T.C.A ANANT Delhi School of Economics, University of Delhi, India MICHAEL BATES Oxford Analytica, UK ALASTAIR CLARK Executive Director, Bank of England, UK ANDREW CORNFORD UNCTAD, Switzerland JAVIER GUZMAN Director of International Affairs, Banco de México DAVID LUBIN HSBC, UK MICHAEL METCALFE State Street Bank and Trust Company, Switzerland AZIZ ALI MOHAMMED G-24, Pakistan AXEL NAWARTH Deustche Börse, Germany AVINASH PERSAUD State Street Bank and Trust Company, Switzerland LIONEL PRICE Fitch Sovereign Ratings, UK Y.V. REDDY International Monetary Fund, USA ANDREW WALTER London School of Economics, UK

CONTENTS: Introduction; B.Schneider PART I: DEVELOPING COUNTRY PERSPECTIVES AND EXPERIENCE Implications of Implementing Standards and Codes: A Developing Country Perspective; B.Schneider Implementing Standards and Codes through the BWIs: An Overview of the Developing Country Perspective; A.A.Mohammed The View from India; T.C. A.Anant The View from Mexico; J.Guzman Implementation in East Asia; A.Walter PART II: DEVELOPED COUNTRY PERSPECTIVES Standards and Codes: A G-7 Countries Perspective; A.Clark The View from Germany: Standards and Codes: Important Cornerstones for Financial Crisis Prevention; A.Nawrath PART III: PRIVATE SECTOR PERSPECTIVES Effects of Standards and Codes on Country Risk Ratings; L.Price Do We Need to Go Beyond Disclosure?; M.Metcalfe & A.Persaud Filling the Information Gap: the Role of the Private Sector; M.Bates Standards and Codes: Firing at the Wrong Target?; D.Lubin PART IV: INVITED COMMENTARY International Standards and Codes: Comments on Emerging Issues; Y.V.Reddy Appendix - Key Financial Standards: a Guide; A.Cornford

After the crisis in emerging market economies in the mid-late 1990s, the adoption of internationally recognised standards, or codes of good practice, was seen as a way to help strengthen the international financial system. This volume examines whether the standards and codes exercise can make a meaningful contribution to global financial stability and examines the developing country perspective. It takes the first steps in answering some of the open questions in the field.