By Benu Schneider
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Extra info for The Road to International Financial Stability: Are Key Financial Standards the Answer?
Example text
The linkages between ownership, appropriateness, representation and incentives in implementing standards The effectiveness of standards and codes as a tool of global financial stability depends on the number of countries adopting them and the extent to which they are implemented. The latter is closely related to the way in which S&C are incorporated into the norms of business practice. In order to achieve effective implementation, country ‘ownership’ of these policies is crucial. In the case of developing countries, ‘ownership’ is not possible without representation and positive incentives for implementation.
Information on compliance is vital for surveillance activity and assessment of risk by the private sector. The information generated by ROSCs and the FSAP is limited in its country coverage and is not a continuous data stream across the globe. The IMF has announced its intention to provide updates but will still not produce a continuous data stream. Oxford Analytica and the Global Financial Services Forum have started a service to provide information on compliance with the core standards and codes for subscribers on the Internet.
Persaud’s study bases its argument on the following: ● ● ● ● ● In the short run, there is compelling evidence to indicate that the markets cannot distinguish between the good and the sustainable. In a herding environment, tighter market-sensitive risk-management systems and more data transparency in fact make markets more prone to a crisis. The growing fashion in risk management is to move away from discretionary judgements about risk to more quantitative and marketsensitive approaches. Analysis is based on the daily earnings at risk.