When do governments implement voluntary codes and standards? The experience of financial codes in East Asia
Can there be a world-wide "race to the top" in financial regulatory practices? The international standards and codes issued by major international institutions in recent years assumes this is possible. In this paper, I consider to what extent this effort has been successful in East Asia. East Asia is a good case study of compliance with this new regime for at least three reasons. First, East Asian countries were a particular focus of this international convergence strategy because of the widely accepted view that inadequate financial sector supervision was a fundamental cause of the Asian crisis of the late 1990s. Second, the standards and codes themselves are largely based upon a western, even Anglo-Saxon, model of financial sector governance that poses special difficulties for many East Asian economies. Third, as I demonstrate below, there are considerable differences within East Asia relating to the degree of success in compliance with the standards and codes, and across different standards. Exploring these differences can help to illuminate the causes of failure and success in compliance in general.
Year of publication: |
2004
|
---|---|
Authors: | Walker, Andrew |
Publisher: |
Oxford : University of Oxford, Global Economic Governance Programme (GEG) |
Saved in:
freely available
Series: | GEG Working Paper ; 2004/09 |
---|---|
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1663105685 [GVK] hdl:10419/196272 [Handle] |
Source: |
Persistent link: https://www.econbiz.de/10012004251
Saved in favorites
Similar items by person
-
Walker, Andrew, (2014)
-
Collective bargaining and advancing automation
Walker, Andrew, (1965)
-
Trade union response to technological change
Walker, Andrew, (1967)
- More ...