Public Information Notice: IMF Executive Board Reviews the Standards and Codes Initiative, August 8, 2005

The Standards and Codes Initiative—Is It Effective? And How Can It Be Improved? Background Paper
July 1, 2005

Standards and Codes: The Role of the IMF, A Factsheet

Standards and Codes

Public Information Notice: IMF Executive Board Reviews International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets, April 3, 2003

International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets , March 5, 2003

International Standards: Background Paper on Strengthening Surveillance, Domestic Institutions, and International Markets, March 5, 2003

Assessing and Promoting Fiscal Transparency: A Report on Progress, March 5, 2003

Review of the Fund's Experience with the Data Module ROSCs, March 7, 2003




The Standards and Codes Initiative—Is It Effective? And How Can It Be Improved?

Prepared by the Staffs of the International Monetary Fund and World Bank


July 1, 2005

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Contents


  Executive Summary
   
I.   Introduction
 
II.   Implementation So Far
 A.   Standards and Methodologies
  Standards
  Methodologies
 B.   Prioritizing Assessment Requests
C.   Standard Assessments
  Volume and pace
  Country participation
  Publication of ROSCs
D.   Outreach Activities
 
III.   Value and Cost of the Initiative
 A.   Is Observance of Internationally Recognized Standards Beneficial?
 B.   Key Findings on the Effectiveness of the Initiative
  Identification of vulnerabilities, institutional reforms, and adherence to standards
  Informing Fund and Bank work
  Informing market participants
  Quality of the outputs
C.   Costs of the Initiative
 
IV.   The Future of the Initiative
  General conclusions
  Specific proposals
 
V.   Resource Implications
 A.   Resource Implications for the Fund
 B.   Resource Implications for the Bank
 
VI.   Issues For Discussion
 
List of Acronyms
 
Text Boxes
1.   Standards and Codes Relevant for Bank and Fund Work
2.  
Initial Assessment, Reassessment, and Update—Definitions
 
Text Tables
1.   ROSCs Completed, FY99-FY05
2.  
Initial Assessments Completed, FY99-FY05
3.  
Distribution of Standards Assessments Through April 30, 2005
4.  
Fund TA Delivery
5.  
ROSC Assessments and World Bank Follow-up Assistance: Bank Client Countries
6.  
Use of ROSCs by Market Participants
7.  
Data Quality Assessment Framework—Summary Results
 
Figures
1.   Distribution of First-Time Participants, FY99-FY05
2.  
Regional Participation Rates
3.  
ROSC Publication Rates
4.  
Usefulness of the Initiative for Informing Fund Surveillance: Views of Area Department Mission Chiefs
5.  
Standard Setting, FSAPs and ROSCs Activity
 

Appendix

1.   Is the Initiative Meeting its Objectives? The Views of the Stakeholders
 
Appendix Tables
1.   Usefulness of the Initiative: Country Authorities' Answers to the Survey
2.  
Usefulness of the Initiative: Views of Country Authorities on Intermediate Objectives
3.  
Average Usefulness Scores by Market Participants
4.  
Usefulness of the Initiative for Informing Fund Surveillance
5.  
Disparity in Mission Chiefs' Views on the Initiative's Role in Strengthening Fund Surveillance
6.  
Usefulness of the Initiative in Defining and Prioritizing Technical Assistance
7.  
Fund TA Delivery
8.  
ROSC Assessments and World Bank Follow-up Assistance: Bank Client Countries Only
9.  
Acknowledgment of ROSCs in CAS and Lending Documents
10.  
The Format and Content of ROSCs: Cross-sectional Views
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