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By Morris Goldstein

This research provides the case for a global banking general (IBS) to accommodate the rash of banking crises in constructing nations. over the last 15 years, nearly three-fourths of the IMF's member nations have skilled a minimum of one severe bout of banking difficulties; there were a minimum of a dozen constructing kingdom episodes the place the prices of those crises amounted to ten percentage or extra of the country's GDP; and the full public area answer charges of developing-country banking crises were predicted to be $250 billion. not just are those banking crises tremendous high priced to constructing international locations, additionally they pose elevated threat to business countries.

Morris Goldstein demonstrates that current foreign agreements don't deal with the most resources of those crises, and the adoption of a voluntary IBS bargains a extra appealing path to banking reform than the appropriate choices. The learn recommends minimal criteria in 8 key components of banking supervision and addresses the operational concerns linked to the layout and implementation of an IBS.

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Extra info for The Case for an International Banking Standard (Policy Analyses in International Economics)

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8 Country Notes: Several European countries have significantly higher capital ratios. Definitions sometimes differ from those applied by the Basle Committee. a. b. c. d. e. f. g. h. 12 percent for some banks, and 16 percent for some nonbanks. Relates to locally incorporated authorized institutions and is on a consolidated basis. Relates only to public-sector banks. Based only on Tier 1 capital. 5 percent on national value of swap operations. Legislation now before Congress. 1994. Higher ratios for some banks.

For each element, I attempt to convey the flavor of what should be required, along with some indication of which provisions might be reserved for the stricter (upper-level) standard (if an IBS were designed as a two-level standard rather than a unitary one). 8. For an excellent analysis of ‘‘best practice’’ in each of these supervisory dimensions, see IMF (1997a). com Public Disclosure IBS participants should be required to publish timely and accurate information on the financial condition of banks so that both sophisticated professional investors and less sophisticated retail depositors can make an informed assessment of bank performance and profitability.

The Basle Accord). This is another example of the broader proposition that international coordination can sometimes achieve outcomes that are not available with uncoordinated policy measures (Frenkel, Goldstein, and Masson 1990). Turning to the payoff from regulatory reforms, a country that can convince creditors that such reforms have improved banking safety and soundness may be rewarded by a lower risk premium on its obligations. However, it may be difficult for creditors to verify on their own that the borrower has really undertaken serious reform—particularly if the borrower operates primarily in unfamiliar overseas markets.

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