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

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