1997年-BIS国际清算银行_Group_of_Ten_-_Financial_stability_in_emerging_market_economies_108页_409kb

Summary of the Report: Financial Stability in Emerging Market Economies

Executive Summary

This report, prepared by the Working Party on Financial Stability in Emerging Market Economies, outlines a strategy to promote financial stability in countries experiencing rapid economic growth and significant financial system changes. It emphasizes the need for sound principles and practices to be formulated, adopted, and implemented to strengthen financial systems.

The strategy is based on three key premises:

• National authorities bear ultimate responsibility for financial system reforms.
• International prudential standards and competitive, transparent markets are essential for financial stability.
• Sound macroeconomic and structural policies are crucial to prevent financial imbalances and distortions.

The report identifies several critical areas for action, including institutional and market infrastructure, market discipline and competition, and regulation and supervision. It also highlights the importance of international cooperation and the role of multilateral institutions in supporting the adoption and implementation of these principles.

Core Content

Sources of Financial Instability

Financial instability in emerging market economies often arises from:

• Macroeconomic vulnerabilities: High and variable inflation, unsustainable fiscal and external positions, and economic booms and busts.
• Sector-specific weaknesses: Poor corporate governance, inadequate market discipline, and insufficient supervision and regulation.
• Feedback effects: Weaknesses in one area can exacerbate problems in others, leading to systemic crises.

Key Elements of a Robust Financial System

To strengthen financial systems, the following elements are crucial:

• Institutional and market infrastructure: Legal environment, accounting standards, payment and settlement systems, and competitive financial markets.
• Market discipline and competition: Ensuring that stakeholders (owners, investors, etc.) exert discipline on financial institutions.
• Regulation and supervision: Independent, accountable, and effective regulatory frameworks that support market discipline and prevent systemic risks.

Development of Sound Principles and Practices

International groupings such as the Basle Committee, IOSCO, and IAIS should develop consistent, internationally endorsed principles and practices. These should be applied in a manner that reflects each country's specific circumstances. The report emphasizes the need for:

• A single set of principles for each area, developed through international consultation.
• Timetables for the completion of such work where they have not yet been established.
• Coordination among institutions to ensure complementary efforts.

Adoption and Implementation of Sound Principles and Practices

The adoption of sound practices requires:

• Market access: Financial markets can incentivize the adoption of standards that enhance the credibility of the financial system.
• Best practices: Well-managed institutions can spread high-quality management systems and professional skills.
• Technical assistance: Provided by multilateral institutions and the private sector to build capacity in developing countries.
• International cooperation: Close coordination between the IMF, World Bank, OECD, and other institutions to support financial stability.

Main Views

• Financial stability is a global concern: Crises in one country can have significant spillover effects, especially in emerging markets.
• Macro- and microeconomic factors are intertwined: Weaknesses in one area can feed into and amplify problems in another.
• Regulation and supervision are critical: They must be independent, effective, and capable of addressing systemic risks.
• Market discipline is essential: It helps ensure that financial institutions operate efficiently and transparently.
• International collaboration is necessary: To develop and implement consistent standards and practices across countries.

Key Information

• The report was published in April 1997 and is a joint effort by Group of Ten countries and emerging market economies.
• It outlines a strategy involving the development of international consensus, the formulation of norms by relevant groups, and the promotion of market discipline.
• Financial stability is linked to macroeconomic performance, and vice versa.
• The report highlights the importance of the role of multilateral institutions in supporting financial sector reforms and providing technical assistance.
• It stresses the need for a robust legal and accounting framework, effective supervision, and the prevention of moral hazard and fraud.

Critical Areas for Action

• Institutional and market infrastructure: Establishing a legal environment and promoting competitive financial markets.
• Market discipline and competition: Encouraging transparency, professionalism, and accountability in financial institutions.
• Regulation and supervision: Ensuring that regulatory bodies are independent, have the necessary powers, and can cooperate across borders.

Further Steps

• The report calls for the continued development of international standards by relevant groups.
• It recommends that multilateral institutions coordinate their efforts to support financial stability.
• Countries are encouraged to actively participate in and coordinate the technical assistance they receive.

Conclusion

Financial stability in emerging market economies requires a combination of strong national policies, effective international standards, and robust market mechanisms. The report outlines a comprehensive strategy to achieve this, emphasizing the importance of cooperation, transparency, and the development of sound principles and practices.