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Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
Published: 2005-01-07
Total Pages: 94
ISBN-13: 1498331432
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Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2005-01-07
Total Pages: 51
ISBN-13: 1498331440
DOWNLOAD EBOOKAt this six-year mark, this paper reports on the status of the initiative, seeks to assess its effectiveness, and suggests some areas for improvement.
Author: Internationaler Währungsfonds
Publisher:
Published: 2005
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKAt this six-year mark, this paper reports on the status of the initiative, seeks to assess its effectiveness, and suggests some areas for improvement.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2011-02-16
Total Pages: 48
ISBN-13: 1498339336
DOWNLOAD EBOOKThe Standards and Codes Initiative (“Initiative”) has been identified as one of several building blocks for the overhaul of the global financial architecture after the Asian crisis in the late 1990s. Twelve policy areas were selected as key for sound financial systems and a framework for Reports on the Observance of Standard and Codes (ROSCs) was established and has been implemented by the Bank and the Fund for about a decade. Since the Initiative’s inception, a majority of member countries have had one or more ROSCs, although—in part due to the voluntary nature of ROSCs—the coverage is not fully complete. After peaking in 2003, the annual number of ROSCs completed has declined considerably. In particular, the number of fiscal transparency and data ROSCs has dropped, reflecting the downsizing of the Fund, and changes in departmental priorities. The reduction in financial sector ROSCs—generally done as a part of the Financial Sector Assessment Program (FSAP)—has been less, although fewer ROSCs have been done per FSAP. Revisions to the standards to incorporate the lessons from the crisis, the initiatives of the Financial Stability Board (FSB), and changes to financial surveillance are likely to have important implications for the future of the Initiative. In particular, the commitment by FSB members to undergo FSAPs every 5 years and the FSB’s framework to enhance adherence to international financial standards are likely to boost demand for financial sector ROSCs. These resource pressures impose a greater burden on the prioritization process, and strategic decisions will have to be made to augment resources for the Initiative or on where the resource cuts could come from in order to maintain adequate coverage of non-G20 countries.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
Published: 2017-03-08
Total Pages: 169
ISBN-13: 1498346456
DOWNLOAD EBOOKThe standards and codes (S&C) initiative was launched in the aftermath of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture, with a focus on emerging markets. The initiative has aimed at promoting international standards and codes to improve economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work. The four previous reviews confirmed a fairly high appreciation of the overall initiative, while also raising questions about the initiative’s link to surveillance and capacity development efforts, weak uptake by market participants, as well as a need to improve traction with policy makers. This review reaffirms the country authorities’ appreciation for S&C work, and its focus and scope are guided by the February 2017 paper.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2011-02-16
Total Pages: 85
ISBN-13: 1498339328
DOWNLOAD EBOOKThis paper serves as background reference to the paper, "2011 Review of the Standards and Codes Initiative." The Initiative, which covers standards in 12 policy areas relevant for Bank and Fund work, was created as an integral part of a global response to promote financial stability in the aftermath of the Asian crisis in the 1990s. This paper discusses developments since the Initiative’s last review in 2005. In particular, it covers the evolution of standards in the 12 policy areas, progress in implementing measures to improve the effectiveness of the Initiative, the role that the Initiative played in the recent global crisis, and perceptions of major stakeholders reflected in survey responses and bilateral consultations conducted by staff.
Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
Published: 2006-06-29
Total Pages: 17
ISBN-13: 1498332528
DOWNLOAD EBOOKThis paper informs Executive Directors of the operational changes that are being made to the Fund’s work on Standards and Codes, to implement the Fund’s Medium-Term Strategy (MTS) and the recommendations of the 2005 IMF-World Bank review of the Standards and Codes Initiative. The changes aim at improving (i) the country coverage and prioritization of Reports on the Observance of Standards and Codes (ROSCs) to make more efficient use of resources, (ii) the integration of ROSCs with Fund surveillance and technical assistance, for a better use of ROSC findings and greater support of reform efforts, and (iii) the clarity and timeliness of ROSCs. The paper focuses on the actions that are being taken and does not elaborate on the rationales for the corresponding recommendations, which were discussed by Directors in the context of the MTS and 2005 Review. The actions being taken are summarized in Table 1. Many of the actions do not apply to ROSCs carried out under the aegis of the Financial Sector Assessment Program (FSAP), which are typically subject to a separate set of procedures under the FSAP, or to financial sector ROSCs of Offshore Financial Centers, which are conducted separately. According to the proposals in the MTS, the next review of the Standards and Codes Initiative would take place in 2010.
Author:
Publisher: INTERNATIONAL MONETARY FUND
Published: 2017-08-02
Total Pages: 33
ISBN-13: 9781498347105
DOWNLOAD EBOOKThe standards and codes (S&C) initiative was launched in 1999 as part of efforts to strengthen the international financial architecture. The initiative aims at promoting international best practices to improve economic and financial resilience through three intermediate objectives: assist countries in strengthening their economic institutions, inform World Bank and IMF work, and inform market participants. The four previous reviews confirmed a fairly high appreciation of the overall initiative. However, the related comprehensive surveys and engagement with stakeholders raised questions about the initiative’s link to surveillance and capacity-building efforts, as well traction with market participants and policy makers. This paper is designed to engage with the Executive Board on the overall scope and focus of the 2017 review of the S&C initiative. The continuous evolution of the S&C and work under the initiative has accelerated in several policy areas since the financial crisis. Several areas of the S&C have been substantially reformed (fiscal and financial codes) or updated (corporate governance and insolvency and creditor rights) to reflect evolving international best practices, while potential changes in some others are still under consideration (data and monetary and financial policy transparency). The overall level of assessment activity under the initiative has fallen moderately, with a sharp drop in formal Reports on the Observance of Standards and Codes (ROSCs) partly offset by an increase in other types of S&C based outputs, such as evaluations. Since the 2011 review, most of the changes to individual S&C policy areas under the initiative have involved direct Board engagement, and have aimed at improving operational effectiveness to promote international best practice in the specific area. The review is an opportunity to discuss how the initiative may be adapted to maintain its relevance, and to capitalize on its achievements. The review will look at changes to the S&C and their applications—across and within the individual policy areas—and make recommendations on the overall initiative. This informal session to engage provides a factual update of the S&C initiative since the last review in 2011, and proposes a strategic approach to address gaps and weaknesses, coordinate reviews of individual policy areas and the overall initiative, and continue to strengthen the relationship with external standard setters and assessors.
Author: Internationaler Währungsfonds
Publisher:
Published: 2011
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKThis paper serves as background reference to the paper, "2011 Review of the Standards and Codes Initiative." The Initiative, which covers standards in 12 policy areas relevant for Bank and Fund work, was created as an integral part of a global response to promote financial stability in the aftermath of the Asian crisis in the 1990s. This paper discusses developments since the Initiative's last review in 2005. In particular, it covers the evolution of standards in the 12 policy areas, progress in implementing measures to improve the effectiveness of the Initiative, the role that the Initiative played in the recent global crisis, and perceptions of major stakeholders reflected in survey responses and bilateral consultations conducted by staff.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2011-02-16
Total Pages: 58
ISBN-13: 149833931X
DOWNLOAD EBOOKThis report is part of the 2011 ROSC Initiative review. It focuses on generating additional inputs for an informed assessment of the effectiveness of the Initiative in strengthening institutions in member countries. In particular, it analyses in detail a sample of twenty-two specific country experiences—at least two for each standard currently included in the Initiative. The review of specific country experiences with ROSC exercises—diagnosis and implementation of recommendations and follow-up—contributes to evaluate the extent to which ROSCs have been instrumental in identifying institutional weaknesses and contributed to promote financial reform and reduce financial vulnerability. This is an independent review prepared by an external consultant.
