Abstract
The intense level of activity regarding standards and codes that can be seen in the official sector is not especially evident in the private sector. Among private-sector investors and analysts there is, by and large, a rather high degree of indifference or ignorance about the standards and codes (S&C) effort. Should anyone be bothered by this ignorance? After all, one might argue that there are plenty of official-sector initiatives, aimed at building a stronger infrastructure for international capital markets, of which the private sector is barely aware, and that is just how it should be. The driver of a car, after all, needs to know little about the underlying engineering that makes the vehicle move efficiently. The question then, is whether the private sector’s ignorance of S&C is any different from this. If not, fine. If it is different, it might be worth asking why the private sector chooses not to embrace the S&C exercise more enthusiastically.
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References
Haldane, Andy and Mark Kruger (2001) ‘The Resolution of International Financial Crises: Private Finance and Public Funds’, Bank of England Financial Stability Review, December.
Keller, Christian, Cristoph Rosenberg, Nouriel Roubini and Brad Setser (2002) ‘The Bottom Line’, Finance and Development, December.
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© 2003 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Lubin, D. (2003). Standards and Codes: Firing at the Wrong Target?. In: Schneider, B. (eds) The Road to International Financial Stability. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230524378_12
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DOI: https://doi.org/10.1057/9780230524378_12
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-51256-0
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