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Over the past several decades, as the pace of globalization has accelerated, operational issues of international coordination have often been overlooked. For example, the global financial crisis that began in 2007 is attributed, in part, to a lack of regulatory oversight. As a result, supranational organizations, such as the G-20, the World Bank, and the International Monetary Fund, have prioritized strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions. Prevailing characteristics of the global economic systems, such as the increasing power of financial institutions, changes in the structure of global production, decline in the authority of nation-states over their national economy, and creation of global institutional setting, e.g., global governance have created the conditions for a naturally evolving process towards enabling national epistemic communities to create institutions that comply with global rules and regulations can control crises. In this context, transfer of technical knowledge from the larger
organizations and its global epistemic communities to member
communities is becoming a policy tool to "convince" participants in
the international system to have similar ideas about which rules
will govern their mutual participation. In the realm of finance and
banking regulation, the primary focus is on transfer of specialized
and procedural knowledge in technical domains (such as accounting
procedures, payment systems, and corporate governance principles),
thereby promoting institutional learning at national and local
levels. In this volume, the authors provide in-depth analysis of
initiatives to demonstrate how this type of knowledge generated at
the international organization level, is codified into global
standards, and disseminated to members, particularly in the
developing world, where the legal and regulatory infrastructure is
often lacking.
Over the past several decades, as the pace of globalization has accelerated, operational issues of international coordination have often been overlooked. For example, the global financial crisis that began in 2007 is attributed, in part, to a lack of regulatory oversight. As a result, supranational organizations, such as the G-20, the World Bank, and the International Monetary Fund, have prioritized strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions. Prevailing characteristics of the global economic systems, such as the increasing power of financial institutions, changes in the structure of global production, decline in the authority of nation-states over their national economy, and creation of global institutional setting, e.g., global governance have created the conditions for a naturally evolving process towards enabling national epistemic communities to create institutions that comply with global rules and regulations can control crises. In this context, transfer of technical knowledge from the larger
organizations and its global epistemic communities to member
communities is becoming a policy tool to "convince" participants in
the international system to have similar ideas about which rules
will govern their mutual participation. In the realm of finance and
banking regulation, the primary focus is on transfer of specialized
and procedural knowledge in technical domains (such as accounting
procedures, payment systems, and corporate governance principles),
thereby promoting institutional learning at national and local
levels. In this volume, the authors provide in-depth analysis of
initiatives to demonstrate how this type of knowledge generated at
the international organization level, is codified into global
standards, and disseminated to members, particularly in the
developing world, where the legal and regulatory infrastructure is
often lacking.
The role of international regulatory standards within the current global environment has become of the most importance. Regulations are now becoming the emerging mode of global governance. This study focuses on information aimed at promoting international standards and good practices in policy domain areas that cut across national agendas. Transferring international standards-related information from international organizations comes with challenges, many of which result from differences in the characteristics of elements involved in the information transfer process. My principal proposition is that adoption of a specific international standard can be explained by individual-level attributes as well as by country-level attributes. The findings provide strong evidence that individual client's lack of transparency regarding standard's compliance, use of standardized templates for data gathering do matter for standard's adoption. Additionally, at the country level, absorptive capacity of the overall government and WTO membership does affect the country's adoption of the standard.
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