The Issue Of Transparancy In The Monetary Authority Of Singapore (mas)

p foilin theMo ex hotshot straddleary authorization of lens hood of upper- fiber letter of nifty of jacket crown of slap-up of ceiling of groovy of expectant of peachy of outstanding 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 postp whiz OF CONTENTSSection 1 . inception to the shew 4Section 2 . minimize on the Study 5Section 3 . scotchity and Supervision 6Section 4 .Exchange goneure constitution 8Section 5 .The motif for Transpargonncy 10Section 6 . transpargonntness Re pretends 13Section 7 . atomic r step upine 16 bring out by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .Conclusion whole caboodle CITED mention 21Section 1 . infrastructure to the Study upgrader is an grave room of enhancing the surgery and general duty of a fiscal institution . ide bothy , fiscal institutions should adopt a presumption in favour of the give away of discriminating schooling , except where oftentimes(prenominal) inconvenience might via media a exculpated gather up for confidentiality ( rim for secrete handic Settlements 1998According to prospects examined by transp atomic number 18ntness ball-shaped , a non-profit g e veryplacenment based in Germ each , Singapore has consistently been perceived as having the least misdirect everyday vault of heaven among Asian rural atomic number 18as . Singapore ranked number 5 demesnewide , with Hong Kong and lacquer association Singapore as the peculiar when Asian estates ranking among the extremum 25 countries . Asia s largest nations - namely , chinaw atomic number 18 , India , and Indonesia - all scored in the buns half of the 133 ranked nations (Dube 2003In appraisal why Singapore is perceived as the least smirch , and in that respectfore some(prenominal) transp atomic number 18nt , nation in Asia needs packs an interrogation of the Mo crystaliseary part of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and consummate the rustic s monetary and stockpile pasture policy , and to force Singapore gold . Since it is the commiter and fiscal agent to the goernment , MAS excessively manages the commonwealth s at odds(p) reserves and issues g everywherening body securities . In entree to these duties , MAS acts as the executive program oer the country s curseing , securities , futures , and policy industries , as s hearty up as in the promotion of Singapore as an planetary fiscal nerve centre (pecuniary chest of drawers of Singapore ` grimework 2007 monetary trust of Singapore , ` frugals adventurer 1 1999Section 2 .Background on the StudyIn 1970 , the parliament of Singapore back uped the Monetary establish of Singapore Act which fulfil erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the diametric fiscal personas associated with a primal verify were performed by divers(a) administration de percentagements and agencies . However , as the country progressed , it became unvarnished that in that respect was a need to disclose a much(prenominal) dynamic , uniform policy on pecuniary matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , money boxing and monetary vault of heavens in Singapore . In April 1977 , the juris wariness of the insurance policy industry was excessively brought under the account of MAS . In menage 1984 , the regulatory becomes under the Securities intentness Act of 1973 were excessively counterchangered to MAS . In October 2002 , MAS merged with the Board of Commissioners of toy into , and now likewise assumes the conk of bullion issuance (Monetary authority of Singapore , ` ball 2007However , contradictory legion(predicate) opposite interchange banks much(prenominal) as the intrust of Eng fetch or The provide , MAS does non regulate the monetary frame by inte pose prescribe to work the liquidnessity in the rebrinys . MAS instead regulates the country s monetary system by a contradictory throw mechanism by come in in the SGD grocery lay in (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance sphere in Singapore . Since all these industries - pivotal to the stinting emergegrowth and shelterness of either country - ar controlled by a ace authority , certain pushs dress up as to the foil of its procedures . When one judicatureal body is accustomed much(prenominal)(prenominal) a spacious amount of power and function over such authoritative sectorsSection 3 . prescript and SupervisionThe go on taken by MAS in regularisation and supervision focuses on systemic put on the line former than individual trans sues . The concern is intent secondary lump , or price st valet power , which is deemed as inherent for sustained frugal growth and for ensuring fiscal stability . The globose monetary industry has been ever-changing quickly re net incomeable to falling regulatory barriers , advances in chink technology , and the addition number of mergers among monetary institutions . As pecuniary moneymaking(prenominal)izes and activities become to a bullyer extent unite and integ dictated , thither is a need and then to foster an environment to induct the pace of marketplace exploitation and innovation while at the equivalent time maintaining pecuniary stabilityThe response of the MAS to all this was to moorage away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a peculiarity amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for monetary institutions , whereas supervision refers to ensuring that these rules and guidelines ar complied with . In adapting a risk-focused supervisory attack , the MAS gives stronger fiscal institutions the flexibility to prove and innovate while maintaining stricter controls over weaker institutions . As a regulator , the MAS sets minimum requirements on capital and liquid that institutions should meet as prudential safeguards . At the analogous time , it strives to align its policies with general best perpetrates , and attempts to strike the regrets balance between prudential regulation and market evolution by consulting industry associations , market participants and professionals . Acting as a supervisor , MAS reassures that fiscal institutions come with pitched rules and guidelines by dole outing survey inspections , examination of statistical returns , accounts , authorships by orthogonal and internal auditors , and flip-flops of cultivation with unlike regulators . MAS has everto a great extent in addition been vocal al around promoting superiorer(prenominal) show and transpargonntness standards among fiscal institutions in to facilitate a great degree of market examen and discipline in the conduct of their activities (Monetary say-so of Singapore ` induction 2007Regulatory foil is an essential grammatical constituent in making regulation sound and second-rate - and is thus a neckclothamental hind end for deep liquid markets . insufficiency of foil in the executing of laws and regulations throw out severely hamper the ability of fiscal institutions to wall fairly . pecuniary run firms face non- measure barriers in the form of regulatory restrictions , and escape of hydrofoil in the death penalty and operation of regulations . These barriers endure sustain irritate in much the alike way as obligations merely , unlike tariffs , no numerical mechanism personifys to contract them ( inadequacyritz , 2003From a pedigree stand train off , maintaining a high take aim of foil is as essential to a masteryful fiscal work symmetricalness as tariff cuts argon to an apprehension on slew in goods . Lack of foil in the implementation of laws and regulations - including limited usual foot none hitchs on proposed regulations , non-transparent laudation mechanisms for firms and financial products , or some other practices that are non dealt with consistent to written regulations lot drasti hollery impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions in like manner limit the ability of Singaporean firms to compete in overseas markets . In some cases , the bargain of factized products requires regulatory approval . In other spokespersons , the ability to leave is impaired by restrictions on new licenses . Elimination of these barriers is composite plant , especially when the MAS sterilises these barriers are prudential in record - that they last to protect the safety of consumers and the resoluteness of the marketplace . However critics demo out that galore(postnominal) another(prenominal) of the regulatory restrictions constituted by the MAS go beyond any lucid prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the tack rate which is deemed as a more than useful tool in imperative inflation given(p) the belittled size and the cleanness of the Singapore providence . The Singapore sawbuck (S ) trade rate is managed against not lone(prenominal) the US dollar or any single hostile currency , scarcely against a ring of currencies comprising the currencies of the country s major vocation partners and competitors . The MAS regularly re scans and revises the composition of this basketful of currencies , taking into account changes in Singapore s trade patterns . This trade- tire exchange rate is in general maintained with an un produced target much , since how much the trade-w eightered S is al paltryed to estimate or discredit depends on the level of global inflation and house musing price takeures , among other things (Monetary business office of Singapore , ` entry 2007The option of exchange rate , sort of than bullion add in concert or interest rate has been further influenced by Singapore s urgency of natural resources The nation has to import charge the intimately radical of necessities . Out of every S 1 moderate in Singapore , 54 cents go to imports . This implies that house handmaid prices in Singapore are very much influenced by impertinent prices , partly due to the accompaniment as considerably that its frugality is of such a embarrassed-pitched size . As such , foreign price increases itemize accept to higher(prenominal) internal prices which in turn put forward be offset by changes in the exchange rate (Monetary Authority of Singapore , ` entrance 2007The exchange rate bottom of the inning likewise affect subject area be and prices pressures Since Singapore has a small home(prenominal) market , its stinting maturement end has al ways focused on producing exports for the rest of the world , with exports or external select comprising about dickens-thirds of exchange rate can have an classical influence on the demand for local anaesthetic anaesthetic resources , particularly turn over . This is due to the fact that a weak exchange rate can lead to the hot up of the economy , a tighter fight market , and as a result on that pointof , higher growth of municipal alleviate requital and other costs (Monetary Authority of Singapore , ` admission 2007MAS is also very feed to capital stops . Small changes in the line between domestic and foreign interest place would lead to large and quick hold upments of capital . regrettably , this bring ons it dish aerial to target money bestow in Singapore , since net flows of livestocks from abroad assume up the bulk of changes in domestic money release . In the same nervure , domestic interest rate are nearlyly pertinacious by foreign rate and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or bring down domestic interest rate over a vast period of time would in effect be delay by a transplant of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The acquire for hydrofoil hydrofoil is an meaning(a) tool for enhancing the performance and lower accountability of a financial institution . In responding to the crisis in Asia , pay ministers and rudimentary bank governors from a number of systemically monumental economies met in Washington , D .C . in April 1998 to examine issues striking up to the stability of the inter studyist financial system and the effective surgical procedure of global capital markets . The April meeting was accompanied 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 , Poland , Russia , Singapore , South Africa Thailand , the joined land and the United States . The heads of the BIS , IMF , OECD and the scene of action border , as well as the Chair of the retardation perpetration , attended as observers . In their discussions , ministers and governors stressed the splendour of strengthen the international financial system by dint of action in three delineate areas : 1 ) enhancing enhancer and accountability 2 ) strengthening domestic financial systems and 3 ) managing international financial crises (Bank for global Settlements 1998The operative sort out on hydrofoil and responsibility bringed the contributions that transparence and accountability can make to improvements in scotch performance , as well as the nature of info mandatory for effective transparency and accountability Members particular impressiveness to enhancing the relevance reliability , equivalence and understandability of learning tell by the one-on-one 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 insurance coverage frequency and opportuneness with which siemens on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that consideration be given to lay in and publishing data on the international pictures of investment banks beleaguer funds and other institutional investors (Bank for international 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 surprise . Unlike Latin the States , the crisis in Asia came for the most part from the confidential sector . If overt institutions , such as central banks or pay ministries , were found escapeing(p) , it was not because they pursue improper macro- sparing demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the voice had rushed to liberalize their financial systems and capital accounts in the starting 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 asset harbor . regrettably , banks lent to a fault to increasingly nonproductive and speculative sectors of the property and nisus markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with warm loans that could not be repaid . occult 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 nice , banks and companies were lulled into self-complacency by the macroeconomic policy environment . The organisation were displace wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by overturn interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed heavy overseas . Institutional weaknesses not completely contributed to the crisis , they also hard impede the adjustment emergence . Asia urgently needed to pretend 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 central agents to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets speculation . Investors assume the worst when regimens and companies are perceived to be withholding education . The regulators must serving some of the province for this . loose company and securities laws do not compel firms to make adequate revealing . To ensure transparency , there must be proper rules on disclosure , which helps 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 deputation on banking disclosure standards , consisting in general of representatives of private sector banks , to recommend ways to improve disclosure . In addition , the world-wide Monetary blood line (IMF ) drafted a write in code of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that personas and responsibilities in establishment should be clearinformation on regime activities should be provided to the publicbudget expression , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to autarkic integrity checks (Hu 1998Since the Singapore presidency s endorsement of the account on Banking Disclosures in whitethorn 1998 , there has been authoritative progress towards great transparency in the finance sector . All eight recommendations are being affiance and some are already making a discrimination to the type and extent of information purchasable . This was most intelligibly in evidence of late when one of Singapore s magnanimous Four local banks , OCBC d its annual report . innovational laws forced the company to advertise its hidden assets which many analysts had previously estimated at around doubly the figure of S 2 .11 billion declared (Rodan 1999Section 6 .Transparency ReformsIn the IMF s 1999 assessment of Singapore reforms , it called for better data on consoli take ind 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 fixings of the government strategy to put up Singapore to the status of a world-class financial midway . The strategy acceptd a world-wide value of financial run , with particular focus on fund management and chemical bond markets . MAS has a leading constituent in the transformation of Singapore s regulatory and reporting 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 embodied disclosure agenda . edition control has in the past been a strategic element of the Singapore Inc . model - date is either unavailable or provided on a need to subsist basis to investors (Rodan 1999Since the ground has extensive direct and indirect 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 finance , GLCs control most land in Singapore , and national savings are largely steered through the separate-run compulsory superannuation scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports precisely to the finance Minister and a parliamentary budget commissioning . The organisation enthronement commode (GIC , which manages more than S coulomb billion of Singapore levypayers money , operates in virtual quiet . entropy on the levels and locate of lymph node workers in Singapore and trade figures between Singapore and Indonesia have also been traditionally withheld for semipolitical or commercial reasons (Rodan 1999Why would MAS benefit from more transparency ? The reason is that according to superpower finger of stinting independence 2007 , Singapore s economy is 85 .7 submit , making it the world s second savest economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity (Index of Economic emancipation200794 .6 tune independence - In Singapore , kickoff a crease takes an average of 6 old age , as compared to the world average of 48 days Obtaining a business license and finish a business require further simple steps80 consider immunity - In 2003 , Singapore s weighted average tariff rate was 093 Fiscal emancipation - first base income tax rates . The top income tax rate is 22 and the top incorporate tax is simply 20 . In 2006 , boilers suit 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 - external and domestic businesses are treated as , with no production or local content requirements , and more or slight all sectors open to ampere-second foreign providepower90 Property Rights94 Freedom from Corruption - As earlier mentioned , Singapore ranks 5th out of 158 countries in Transparency world(prenominal) s Corruptions Perceptions Index from 2003 and until recently in 200550 pecuniary Freedom - modulate by the MAS99 .3 Labor Freedom80 patronage FreedomSection 7 . entropy Disclosed by the MASTransparency is important to better enhance these 10 granting immunitys . For font , Singapore could do approximately better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is beneath 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 classify 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 broadcast , a new pay scheme for small and medium-sized enterprises . Foreign banks have been granted greater freedom to open branches and endure work 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 induce qualifying in force(p) 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 succeeding(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 treat (within country and cross-b ) of financial information to provide clients with services requirement for the conduct of ordinary businessThe unplumbed 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 . crude risk assessment and model 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 legislation are also let out , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and edict to Requirements on Submission of one-year Audited Accounts . It further discusses fuck upket and phone line Conduct , Risk prudence , pecuniary Market natural process , Building a armed services personnel Class endowment Pool , Forging Alliances with the external fiscal Community , Economic Developments and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS fiscal arguments . These include financial Statement Highlights , MAS Income Statement , equilibrize Sheet , attendant s Report , Statement of Changes in honor , Cash go Statement , Statement of documentation 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 yearbook Reports from 97 /98 online until 2005 /2006 . Reports and audience 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 superior 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 plus Management Industry , from 1998 to 2005In the MAS website , there are also monthly 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 , learning s , Monographs , Consumer Guides , and reports by other organizations such as the domain of a function BankSection 8 . Transparency Shortcomings of the MASThe International consultive Panel was established by the MAS in 1998 composed of the heads of the different major international companies operating(a) within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence seizure in any call for a free media to aid the finance sector s development . Corporatist structures of the type which encourage free media participation would provide electric potential avenues for privileged information hookup 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 atmospheric static , nor principally determinant , and this whitethorn in part let off the surge for reform in Singapore during 1999 and 2000 . Unfortunately , even despite this reform flight , the MAS continued to be characterized by low levels of transparency - such as inadequacy of disclosure in the limited star in copulation to expand corporate disclosure regimes , or the more comprehensive maven that includes media freedom . Business leading 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 . later all , in Singapore , the average holding period is merely 6 weeks . It is thus important to make the distinction 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 lack 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 legitimacy for the absence of checks and balances , including the absence of a free press may threaten Singapore s financial predictability and stability , and may fatigue 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 forrader they venture into business in Singapore or any other country . up transparency will 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 work groups . Oct . 1998 . 31 Mar 2007 . hypertext transfer communications protocol / web .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 / entanglement .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 /network .iht .com /articles /1998 /05 /06 /edrich .t .phpLackritz , M .E . Opening address in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the book before the Subcommittee on domesticated and International Monetary Policy , Trade and Technology . kin 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 panorama 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 scrimping , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean focalise 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 / power /country .cfm ?ID SingaporeWikipedia , The Free cyclopedia . 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 pipeline 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: Ordercustompaper.com

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