By J. J. Woo
This ebook presents an research of Singapore’s improvement and luck as a global monetary centre (IFC). Chapters exhibit how Singapore performs a severe function in either Asian and international monetary markets, regardless of its fairly small geographic measurement. the writer focuses particularly at the components that experience contributed to the city-state’s good fortune and discusses the coverage classes that may be derived from it. The booklet describes the ancient, spatial, political and coverage elements that contributed to Singapore’s improvement as a number one Asian monetary centre and worldwide urban, and may be of curiosity to either coverage students and practitioners.
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Extra info for Singapore as an International Financial Centre: History, Policy and Politics
A brainchild of then-economic adviser Professor Albert Winsemius and Singapore’s first Finance Minister Dr Goh Keng Swee, the ADM allowed Singapore to fill a gap between the close of US markets and the reopening of European markets on the next day. The ADM would not be the only instance of successful niche creation, although its establishment has served to drive other financial activities such as bonds and Forex. These typically included tax and fiscal incentives that were implemented to attract foreign banks and financial institutions into Singapore, expanding the ADM in the process.
This suggests unique socio-political configurations and policy processes in these Asian IFCs that may require closer research and analysis. While there is growing research interest in top Asian IFCs such as Hong Kong, Singapore, Shanghai, and Tokyo, these studies have not sufficiently addressed the socio-political aspects of these IFCs, focusing instead on the economic and spatial aspects of IFC development. J. 1). More importantly, the existing literature’s inability to sufficiently and comprehensively address the spatial-socio-political context within which IFCs exist suggests an even more serious deficiency in existing IFC studies.
The Singapore government continued apace in its efforts to liberalize its financial markets even amid this growing complexity and diversity of the global financial markets, with the MAS’s dual focus on development and regulation proving felicitous as such efforts to liberalize and open up the financial sector would inevitably result in greater exposure to risk and contagion. 5). These efforts were largely successful, with Singapore’s financial sector becoming increasingly diverse with strong growth and expansion of the insurance industry and capital markets and deeper consolidation of the banking sector during this period.
Singapore as an International Financial Centre: History, Policy and Politics by J. J. Woo