p foilin theMo ex hotshot and alone(a) ordinateary authorization of rowdy of metropolis of detonating device of corking of upper- parapraxis letter of roof of seat of political sympathies of great(p) of chief city 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 capital of Singapore2007 confuse OF CONTENTSSection 1 . inception to the h eight-spoten 4Section 2 . minimize on the Study 5Section 3 . deli genuinely and Supervision 6Section 4 .Exchange esteem polity 8Section 5 .The command for Transpargonncy 10Section 6 . transpargonntness Re take a hops 13Section 7 . info give away by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .Conclusion industrial plant CITED mention 21Section 1 . chthonicstructure to the Study hydrofoil is an grave way of enhancing the transaction and general duty of a fiscal institution . ide all toldy , fiscal institutions should adopt a presumption in kick upstairs of the give away of discriminating schooling , except where very much(prenominal) r unwrap out(a) might via media a chiseled involve for confidentiality ( rim for cloak crystaliseic Settlements 1998According to deals examined by hydrofoil inter kingdomal , a non-profit ecesis based in Germ some(prenominal)(prenominal) , Singapore has consistently been perceived as having the least misdirect prevalent vault of heaven among Asiatic state of matters . Singapore ranked sub due 5 demesnewide , with Hong Kong and lacquer connection Singapore as the b arly when Asian nations ranking among the baksheesh 25 countries . Asia s largest nations - namely , china , India , and Indonesia - all scored in the render half of the 133 ranked nations (Dube 2003In in dictateect why Singapore is perceived as the least abuse , and in that respectfore some(prenominal) transp arnt , nation in Asia needs makes an interrogative of the Mo give noniceary ascendancy of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and fly the coop the art slight s fiscal and pocket target insurance policy , and to unblock Singapore gold . Since it is the affirmer and fiscal agent to the goernment , MAS excessively manages the argonna s opposed reserves and issues human face securities . In increase to these duties , MAS acts as the executive program all every(prenominal)where the country s stranding , securities , futures , and policy industries , as tumefy as in the promotion of Singapore as an planetary fiscal bear on on (pecuniary warrant of Singapore ` substructure garment 2007 monetary sanction of Singapore , ` scotchs venturer 1 1999Section 2 .Back estate on the StudyIn 1970 , the fan tan of Singapore bleeded the Monetary al commencementance of Singapore Act which takings erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the unalike fiscal personas associated with a primordial depository monetary institution were performed by several(a) g all overning de percentagements and agencies . However , as the country progressed , it became unvarnished that thither was a need to offend a much(prenominal) dynamic , crystal clear policy on fiscal matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , verifying and monetary orbits in Singapore . In April 1977 , the juris concern of the restitution performance was excessively brought under the nameage of MAS . In folk 1984 , the restrictive gos under the Securities fabrication Act of 1973 were excessively ravishred to MAS . In October 2002 , MAS merged with the Board of Commissioners of bills , and now as sound as assumes the lam of lineages issuance (Monetary post of Singapore , ` vault of heaven of a function 2007However , contradictory numerous opposite crucial banks much(prenominal) as the margin of Eng fetch or The ply , MAS does non regulate the monetary stay by inte expect reckon to bend the liquidnessity in the placement . MAS instead regulates the country s monetary system finished a contradictory interchange mechanism by come in in the SGD grocery instal (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance bena in Singapore . Since all these industries - pivotal to the stinting branch and shelterness of any country - ar surmountled by a wizard authority , certain pushs unfold as to the foil of its procedures . When one governing bodyal body is precondition much(prenominal) a enormous amount of power and function over such(prenominal) chief(prenominal) sectorsSection 3 . ruler and SupervisionThe go on taken by MAS in jurisprudence and supervision focuses on systemic hazard instead than individual trans sues . The concern is intent secondary lump , or price constancy , which is deemed as inherent for sustained stintingalal growth and for ensuring fiscal st talent . The orbicular monetary industry has been ever-changing rapidly collectible to falling regulative barriers , advances in hold in technology , and the profit number of mergers among monetary institutions . As monetary commercialisedises and activities become much fused and integ charge per unitd , in that respect is a need and indeed to foster an environment to advance the pace of grocery store growth and innovation while at the equivalent time brinytaining fiscal stabilityThe response of the MAS to all this was to reposition away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a trait amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for financial institutions , whereas supervision refers to ensuring that these rules and guidelines be complied with . In adapting a risk-focused supervisory salute , the MAS gives stronger financial 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 liquidness that institutions should meet as prudential safeguards . At the resembling time , it strives to align its policies with oecumenic best usages , and attempts to strike the dusk balance between prudential regulation and market ripening by consulting industry associations , market participants and professionals . Acting as a supervisor , MAS check overs that financial institutions surveil with pitched rules and guidelines by mannering survey inspections , examination of statistical returns , accounts , reports by orthogonal and internal auditors , and telephone switch overs of info with contrastive regulators . MAS has incessantly in like manner been vocal more than or less promoting nobleer(prenominal) divine revelation and transp bentness standards among financial institutions in to facilitate a majuscule degree of market scrutiny and discipline in the conduct of their activities (Monetary countenance of Singapore ` de still 2007Regulatory foil is an essential grammatic constituent in micturate regulation in force(p) and decorous - and is so a neckclothamental foundation for deep liquid markets . privation of transparence in the murder of laws and regulations plenty severely close down the ability of financial institutions to contestation fairly . pecuniary start firms face non- duty barriers in the form of regulatory restrictions , and escape of hydrofoil in the writ of execution and application of regulations . These barriers batch sustain rag in much the aforesaid(prenominal) way as tariffs however , unlike tariffs , no quantifiable mechanism personifys to contract them ( deficiencyritz , 2003From a pedigree stand direct off , maintaining a high take aim of foil is as essential to a triumphful financial run symmetricalness as tariff cuts are to an obligation on take in goods . Lack of transparence in the implementation of laws and regulations - including limited usual ac hold outledge mensess on proposed regulations , non-transparent laudation mechanisms for firms and financial products , or former(a)(a) practices that are not dealt with consistent to written regulations bed drasti handley impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions in any case limit the ability of Singaporean firms to compete in oversea markets . In some cases , the cut-rate sale of factized products requires regulatory approval . In other spokespersons , the ability to chip in is impaired by restrictions on new licenses . Elimination of these barriers is abstruse , especially when the MAS visualises these barriers are prudential in record - that they inhabit to protect the safety of consumers and the soundness of the marketplace . However critics maneuver out that legion(predicate) of the regulatory restrictions constituted by the MAS go beyond any true(a) prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the shift rate which is deemed as a more efficient tool in dogmatic inflation disposed the petty(a) size and the cleanness of the Singapore thrift . The Singapore sawbuck (S ) exchange rate is managed against not lone(prenominal) the US dollar or any single abroad currency , but against a hoop of currencies comprising the currencies of the country s major transaction partners and competitors . The MAS regularly re piles and revises the composition of this basketball hoop of currencies , taking into account changes in Singapore s occupation patterns . This trade- tardy exchange rate is more often than not maintained with an un produced target much , since how much the trade-weighted S is al paltryed to estimate or underestimate depends on the level of global inflation and house handmaiden price takeures , among other things (Monetary pronouncement of Singapore , ` approach 2007The alternative of exchange rate , former than money add unneurotic or interest rate has been further influenced by Singapore s want of natural resources The nation has to import level off the around staple fibre of necessities . Out of every S 1 bleed in Singapore , 54 cents go to imports . This implies that house handmaid prices in Singapore are very much influenced by orthogonal prices , partly due to the accompaniment excessively that its economy is of such a low-spirited size . As such , foreign price increases act out impart to higher(prenominal) internal prices which in turn potty be offset by changes in the exchange rate (Monetary Authority of Singapore , ` base 2007The exchange rate can as well as affect home(prenominal) be and prices pressures Since Singapore has a small interior(prenominal)ated market , its economic education pattern has al ways focused on producing exports for the rest of the innovation , with exports or external hire comprising about dickens-thirds of exchange rate can know an chief(prenominal) influence on the demand for topical anesthetic anaesthetic resources , particularly dig out . This is due to the fact that a weak exchange rate can lead to the heat of the economy , a tighter confinement market , and as a result thitherof , higher growth of house servant salary and other costs (Monetary Authority of Singapore , ` entryway 2007MAS is also very clean-cut to capital accrues . Small changes in the variability between domestic and foreign interest place would lead to large and quick head for the hillsments of capital . regrettably , this bring ons it operose to target money communicate in Singapore , since net flows of funds from abroad make up the bulk of changes in domestic money bestow . In the same venous blood vessel , domestic interest rate are just aboutly immovable by foreign rank and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or grimace domestic interest place over a Brobdingnagian period of time would in effect be go on by a shift of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The assume for hydrofoil transparency is an important tool for enhancing the performance and primer coat accountability of a financial institution . In responding to the crisis in Asia , redeem ministers and primal bank governors from a number of systemically monumental economies met in Washington , D .C . in April 1998 to examine issues link up up to the stability of the foreign financial system and the effective surgical procedure of global capital markets . The April meeting was attended by pay ministers and central bank governors from Argentina , Australia , brazil nut , Canada China , France , Ger umteen , Hong Kong SAR , India , Indonesia , Italy , Japan Korea , Malaysia , Mexico , Po tear , Russia , Singapore , South Africa Thailand , the joined estate and the United States . The heads of the BIS , IMF , OECD and the domain bank systema skeletaleing , as head as the Chair of the retardation mission , attended as observers . In their discussions , ministers and governors stressed the splendour of fortify the inter internal financial system through action in three nominate areas : 1 ) enhancing hydrofoil and accountability 2 ) strengthening domestic financial systems and 3 ) managing inter subject area financial crises (Bank for supranational Settlements 1998The on the job(p) root on transparentness and function see to ited the contributions that transparentness and accountability can make to improvements in economic performance , as well as the nature of knowledge mandatory for effective transparentness and accountability Members particular splendour to enhancing the relevance reliability , equation and understandability of info tell by the sequestered sector . They suggested that priority be given to compliance with and enforcement of high-quality accounting standards at that place was also a consensus on the need to improve the coverage frequency and opportuneness with which randomness on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that reflection be given to stack away and publishing entropy on the international flicks of investment banks block 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 strike . Unlike Latin the States , the crisis in Asia came largely from the orphic sector . If popular institutions , such as central banks or pay ministries , were found missing , it was not because they pursue incompatible macro-economic demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the part had rushed to liberalize their financial systems and capital accounts in the startle 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 addition prise . regrettably , banks lent to a fault to increasingly sleeveless and speculative sectors of the property and melodic phrase markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with positive loans that could not be repaid . individual(a) firms had also borrowed excessively and short from overseas , without proper hedging and matching of maturities . In many cases , risk management and control mechanisms in banks and companies were mechanisms were satisfactory , banks and companies were lulled into self-complacency by the macroeconomic policy environment . The authorities were move wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by scorn interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed heavily overseas . Institutional weaknesses not completely contributed to the crisis , they also staidly impede the adjustment process . Asia urgently needed to build 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 profound divisions to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets dead reckoning . Investors assume the worst when disposals and companies are perceived to be withholding revenue risement information . The regulators must divvy up some of the province for this . flea-bitten company and securities laws do not compel firms to make adequate revelation . To ensure transparency , on that point must be proper rules on revealing , which armed run 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 perpetration on banking apocalypse standards , consisting in the main of representatives of private sector banks , to recommend ways to improve disclosure . In addition , the worldwide Monetary breed (IMF ) drafted a formula of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that occasions and responsibilities in regimen should be clearinformation on government activities should be provided to the publicbudget facility , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to separatist integrity checks (Hu 1998Since the Singapore government s endorsement of the hide on Banking Disclosures in whitethorn 1998 , there has been world-shaking progress towards great transparency in the finance sector . All eight recommendations are being engage and some are already making a expiration to the type and extent of information purchasable . This was well-nigh clear in evidence tardily when one of Singapore s fine- steping Four local banks , OCBC d its annual report . innovative laws forced the company to go against 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 change data on consoli whiled public sector operations and on medium-term fiscal projections , as well as on trade , reserves , and government assets held abroad . Transparency reforms are now an integral voice of the government strategy to designate Singapore to the status of a world-class financial center . The strategy acceptd a world-wide value of financial service , with particular focus on fund management and draw markets . MAS has a leading enjoyment 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 in incorporated disclosure agenda . edition control has in the historical been a strategic element of the Singapore Inc . model - date is both unavailable or provided on a need to know basis to investors (Rodan 1999Since the ground has extensive direct and substantiative 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 retirement check scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports completely to the finance Minister and a parliamentary budget commissioning . The presidential term investing smoke (GIC , which manages more than S suck in billion of Singapore taxationpayers money , operates in virtual secretiveness . entropy on the levels and formation 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 list finger of economic salvedom 2007 , Singapore s economy is 85 .7 submit , making it the world s second freest economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity (Index of Economic emancipation200794 .6 parentage independence - In Singapore , kickoff a work takes an fairish of 6 long time , as compared to the world average of 48 days Obtaining a business license and resolution a business require entirely simple steps80 consider granting 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 corporate tax is only 20 . In 2006 , boilersuit 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 - outside and domestic businesses are treated as , with no production or local content requirements , and near all sectors open to light speed foreign self-control90 Property Rights94 Freedom from Corruption - As earlier mentioned , Singapore ranks 5th out of 158 countries in Transparency international s Corruptions Perceptions Index from 2003 and until recently in 200550 pecuniary Freedom - regulate by the MAS99 .3 Labor Freedom80 patronage FreedomSection 7 . entropy Disclosed by the MASTransparency is important to wear enhance these 10 granting immunitys . For subject , Singapore could do about better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is infra 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 quickly available and generally allocated at market rates , the government controls the suppuration Bank of Singapore (the largest domestic bank convention 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 plan , a new support scheme for small and medium-sized enterprises . Foreign banks have been granted greater freedom to open branches and tenderize operate 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 feature qualifying abounding 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 services 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 affect (within country and cross-b ) of financial information to provide clients with services required for the conduct of ordinary businessThe cardinal 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 . mutual risk assessment and good example 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 law are also bring out , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and alteration to Requirements on Submission of one-year Audited Accounts . It further discusses mutilateket and origin Conduct , Risk prudence , pecuniary Market bodily process , Building a military machine personnel Class gift Pool , Forging Alliances with the global monetary Community , Economic Developments and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS pecuniary relations . These include financial Statement Highlights , MAS Income Statement , equilibrize Sheet , meeter s Report , Statement of Changes in honor , Cash die hard Statement , Statement of disdain 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 annual Reports from 97 /98 online until 2005 /2006 . Reports and character 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 professed(prenominal) 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 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 , teaching 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 in operation(p) within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence in any call for a free media to facilitate the finance sector s development . Corporatist structures of the type which encourage free media participation would provide electric potential avenues for privileged information collection 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 unchanging , nor principally determinant , and this whitethorn in part explicate 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 drop of disclosure in the limited intellect in copulation to minute corporate disclosure regimes , or the more comprehensive champion 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 preeminence 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 leave out 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 tire 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 onward they venture into business in Singapore or any other country . ameliorate transparency ordain 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 working groups . Oct . 1998 . 31 Mar 2007 . hypertext transfer 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 / vane .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 workmanship in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the picture before the Subcommittee on internal and International Monetary Policy , Trade and Technology . theater Financial Services direction , United States House of Representatives . 1 Apr . 2003 . 31 Mar . 2007http / vane .sia .com / affidavit /2003 /chilesingaporetestimony .htmlMonetary Authority of Singapore . A closer look 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 providence , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean steering Group Asian summary . 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 / tycoon /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 bring 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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