By Benu Schneider
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Extra info for The Road to International Financial Stability: Are Key Financial Standards the Answer?
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.
Take the licensing of banks, for example. In some countries, the criteria were designed primarily to ensure the distinction between the owners and those controlling a bank. But licensing is often also used to serve objectives such as the avoidance of ‘overbanking’, limitation of financial conglomeration, and (in the case of foreign entities) restricting foreign ownership of the banking sector or ensuring that the parent institution is supervised adequately in its home country. The objectives of licensing may have (usually proximate) relations to banking stability but cannot prevent serious banking instability or banking crises (UNCTAD, 2001).
16 Developing countries are already overburdened with conditionality. How will the IMF streamline conditionality if a new raft of conditions is added? Moreover, one cannot discuss conditionality when there is no economic proof that standards and codes are effective in developing countries. Failures of companies such as ENRON, WorldCom and so on have demonstrated the possible problems with effectiveness in the industrialised countries as well. 17 Even informal conditionality through the market incentive is problematic.