This volume brings together policy-makers from a wide range of governments, central banks and international organisations and economists from research institutes, universities and non-governmental organizations. It critically examines whether the standards and codes exercise can make a meaningful contribution to global financial stability and takes the first steps in answering some of the open questions in the field.


Description

After the crisis in emerging market economies in the mid-late 1990s, the adoption of internationally recognised standards, or codes of good practice, was seen as a way to help strengthen the international financial system. In April 1999, the Financial Stability Forum (FSF) was established and a set of standards and codes were defined at an international level. Although this initiative brings many benefits in terms of improved transparency, it is not unproblematic and uncontroversial, especially from the point of view of developing countries. Issues include the provenance and ownership of the codes, the cost of monitoring and the balance between external review and self-assessment. There is also an important issue as to whether the initiative actually works: in other words, the impact of standards and codes on market access and market stability. This volume brings together policy-makers from a wide range of governments, central banks and international organisations and economists from research institutes, universities and non-governmental organizations. It critically examines whether the standards and codes exercise can make a meaningful contribution to global financial stability and takes the first steps in answering some of the open questions in the field.


Contents

CONTENTS: Introduction; B.Schneider
PART I: DEVELOPING COUNTRY PERSPECTIVES AND EXPERIENCE Implications of Implementing Standards and Codes: A Developing Country Perspective; B.Schneider
Implementing Standards and Codes through the BWIs: An Overview of the Developing Country Perspective; A.A.Mohammed
The View from India; T.C. A.Anant
The View from Mexico; J.Guzman
Implementation in East Asia; A.Walter
PART II: DEVELOPED COUNTRY PERSPECTIVES
Standards and Codes: A G-7 Countries Perspective; A.Clark
The View from Germany: Standards and Codes: Important Cornerstones for Financial Crisis Prevention; A.Nawrath
PART III: PRIVATE SECTOR PERSPECTIVES
Effects of Standards and Codes on Country Risk Ratings; L.Price
Do We Need to Go Beyond Disclosure?; M.Metcalfe & A.Persaud
Filling the Information Gap: the Role of the Private Sector; M.Bates
Standards and Codes: Firing at the Wrong Target?; D.Lubin
PART IV: INVITED COMMENTARY
International Standards and Codes: Comments on Emerging Issues; Y.V.Reddy
Appendix - Key Financial Standards: a Guide; A.Cornford


Authors

BENU SCHNEIDER is a respected expert in international finance, currently based in the Globalisation and Development Strategies Division at UNCTAD. Previous positions have included Research Fellow at the Overseas Development Institute, professorial position at ICRIER, advisor and consultant to the Reserve Bank of India. She holds a doctorate in economics from the University of Kiel, Germany, and is the author of Capital Flight from Developing Countries (Westview Press, 1991), regarded as a seminal work in this area. Dr Schneider has combined academic and consultancy with hand-on policy advice on macroeconomic polices and domestic financial sector reforms. She has also authored an influential policy paper for the Narasimham Committee on Banking Reforms (1998) in India of which several recommendations were implemented.