The 2017 Joint Review of the Standards and Codes Initiative

Policy Papers ◽  
2017 ◽  
Vol 17 (009) ◽  
Author(s):  
Keyword(s):  
Emerging Markets ◽  
World Bank ◽  
Emerging Market ◽  
Capacity Development ◽  
International Standards ◽  
Economic Institutions ◽  
Policy Makers ◽  
Financial Architecture ◽  
Market Participants ◽  
International Financial Architecture

The 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.

scholarly journals Emerging markets and the international financial architecture: a blueprint for reform

2015 ◽  
Vol 35 (2) ◽  
pp. 285-305 ◽  
Author(s):  
JAN KREGEL
Keyword(s):  
Emerging Markets ◽  
Financial Stability ◽  
International System ◽  
Emerging Market ◽  
Political Influence ◽  
National Currency ◽  
Emerging Market Economies ◽  
Market Economies ◽  
Financial Architecture ◽  
International Financial Architecture

If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Strategic Success Factors of Information Technology Outsourcing in Emerging Markets

2021 ◽  
Vol 4 (1) ◽  
pp. 107-120
Author(s):  
Sushil Paudel ◽  
Vinish Kumar
Keyword(s):  
Emerging Markets ◽  
Success Factors ◽  
Service Providers ◽  
Emerging Market ◽  
Sampling Technique ◽  
It Outsourcing ◽  
Equation Modeling ◽  
Snowball Sampling ◽  
Policy Makers ◽  
Country Specific

Many businesses are collaborating on joint service initiatives in order to cut operational costs and compete for profits. Outsourcing is a cost-reduction strategy used to carry out tasks by service providers or vendors that are typically handled within the company. This research is focused on outsourcing strategies on vendor’s point of view, as many emerging markets continue to struggle to establish a foothold in the international market. The success of IT outsourcing is largely dependent upon the vendor's internal strength, industry-specific environmental factors, and country-specific policies. The respondents were chosen using a snowball sampling technique, and variables were selected from literature review and consulting with industry experts. The survey was conducted within the Kathmandu valley, and quantitative data were collected for the study. Respondents were outsourcing agencies, freelancers, outsourcing consultants and policy makers. The analysis included Structured Equation Modeling and identified six key strategic factors for emerging market: banking priority, growth capacity, intellectual property, country specific specialization, foreign direct investment, and the HR Structure of the vendor. It is suggested that policy makers and IT outsourcing vendors utilize these factors to further strengthen their position in the global outsourcing industry.

Financial Centers And The Relationship Between ESG Disclosure And Firm Performance: Evidence From An Emerging Market

2015 ◽  
Vol 31 (4) ◽  
pp. 1239 ◽  
Author(s):  
Omar Farooq
Keyword(s):  
Firm Performance ◽  
Stock Market ◽  
Emerging Markets ◽  
Emerging Market ◽  
Negative Relationship ◽  
Financial Information ◽  
Information Asymmetries ◽  
Market Participants ◽  
The Relationship ◽  
The Way

<p>Is the disclosure of non-financial information, such as that related to environmental, social, and governance (ESG), important for firm performance in emerging markets? Does the extent of information asymmetries affect the way stock market participants react towards ESG disclosure? This paper answers these questions and shows that ESG disclosure is negatively related to firm performance in environments with lower information asymmetries. We argue that this negative relationship exists because ESG activities are considered as unrelated costs that reduce shareholders profits and wealth. Our results also show no significant impact of ESG disclosure on firm performance in environments with higher information asymmetries. Given that information is less reliable in environments with lower information asymmetries, it is very much possible that ESG disclosure is not valued by stock market participants.</p>

scholarly journals Time-Varying Return Predictability in the Chinese Stock Market

2017 ◽  
Vol 01 (01) ◽  
pp. 1740002 ◽  
Author(s):  
Huai-Long Shi ◽  
Zhi-Qiang Jiang ◽  
Wei-Xing Zhou
Keyword(s):  
Stock Market ◽  
Emerging Market ◽  
Return Predictability ◽  
Ratio Test ◽  
Chinese Stock Market ◽  
Policy Makers ◽  
Market Participants ◽  
Predictability Index ◽  
Predictability Of Returns ◽  
Significant Return

China’s stock market is the largest emerging market in the world. It is widely accepted that the Chinese stock market is far from efficiency and it possesses possible linear and nonlinear dependencies. We study the predictability of returns in the Chinese stock market by employing the wild bootstrap automatic variance ratio test and the generalized spectral test. We find that the return predictability vary over time and a significant return predictability is observed around market turmoils. Our findings are consistent with the Adaptive Markets Hypothesis (AMH) and have practical implications for market participants and policy makers. A predictability index can be constructed for each asset, which might help warn a crisis is in store, ease the development of the ongoing bubble, and stabilize the market.

Evaluation of Value at Risk in Emerging Markets

GIS Business ◽  
2017 ◽  
Vol 12 (4) ◽  
pp. 10-19
Author(s):  
Siva Kiran Guptha
Keyword(s):  
At Risk ◽  
Emerging Markets ◽  
Value At Risk ◽  
Emerging Market ◽  
Policy Makers ◽  
Historical Simulation ◽  
Developed Markets ◽  
Back Testing ◽  
Testing Experiment ◽  
India And China

Financial institutions have witnessed numerous episodes of financial crises all over the world during the last four decades. The researchers, academicians and policy makers in the field of finance studied these episodes extensively and to mitigate the risk involved in these crises have proposed several measures in the financial literature, but Value at Risk (VaR) has emerged as a more popular risk measurement technique. Although a number of studies have been undertaken in this area of research for developed markets but very few studies have been conducted in developing and emerging market economies. This study makes an attempt to evaluate the performance of VaR in emerging markets namely Brazil, Russia, India and China by considering Historical, Monte Carlo and GARCH Simulations to calculate VaR for the period 1998 to 2015. The study found that GJRGARCH Simulation is more suitable for Brazil and China while Historical Simulation for Russian and Indian Stock Markets based on the back-testing experiment.

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