Regulatory Failure in Emerging Markets
|Date of publication:||May 2004|
|Working paper number:||135|
Systemic failure in Asian markets has bee analysed and attempts made to correct future occurrences by changes to the regulatory models governing those markets. However many of those markets still have not initiated necessary public sector reforms to ensure good governance, financial stability and market based accounting systems essential for required privatisations. Reasons for this may lie in the stage of development of the underlying political and social systems. Hence policy makers when choosing rational macroeconomic measures need to recognise the dependencies of different systems. Also questions can be raised as to the necessity of some of the IMF programmes. Indonesia is used as a case study to illustrate the case for a new blueprint for recovery that does not rely on traditional methods that can be at times totally counterproductive to the original goals.
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