The Road to International Financial Stability: Are Key by Benu Schneider

By Benu Schneider

After the situation in rising marketplace economies within the mid-late Nineteen Nineties, the adoption of across the world famous criteria, or codes of excellent perform, was once obvious with a purpose to aid improve the foreign economy. This quantity examines no matter if the factors and codes workout could make a significant contribution to worldwide monetary balance and examines the constructing nation standpoint. It takes the 1st steps in answering a few 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)

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At the country level, the assessment exercises will often place an additional burden on a limited supply of supervisory capacity. Expanding this capacity takes a considerable time. And countries are then faced with the prospect of the flight of human capital. A well-trained supervisor may be tempted by attractive alternative employment opportunities in the private sector, or even in the IMF or the World Bank themselves (they have recently been increasing the number of their staff with expertise in this area).

It is also believed that such rules will enhance the role of market discipline, because countries that want to improve their access to international finance will have the incentive to enforce the standards. Despite the intuitive appeal of a globally defined set of rules, there is a need for caution, because there is a danger of producing a system that is too inflexible and that does not allow for the differences in institutional development, legislative framework, and the various stages of development.

Mosley (2002) surveyed the government officials of subscribing countries and found that, though there were some transition costs, most subscribers to the SDDS were not required to overhaul their national systems completely. From a cost–benefit analysis point of view, one can deduce from this, as Mosley does, that a country is less likely to join the system if the cost is prohibitively high. 24 To sum up Mosley’s findings, the perceived costs from signing on to the SDDS outweigh the benefits, which are limited because of lack of use by market participants.

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