Singapore as an International Financial Centre: History, by J. J. Woo

By J. J. Woo

This booklet provides
an research of Singapore’s improvement and luck as an international
financial centre (IFC). Chapters reveal how Singapore performs a critical
role in either Asian and international monetary markets, regardless of its really small
geographic measurement. the writer focuses in particular at the components that have
contributed to the city-state’s luck and discusses the coverage classes that
can be derived from it. The e-book describes the old, spatial, political
and coverage components that contributed to Singapore’s improvement as a leading
Asian monetary centre and international urban, and should be of curiosity to either policy
scholars and practitioners. 

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Additional resources for Singapore as an International Financial Centre: History, Policy and Politics (Palgrave Macmillan Studies in Banking and Financial Institutions)

Example text

While early IFC studies tended to take a passive view of the state and its IFC by postulating an almost-automatic agglomeration of financial activity within specific cities arising from the forces of globalization, these later IFC studies have instead pointed out that IFC development is very much an outcome of socio-political interactions both within and across IFCs and intentional policy action. This latter point is particularly important in emphasizing the agentic nature of IFC development and the importance of effective financial policymaking.

The Political Economy of Global Finance: A Network Model. Perspectives on Politics, 11 (01), 133–153. , 1992. Global financial integration: the end of geography. Washington: Council on Foreign Relations Press. OECD, 2006. The Financial Policy Landscape: A Conceptual Overview. Financial Market Trends, 2006 (1), 61–109. , 1990. Trading Systems in European Stock Exchanges: Current Performance and Policy Options. Economic Policy, 5 (10), 63. , 1982. The economics of offshore financial centers. Columbia Journal of World Business, 17, 31–35.

As a former MAS Managing Director has noted, while the Economic Development Board (EDB) was formed in 1971 to play the role of lead agency for economic development, the government made the MAS the lead agency for financial sector development due to the need for specialized domain knowledge in governing and developing the financial services sector (Koh 2013b). Given the simultaneous and parallel development of the financial sector and the real economy as engines of national economic growth, it is not surprising that the task of governing and developing the financial sector and real economy should be divided between two separate lead agencies.

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