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Law > Business and Financial

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Italy: Financial Sector Assessment Program: Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies: Securities Regulation
International Monetary Fund
This paper discusses a Detailed Assessment of the Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Securities Regulation for Italy. The paper discusses that in the area of securities regulation, the objectives and responsibilities of the two supervisory authorities, namely Consob and the Banca d’Italia (BI), and the modalities of cooperation between them, are clearly established in the 1998 Consolidated Law. An area where further clarity may be warranted concerns the practical modalities of exchanging information with other domestic institutions.
Keywords:
ISCR; CR; Consob; Web site; government; BI statute; supervisory activity; thefor BI; chairman of Consob; Financial statements; Securities markets; Securities regulation; Legal support in revenue administration; Budget planning and preparation
Cover IMF Working Papers
The Link Between Adherence to International Standards of Good Practice, Foreign Exchange Spreads, and Ratings
Mr. Andrew J Tiffin, Mr. Christian B. Mulder, and Mr. Charalambos Christofides
This paper examines the relationship between adherence to international standards of good practice in policy-making and two key indicators of access to capital markets and the cost of this access: spreads and sovereign ratings. In contrast to other work, this study reviews a broad set of indicators for adherence to international standards. The estimations are conducted for emerging market economies, and pay particular attention to issues of persistence in spreads and ratings and nonlinearities in the relationships. The main finding confirms the expectation that standards are indeed relevant. Accounting standards and property rights are especially important for spreads, in addition to data transparency (SDDS subscription). Accounting standards and corruption are especially important in explaining ratings in addition to trade protectiveness (not a standard).
Keywords:
WP; financial market; short-term debt; Standard and Poor's; single standard; Standards and codes; foreign exchange spreads; credit ratings; crisis prevention; WEF favoritism variable; sovereign bond; lowest-and-highest rated country; opacity index; WEF government; country examples fpor; ratings Index; emerging-market country; General Data dissemination system; trade restrictiveness index; Special Data Dissemination Standard (SDDS); Accounting standards; Asia and Pacific