This article explores the conditions under which international financial standards succeed. While rationalist accounts treat the successful creation of international standards as a relatively straightforward exercise, I suggest otherwise. The cooperation of private sector agents is a necessary condition for successful standards, and this cooperation hinges on certain elements of institutional design. Using an assessment of the IMF's Special Data Dissemination Standard (SDDS), I explore issues of institutional design and effectiveness. On the basis of surveys of mutual fund managers and government officials, I argue that because the private sector has yet to become involved fully in the promulgation of the SDDS, the SDDS effort has not yet achieved its goals.
All Science Journal Classification (ASJC) codes
- Sociology and Political Science
- Economics and Econometrics
- Political Science and International Relations
- Financial crises
- Global standards
- International finance