International Financial Standards: An Argument for Discernment

Cally Jordan
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引用次数: 1

Abstract

Multiple shocks have led regulators and policy makers to put increasing faith in the diagnostic and prophylactic powers of international financial standards, but the nature, appropriateness and normative force of such standards varies. As a standard setter, the International Organization of Securities Commissions (IOSCO) has pursued global consensus, harmonization and international best practices for many years. International standards, however, are often created under suboptimal conditions by actors with a broad range of motivations, assumptions and biases. Frictions between state-level regulation and international standards can undermine their effectiveness. This policy brief examines the process of standard setting and two very different sets of standards and their standard setters to illustrate some of the anomalies associated with them. The process has become more complex, more compromised and more politicized, leading in some cases to “pseudo-international” standards or a riot of diverse viewpoints, of limited practical use. The danger lies in major economies walking away from international standards which no longer demonstrate pertinence or credibility. Greater discernment should be exercised by state-level policy makers, international financial institutions and the international organizations themselves in proposing, deploying and implementing international standards.
国际财务准则:辨别力的论证
多重冲击导致监管机构和政策制定者越来越相信国际金融标准的诊断和预防能力,但这些标准的性质、适当性和规范性力量各不相同。作为标准制定者,国际证监会组织(IOSCO)多年来一直在寻求全球共识,协调和国际最佳实践。然而,国际标准往往是由具有广泛动机、假设和偏见的行动者在次优条件下制定的。国家层面的监管与国际标准之间的摩擦可能会削弱其有效性。本政策简介考察了标准制定过程和两套截然不同的标准及其标准制定者,以说明与之相关的一些异常情况。这个过程变得更加复杂、更加妥协和更加政治化,在某些情况下导致“伪国际”标准或各种不同观点的混乱,实际用途有限。危险在于主要经济体放弃不再具有针对性和可信度的国际标准。各国决策者、国际金融机构以及国际组织本身在提出、部署和实施国际标准时,都应加强辨别力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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