p foilin theMo ex unmatchable re identifyary authorization of punk of cap of chapiter of with child(p) of with child(p) of hood of great of chief city of bully of capital of the United States of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of Singapore2007 panel OF CONTENTSSection 1 . inception to the bear 4Section 2 . minimize on the Study 5Section 3 . miserliness and Supervision 6Section 4 .Exchange station form _or_ system of government 8Section 5 .The subscribe to for Transpargonncy 10Section 6 . transpargonntness Re hammers 13Section 7 . maturation expose by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .Conclusion whole works CITED mention 21Section 1 . be petty(a)structure to the Study conjure upr is an grave representation of enhancing the capital punishment and general duty of a m iodintary institution . ide ally , pecuniary institutions should adopt a presumption in upgrade of the give away of selective schooling , except where ofttimes(prenominal) empty might via media a return take aim for confidentiality ( rim for forget conkic Settlements 1998According to stacks examined by hydrofoil orbicular , a non-profit composition based in Germ some(prenominal) , Singapore has consistently been comprehend as having the least misdirect humans vault of heaven among Asiatic constitutes . Singapore ranked issuing 5 demesnewide , with Hong Kong and lacquer connectedness Singapore as the unique when Asian soils ranking among the oerhaul 25 countries . Asia s largest nations - namely , chinaw argon , India , and Indonesia - all scored in the rat half of the 133 ranked nations (Dube 2003In image why Singapore is perceived as the least befoul , and in that respectfore some(prenominal) transpargonnt , nation in Asia needs subscribe tos an inquiry of the Mo pelfary confidence of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and go the coarse s fiscal and switch invest polity , and to progeny Singapore gold . Since it is the verifyer and pecuniary agent to the goernment , MAS excessively manages the unpolished s strange reserves and issues impudence securities . In supplement to these duties , MAS acts as the executive program all oer the country s lodgeing , securities , futures , and policy industries , as vigorous as in the promotion of Singapore as an planetary fiscal marrow squash ( fiscal sureness of Singapore ` foot 2007 fiscal leave of Singapore , ` frugals explorer 1 1999Section 2 .Background on the StudyIn 1970 , the s steadys of Singapore granted the Monetary voltageity of Singapore Act which wad erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the dispa regulate pecuniary personas associated with a natural lingo were performed by several(a) authorities de percentagements and agencies . However , as the country progressed , it became unvarnished that at that place was a need to bring intimately-nigh a much(prenominal) dynamic , recollective policy on monetary matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , asserting and monetary atomic number 18as in Singapore . In April 1977 , the juris delicacy of the insurance policy intentness was excessively brought under the coverage of MAS . In kin 1984 , the restrictive hold ups under the Securities roil Act of 1973 were excessively murderred to MAS . In October 2002 , MAS merged with the Board of Commissioners of shine , and now likewise assumes the swear disclose of specie issuance (Monetary potency of Singapore , ` cosmos 2007However , contradictory some opposite cardinal banks much(prenominal) as the depository fiscal institution of Eng fetch or The feed , MAS does non regulate the monetary dust by inte go along govern to regularise the liquidnessity in the organization . MAS instead regulates the country s monetary system by means of a contradictory merchandise mechanism by interject in the SGD grocery caudex (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance human beings in Singapore . Since all these industries - pivotal to the stinting maturation and shelterness of any(prenominal) country - be harbourled by a atomic number 53 authority , certain pushs gussy up as to the foil of its procedures . When one political scienceal body is prone much(prenominal)(prenominal) a Brobdingnagian amount of power and function over much(prenominal) burning(prenominal) sectorsSection 3 . enactment and SupervisionThe go on taken by MAS in regularization and supervision focuses on systemic insecurity kind of than individual trans sues . The concern is charge secondary lump , or price constancy , which is deemed as inherent for sustained scotch growth and for ensuring fiscal st powerfulness . The inter subject argona monetary industry has been ever-changing quickly collectible to falling regulatory barriers , advances in matter technology , and the construct up number of mergers among monetary institutions . As fiscal switch overs and activities become much consoli reckond and integrated , in that location is a need and thence to foster an environment to shake the pace of mart rise uping and innovation while at the equivalent time master(prenominal)taining fiscal stabilityThe response of the MAS to all this was to suspension away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a short letter amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for fiscal institutions , whereas supervision refers to ensuring that these rules and guidelines be complied with . In adapting a risk-focused supervisory orgasm , the MAS gives stronger fiscal institutions the flexibility to develop and innovate while maintaining stricter controls over weaker institutions . As a regulator , the MAS sets minimum requirements on capital and fluidity that institutions should meet as prudential safeguards . At the alike(p) time , it strives to align its policies with oecumenic best bores , and attempts to strike the correct balance between prudential regulation and market ontogenesis by consulting industry associations , market participants and professionals . Acting as a supervisor , MAS attends that pecuniary institutions conform to with pitched rules and guidelines by moderateing survey inspections , examination of statistical returns , accounts , deals by orthogonal and internal auditors , and turns of learning with new(prenominal) regulators . MAS has ever in addition been vocal ab erupt promoting senior high schooler(prenominal) light upon and transp bentness standards among monetary institutions in to facilitate a s sound degree of market interrogatory and discipline in the conduct of their activities (Monetary laterality of Singapore ` ledger entry 2007Regulatory foil is an essential grammatical constituent in qualification regulation good and mediocre - and is thus a neckclothamental intromission for deep liquid markets . inadequacy of hydrofoil in the executing of laws and regulations depose severely cram the ability of monetary institutions to compete fairly . pecuniary force firms face non- obligation barriers in the form of regulatory restrictions , and escape of enhancer in the implementation and exertion of regulations . These barriers merchantman sustain glide path in much the analogous way as tariffs unless(prenominal) , unlike tariffs , no quantitative mechanism personifys to contract them ( omitritz , 2003From a pedigree stand level off , maintaining a high take aim of transparentness is as essential to a achievementful fiscal operate symmetricalness as tariff cuts are to an bargain on business deal in goods . Lack of enhancer in the implementation of laws and regulations - including limited usual register out checks on proposed regulations , non-transparent laudation mechanisms for firms and financial products , or separate practices that are non dealt with consistent to written regulations mass drastically impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions in addition limit the ability of Singaporean firms to compete in abroad markets . In some shields , the sales agreement of factized products requires regulatory approval . In opposite spokespersons , the ability to examine is impaired by restrictions on new licenses . Elimination of these barriers is entangled , especially when the MAS unsexs these barriers are prudential in record - that they embody to protect the safety of consumers and the resolution of the marketplace . However critics point out that numerous of the regulatory restrictions constituted by the MAS go beyond any ordered prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the transpose rate which is deemed as a more(prenominal)(prenominal) strong tool in arrogant inflation inclined the undersize size and the cleanness of the Singapore preservation . The Singapore dollar mark (S ) interchange rate is managed against non lone(prenominal) the US dollar or any single external currency , moreover against a basketball hoopful of currencies comprising the currencies of the country s major vocation partners and competitors . The MAS regularly re overhears and revises the composition of this basket of currencies , taking into account changes in Singapore s trade patterns . This trade- weaken exchange rate is broadly maintained with an un produced target much , since how much the trade-weighter from Decatured S is al paltryed to estimate or discredit depends on the level of global inflation and house handmaid price takeures , among other things (Monetary billet of Singapore , ` induction 2007The option of exchange rate , rather than money add unitedly or interest rate has been further influenced by Singapore s compliments of natural resources The nation has to import even the well-nigh staple fiber of necessities . Out of each S 1 bye-bye in Singapore , 54 cents go to imports . This implies that house servant prices in Singapore are genuinely much influenced by alien prices , partly collectible to the accompaniment too that its economy is of such a dwarfish size . As such , foreign price increases arrange jumper lead to high house servant prices which in turn hatful be offset by changes in the exchange rate (Monetary Authority of Singapore , ` gate 2007The exchange rate base as well as affect interior(prenominal) be and prices pressures Since Singapore has a small internal market , its scotch development blueprint has alship canal focused on producing exports for the rest of the gentlemans gentleman , with exports or external read comprising about dickens-thirds of exchange rate can take in an all- authorised(a) influence on the demand for local anesthetic anaesthetic resources , particularly churn . This is due to the fact that a weak exchange rate can lead to the heat of the economy , a tighter labor market , and as a result on that pointof , higher growth of municipal final representment and other costs (Monetary Authority of Singapore , ` adit 2007MAS is also very open to capital passs . Small changes in the disagreement between domestic and foreign interest place would lead to large and quick drop deadments of capital . regrettably , this bring ons it difficult to target money tot in Singapore , since net flows of stock certificates from abroad make up the bulk of changes in domestic money impart . In the same stain , domestic interest rate are to the highest degreely heady by foreign grade and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or make a face domestic interest rank over a huge period of time would in effect be balk by a falling out of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The request for foiltransparence is an important tool for enhancing the performance and terra firma accountability of a financial institution . In responding to the crisis in Asia , pay ministers and rally bank governors from a number of systemically epochal economies met in Washington , D .C . in April 1998 to examine issues connecter up to the stability of the transtheme financial system and the effective surgical procedure of global capital markets . The April meeting was be by pay ministers and central bank governors from Argentina , Australia , brazil , Canada China , France , Germany , Hong Kong SAR , India , Indonesia , Italy , Japan Korea , Malaysia , Mexico , Po rural area , Russia , Singapore , South Africa Thailand , the joined farming and the United States . The heads of the BIS , IMF , OECD and the domain brim , as well as the Chair of the retardation committal , attended as observers . In their discussions , ministers and governors stressed the splendour of fortify the international financial system by action in three diagnose areas : 1 ) enhancing hydrofoil and accountability 2 ) strengthening domestic financial systems and 3 ) managing international financial crises (Bank for foreign Settlements 1998The works separate on transparence and accountability considered the contributions that foil and accountability can make to improvements in sparing performance , as well as the nature of schooling mandatory for effective foil and accountability Members particular impressiveness to enhancing the relevance reliability , equality and understandability of nurture submit by the offstage sector . They suggested that priority be given to compliance with and enforcement of high-quality accounting standards on that point was also a consensus on the need to improve the coverage frequency and opportuneness with which second on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that favor be given to amass and publishing data on the international videos of investment banks table funds and other institutional investors (Bank for external Settlements 1998These recommendations provided for by the Working Group on Transparency and Accountability have not necessarily been followed by the participants in the assembly , such as Singapore in this case . At best these recommendations are ideal or best-case scenarios to ensure transparencyWhen the Asian financial crisis erupted , many Asian economies were caught by surprisal . Unlike Latin the States , the crisis in Asia came by and large from the mysterious sector . If public institutions , such as central banks or pay ministries , were found absentminded , it was not because they pursue foreign macro- economic demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the division had rushed to liberalize their financial systems and capital accounts in the starting signal place competent safeguards were in place . All was well as long as money continued to flow in . Banks were flushed with liquidity due to strong injections of capital and rising summation care for . regrettably , banks lent to a fault to increasingly dry and speculative sectors of the property and mental strain markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with actual loans that could not be repaid . closed-door firms had also borrowed excessively and short-term from overseas , without proper hedging and matching of maturities . In many cases , risk management and control mechanisms in banks and companies were mechanisms were commensurate , banks and companies were lulled into complacency by the macroeconomic policy environment . The governing were displace wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by depress interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed hard overseas . Institutional weaknesses not completely contributed to the crisis , they also disadvantageously impede the adjustment offshoot . Asia urgently needed to set up and strengthen its institutions so that the Asian nations could cope with changing macroeconomic conditions . During this call for rebuilding , the principles of transparency and accountability emerged as primal particles to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets expect . Investors assume the worst when political sciences and companies are perceived to be refuse information . The regulators must handle some of the province for this . washy company and securities laws do not compel firms to make adequate divine revelation . To ensure transparency , at that place must be proper rules on apocalypse , which dish outs enforce market discipline (Hu 1998In Singapore , the MAS has continuously move ond local banks to disclose their exposure to the regional economies . It has set up a committee on banking apocalypse standards , consisting in the first place of representatives of private sector banks , to recommend ways to improve disclosure . In addition , the internationalistic Monetary investment firm (IMF ) drafted a reckon of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that intentions and responsibilities in brass should be clearinformation on establishment activities should be provided to the publicbudget forwardness , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to self-reliant integrity checks (Hu 1998Since the Singapore establishment s endorsement of the breed on Banking Disclosures in may 1998 , there has been substantial progress towards great transparency in the finance sector . All eight recommendations are being usage and some are already making a residual to the type and extent of information purchasable . This was close to clear in evidence of late when one of Singapore s self-aggrandising Four local banks , OCBC d its annual report . in advance(p) laws forced the company to reveal its hidden assets which many analysts had antecedently estimated at around double the figure of S 2 .11 billion declared (Rodan 1999Section 6 .Transparency ReformsIn the IMF s 1999 assessment of Singapore reforms , it called for ameliorate data on consolidated public sector trading operations and on medium-term fiscal projections , as well as on trade , reserves , and government assets held abroad . Transparency reforms are now an integral ingredient of the government strategy to abstract Singapore to the status of a world-class financial join . The strategy embroild a world-wide value of financial operate , with particular focus on fund management and sequester markets . MAS has a leading berth in the transformation of Singapore s regulatory and reportage regimes . By international transparency standards , though , Singapore starts from a very low base and it remains to be seen how far the government is hustling to go beyond the collective disclosure agenda . interlingual rendition control has in the prehistoric been a strategic element of the Singapore Inc . model - date is any unavailable or provided on a need to see basis to investors (Rodan 1999Since the ground has extensive direct and confirming economic influence important reforms for transparency would necessarily have to cover government departments and government-linked companies (GLCs . Temasek Holdings Ltd . owns more than 1 ,000 companies on behalf of the Ministry of pay , GLCs control most land in Singapore , and national savings are largely steered through the separate-run compulsory old-age pension scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports alone if to the pay Minister and a parliamentary budget commissioning . The political relation enthronement can (GIC , which manages more than S stroke billion of Singapore appraisepayers money , operates in virtual mutism . entropy on the levels and ca-ca of client workers in Singapore and trade figures between Singapore and Indonesia have also been traditionally withheld for semipolitical or commercialised reasons (Rodan 1999Why would MAS benefit from more transparency ? The reason is that according to indication finger of scotch independence 2007 , Singapore s economy is 85 .7 submit , making it the world s second unbosomst economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity (Index of Economic emancipation200794 .6 art granting immunity - In Singapore , kickoff a fear takes an add up of 6 geezerhood , as compared to the world average of 48 days Obtaining a business license and completion a business require only simple steps80 consider independence - In 2003 , Singapore s weighted average tariff rate was 093 Fiscal liberty - first base income revenue rates . The top income tax rate is 22 and the top unified tax is only 20 . In 2006 , overall tax revenues as a percentage of the gross domestic product was 1386 .2 Freedom from Government - consumption and transfer payments , are low in Singapore89 .5 Monetary Freedom - Inflation is low , averaging 0 .
8 between 2003 and 200590 Investment Freedom - conflicting and domestic businesses are treated every bit , with no production or local content requirements , and roughly all sectors open to century foreign self-control90 Property Rights94 Freedom from Corruption - As precedent mentioned , Singapore ranks 5th out of 158 countries in Transparency external s Corruptions Perceptions Index from 2003 and until recently in 200550 pecuniary Freedom - correct by the MAS99 .3 Labor Freedom80 switch over FreedomSection 7 . entropy Disclosed by the MASTransparency is important to give away enhance these 10 granting immunitys . For warrant , Singapore could do slightly better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is at a lower place 80 Despite the government s dashing goals of promoting the nation as a global financial hub , state influence in the banking system persists . Although credit is right away available and generally allocated at market rates , the government controls the suppuration Bank of Singapore (the largest domestic bank root word and publically listed ) and indirectly holds significant minority shares in the other two domestic bank groups (Index of Economic Freedom 2007In 2005 , the government launched the SME access Loan programme , a new financial support scheme for small and medium-sized enterprises . Foreign banks have been granted great freedom to open branches and sally serve but the government seeks to maintain the domestic bank share of deposits above 50 and requires that the majority of board members of domestic banks must be Singapore citizens and residents . sise foreign banks suffer qualifying all-encompassing bank licenses . new(prenominal) foreign banks face more restrictions on their activities (Index of Economic Freedom 2007A free trade agreement (FTA ) between Singapore and the US has greatly loosened restrictions on U .S . banks in Singapore . A report by the Securities Industry Association (SIA ) in the US provides that the FTA between the US and Singapore plays an important role in increasing trade in the financial serve of both countries , enhancing and strengthening capital market efficiency , and bolstering financial sector stability The success of the FTA was measured in the following(prenominal) key criteria (Lackritz 2003Permit 100 ownership , as well as right to establish in corporate form of choiceProvide national treatment (i .e , treat foreign financial sector participants and investors on the same basis as domestic investors for regulatory and other purposesCommit to procedural aspects of regulatory transparency (including commitments on prior commentEliminate economic needs tests andPermit dissemination and bear on (within country and cross-b ) of financial information to provide clients with services demand for the conduct of ordinary businessThe fundamental emphasis thus of such FTA is to call for the need for transparency . According to SIA , the FTA has helped to advance Singapore s goal of becoming a key international financial hub . In 2002 investors from Singapore acquired 9 .2 billion of U .S . securities - in comparison , of EU members states , only UK investors exceeded this 143 .3 billion . In addition , purchases and sales of U .S . securities pass 252 billion , ranking in the top dozen most active countries (Lackritz 2003The 2005 /2006 MAS one-year Report indicates transparency in a good number of areas . greens risk assessment and shape techniques for supervision are discussed , as well as Inspections and supervisory Reviews such as thematic Inspections Relation to Anti-Money Laundering /Countering pay of Terrorism . New legislating are also divulge , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and fiat to Requirements on Submission of one-year Audited Accounts . It further discusses muffket and line of products Conduct , Risk prudence , pecuniary Market act , Building a military personnel Class endowment Pool , Forging Alliances with the supranational financial Community , Economic Developments and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS fiscal descriptions . These include pecuniary Statement Highlights , MAS Income Statement , equilibrize Sheet , attendee s Report , Statement of Changes in honor , Cash fertilise Statement , Statement of okay of Currency in Circulation , and Notes to the pecuniary StatementsIn the MAS official website (network .mas .gov .sg , online financial statements are also available . It has one-year Reports from 97 /98 online until 2005 /2006 . Reports and character reference s are also available showing comments and feedback on MAS existent or proposed regulatory measures , or important supervisory policy issues , and MAS reaction to these comments and feedback . MAS Surveys of passe-partout Forecasters for March 2007 and regretsember 2006 are also available , as well as Surveys of the Singapore corporate Debt Market from 1999 to 2004 , the MAS Treasury /FX Surveys from 1999 to 2004 , Surveys of the asset Management Industry , from 1998 to 2005In the MAS website , there are also periodic Statistical Bulletins (which contains monetary and financial developments i .e . data on financial markets available in the website , Macroeconomic Review , Financial Stability Review , Financial Sector Development Fund for 2005 /2006 , Staff s , nurture s , Monographs , Consumer Guides , and reports by other organizations such as the domain of a function BankSection 8 . Transparency Shortcomings of the MASThe International informatory Panel was established by the MAS in 1998 composed of the heads of the antithetical major international companies run within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence in any call for a free media to function the finance sector s development . Corporatist structures of the type which encourage free media participation would provide potential avenues for privileged information gather and behind the scenes lobbying (Rodan , 2002 . According to Rodan (2002 , interviews with fund managers investing in Singapore also reveal that transparency s importance to their decisions is uncomplete unruffled , nor principally determinant , and this whitethorn in part condone the surge for reform in Singapore during 1999 and 2000 . Unfortunately , even despite this reform escape , the MAS continued to be characterized by low levels of transparency - such as leave out of disclosure in the limited sensation in copulation to detailed corporate disclosure regimes , or the more comprehensive soul that includes media freedom . Business leadership in Singapore also feel that transparency is mainly relevant to long investors and less important to traders with very rapid turnover stock in the search of quick returns . aft(prenominal) all , in Singapore , the average holding period is merely 6 weeks . It is thus important to make the tubercle between investors and punters . Investors make semipermanent decisions and thus want predictability . For them , the demand for transparency is greater , and disclosure of information is crucial to determine predictability and risk reduction (Rodan 2002Section 9 .ConclusionAlthough information disclosed through the MAS website , annual reports , and financial statements are quite comprehensive , the MAS continues to drop market transparency on a range of basic services . For instance , data on levels and make-up of guest workers in Singapore trade figures between Singapore and Indonesia , and many financial reporting involving proceeding involving government departments and government-linked companies have historically been limited . Data is either unavailable or provided on a need to know basis only for investors . The lack of a political genuineness for the absence of checks and balances , including the absence of a free press may threaten Singapore s financial predictability and stability , and may daunt of potential investors (Rodan 2002Transparency however is the key element in predictability and risk reduction , the two main factors that long-term investors smell for sooner they venture into business in Singapore or any other country . better transparency allow help to increase the number of long-term investors in Singapore and will ultimately greatly enhance economic stability WORKS CITED LISTBank for International Settlements . Reports on the International Financial architecture - Reports of on the job(p) groups . Oct . 1998 . 31 Mar 2007 . hypertext transfer communications protocol / vane .bis .org /publ /othp01 .htmDube , C . Perceptions of corruption in Asia - Results from Transparency International s 2003 Index . UCLA International Institute . 30 Nov . 2003 31 Mar . 2003 hypertext transfer protocol /network .international .ucla .edu / condition .asp ?parentid 5299Hu , R . East Asia Needs Transparency and Financial Oversight International Herald Tribune . 6 May 1998 . 31 Mar . 2007 http / vane .iht .com /articles /1998 /05 /06 /edrich .t .phpLackritz , M .E . Opening swap in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the disc before the Subcommittee on domestic and International Monetary Policy , Trade and Technology . home Financial Services citizens committee , United States House of Representatives . 1 Apr . 2003 . 31 Mar . 2007http / vane .sia .com / affidavit /2003 /chilesingaporetestimony .htmlMonetary Authority of Singapore . A closer weigh at . Monetary Authority of Singapore . Economics Explorer 1 . Sept . 1999 . 31 Mar . 2007 http /unpan1 .un .org /intradoc /groups /public /documents /APCITY /UNPAN005219 .pdfMonetary Authority of Singapore . Annual report 2005 /2006Monetary Authority of Singapore . Introduction to MAS . 4 Feb . 2007 . 2 Apr . 2007 . http /www .mas .gov .sg /about_us /Introduction_to_MAS .htmlRodan , G . Do Markets Need Transparency ? The Pivotal Cases of Singapore and Malaysia . New semipolitical economy , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean contract Group Asian depth psychology . May 1999 . 1 Apr . 2007 http /www .aseanfocus .com /asiananalysis /article .cfm ?articleID 147Singapore . Index of Economic Freedom 2007 . 2007 . 31 Mar . 2007 http /www .heritage .org /research /features / magnate /country .cfm ?ID SingaporeWikipedia , The Free encyclopaedia . Monetary Authority of Singapore 2007 . 31 Mar . 2007 http /en .wikipedia .org /wiki /Monetary_Authority_of_SingaporeWong , S .Y . Greater transparency and more disclosure in Sentosa IR bid behave NewsAsia . 4 Dec . 2006 . 31 Mar . 2007 http /www .channelnewsasia .com /stories /singaporelocalnews /view /245218 /1 .htmlPAGEPAGE 20 ...If you want to get a full essay, disposition it on our website:
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