Download or read book 2011 Review of the Standards and Codes Initiative Reports on the Observance of Standards and Codes ROSC Case Studies written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-02-16 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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.
Download or read book 2011 Review of the Standards and Codes Initiative written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-02-16 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 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.
Download or read book 2011 Review of the Standards and Codes Initiative Background Paper written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-02-16 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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.
Download or read book Institutional Learning and Knowledge Transfer Across Epistemic Communities written by Elias G. Carayannis and published by Springer Science & Business Media. This book was released on 2011-11-25 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past several decades, as the pace of globalization has accelerated, operational issues of international coordination have often been overlooked. For example, the global financial crisis that began in 2007 is attributed, in part, to a lack of regulatory oversight. As a result, supranational organizations, such as the G-20, the World Bank, and the International Monetary Fund, have prioritized strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions. Prevailing characteristics of the global economic systems, such as the increasing power of financial institutions, changes in the structure of global production, decline in the authority of nation-states over their national economy, and creation of global institutional setting, e.g., global governance have created the conditions for a naturally evolving process towards enabling national epistemic communities to create institutions that comply with global rules and regulations can control crises. In this context, transfer of technical knowledge from the larger organizations and its global epistemic communities to member communities is becoming a policy tool to “convince” participants in the international system to have similar ideas about which rules will govern their mutual participation. In the realm of finance and banking regulation, the primary focus is on transfer of specialized and procedural knowledge in technical domains (such as accounting procedures, payment systems, and corporate governance principles), thereby promoting institutional learning at national and local levels. In this volume, the authors provide in-depth analysis of initiatives to demonstrate how this type of knowledge generated at the international organization level, is codified into global standards, and disseminated to members, particularly in the developing world, where the legal and regulatory infrastructure is often lacking. They argue that despite the challenges, when a country intends to join the global system, its institutions and economic structures need to move toward the global norms. In so doing, they shed new light on the dynamics of knowledge transfer, financial regulation, economic development, with particular respect to supporting global standards and avoiding future crises.
Download or read book Corporate Governance in Emerging Markets written by Sabri Boubaker and published by Springer Science & Business Media. This book was released on 2014-04-01 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book fills the gap between theories and practices of corporate governance in emerging markets by providing the reader with an in-depth understanding of governance mechanisms, practices and cases in these markets. It is an invaluable resource not only for academic researchers and graduate students in law, economics, management and finance but also for people practicing governance such as lawmakers, policymakers and international organizations promoting best governance practices in emerging countries. Investors can benefit from this book to better understand of these markets and to make judicious investment decisions.
Download or read book Vietnam 2035 written by World Bank Group;Ministry of Planning and Investment of Vietnam and published by World Bank Publications. This book was released on 2016-11-07 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thirty years of Ä?ổi Má»›i (economic renovation) reforms have catapulted Vietnam from the ranks of the world’s poorest countries to one of its great development success stories. Critical ingredients have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were successfully fused with the embrace of markets and the global economy. Economic growth since then has been rapid, stable, and inclusive, translating into strong welfare gains for the vast majority of the population. But three decades of success from reforms raises expectations for the future, as aptly captured in the Vietnamese constitution, which sets the goal of “a prosperous people and a strong, democratic, equitable, and civilized country.†? There is a firm aspiration that by 2035, Vietnam will be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. The Vietnam 2035 report, a joint undertaking of the Government of Vietnam and the World Bank Group, seeks to better comprehend the challenges and opportunities that lie ahead. It shows that the country’s aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability; promoting equity and social inclusion to develop a harmonious middle- class society; and enhancing the capacity and accountability of the state to establish a rule of law state and a democratic society. Vietnam 2035 further argues that the rapid growth needed to achieve the bold aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and build national technological and innovative capacity. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.
Download or read book Portugal written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2014-10-06 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Portugal’s practices meet most of the principles of the revised Fiscal Transparency Code at good or advanced levels. A number of areas still present practices at a basic level, but in most of these cases this reflects reforms that have recently been launched and have not yet been fully implemented so as to affect current practices. Indeed, if measured against the practices observed prior to the recent financial crisis, there has been remarkable progress. The challenge is to press ahead with the reform agenda so that all fiscal transparency practices meet good or advanced levels, thus strengthening even further the management of public finances and the associated risks. The key findings of the present Fiscal Transparency Evaluation are: • Fiscal reporting is in line with good or advanced practices, particularly in compliance with EU requirements and ESA 95 standards, but still lacks a sound conceptual accounting framework based on internationally accepted standards. • Fiscal forecasting and budgeting have improved over the last three years, although investment evaluation only meets the basic standard of the Code. • Reporting of fiscal risks is in its infancy and in spite of numerous initiatives undertaken in the last few years, such as the publication of a fiscal risk statement, remains fragmented. The large amount and good quality of information available allows a very preliminary and partial estimate of the public sector net worth and total risk exposure. An estimated negative net worth position of 140 percent of GDP (including the liabilities of the main defined-benefits employment-related pension scheme) and a sizeable exposure to various contingent liabilities, although some of these have a low probability of crystallizing, are reminders of the still fragile status of Portugal’s public finances.
Download or read book Enhancing Financial Disclosure Standards in Transitional Economies II written by Radhakrishna Narasimham and published by Asian Development Bank. This book was released on 2010-10-01 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public and private investors want timely, accurate financial information about institutions before investing. This requires adherence to internationally accepted financial disclosure standards. However, implementing these standards is a particular challenge for economies in transition from the Soviet-era central planning approach toward a market economy. The Asian Development Bank provided a technical assistance grant (TA 6505- REG) to build capacity to enhance financial disclosure standards in Armenia, Azerbaijan, and Georgia. The book is a compendium of the project's findings, activities, results, and recommendations. It discusses the rationale for the adoption of International Financial Reporting Standards and the enforcement of International Standards on Auditing by legal entities, and explores their use by small and medium-sized enterprises in the three countries. The book is a valuable guide to accountants, auditors, financial institutions, regulators, investors, governments, researchers, and others interested in financial disclosure practices and progress of these transitional nations.
Download or read book Public Financial Management and Its Emerging Architecture written by Mr. M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch
Download or read book Managing for Development Results written by Roberto García López and published by Inter-American Development Bank. This book was released on 2010-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Results-based management (RBM) is a public management strategy that involves decision making based on reliable information regarding the effects of governmental actions on society. It has been adopted in various developed countries as a way of improving efficiency and effectiveness in public policy. In Latin American and Caribbean (LAC) countries, governments and public managers show increasing interest in this management strategy. Given the relative novelty of RBM in the region, however, there is scant literature on the subject. This book is intended to fill this gap in two ways. First, it seeks to describe some of the basic RBM concepts and adapt them according to regional characteristics. Second, it presents an assessment, based on studies carried out in 25 countries, of the challenges facing LAC countries and their capacity to implement results-based public management.
Download or read book Malaysia written by International Monetary Fund. Asia and Pacific Dept and published by INTERNATIONAL MONETARY FUND. This book was released on 2013-02-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is an assessment of the state of compliance with the Basel Core Principles (BCPs) in Malaysia. Bank Negara Malaysia (BNM) employs a well-developed risk-focused regulatory and supervisory system, consisting of a hands-on and comprehensive program of onsite supervision and extensive offsite macroeconomic and microeconomic surveillance supervision. The assessment has revealed several opportunities for improvement of the regulatory and supervisory framework. The Executive Board recommends the new financial services legislation, the Financial Services Act (FSA), to address many of these gaps.
Download or read book Transnational Legal Orders written by Terence C. Halliday and published by Cambridge University Press. This book was released on 2015-01-19 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transnational Legal Orders offers an empirically grounded approach to the emergence of legal orders beyond nation-states that reframes the study of law and society.
Download or read book Fiscal Transparency Initiative written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-01-29 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).
Download or read book Transparent Governance in an Age of Abundance written by Juan Cruz Vieyra and published by Inter-American Development Bank. This book was released on 2014-10-31 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last decade, the Latin American and Caribbean region has experienced unprecedented natural resources abundance. This book highlights how transparency can help realize the benefits and reduce negative externalities associated with the extractive industries in the region. A central message is that high-quality and well-managed information is critical to ensure the transparent and effective governance of the sector. The insights from experiences in the region can help policymakers design and implement effective regulatory reforms and adopt international standards that contribute to this goal. This is particularly important at a time when the recent boom experienced by extractives in the region may be coming to an end.
Download or read book Securing Development written by Bernard Harborne and published by World Bank Publications. This book was released on 2017-03-01 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securing Development: Public Finance and the Security Sector highlights the role of public finance in the delivery of security and criminal justice services. This book offers a framework for analyzing public financial management, financial transparency, and oversight, as well as expenditure policy issues that determine how to most appropriately manage security and justice services. The interplay among security, justice, and public finance is still a relatively unexplored area of development. Such a perspective can help security actors provide more professional, effective, and efficient security and justice services for citizens, while also strengthening systems for accountability. The book is the result of a project undertaken jointly by staff from the World Bank and the United Nations, integrating the disciplines where each institution holds a comparative advantage and a core mandate. The primary audience includes government officials bearing both security and financial responsibilities, staff of international organizations working on public expenditure management and security sector issues, academics, and development practitioners working in an advisory capacity.
Download or read book Prioritising the Implementation of International Financial Regulation written by John Armour and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a risk-based framework for implementing international financial regulation within national economies, in particular in small states. It includes case studies to illustrate how the framework can be integrated with standard setting processes to improve outcomes for small states.
Download or read book Competency Based Accounting Education Training and Certification written by Alfred Borgonovo and published by World Bank Publications. This book was released on 2019-06-06 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide is designed to assist all those who are responsible for providing or overseeing formal education or practical experience that forms part of the initial professional development of aspiring professional accountants, or the continuing professional development of professional accountants. It is particularly relevant to professional accountancy organizations. It is also intended for policy makers and regulators who determine which organizations are licensed to certify professional accountants and related specializations, for example, audit professionals. The purpose of the guide is to • increase understanding of the gap between the current skills of many accountants in some regions and the skills that are relevant in increasingly digitized and globalized economies; • convey the essential features of Competency-Based Accounting Education, Training, and Certification (CBAETC); • provide a common reference framework for organizations pursuing CBAETC and the consultants working with them; • assist countries in developing in-country plans and implementing in-country processes that produce accountants with higher-order skills relevant to their economy’s rapidly evolving needs; and • improve financial reporting, auditing, and regulation. This guide complements and builds on International Education Standards (IES™) of the International Accounting Education Standards Board™ (IAESB™).
