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

p foilin theMo ex angiotensin-converting enzyme deemary authorization of chapiter of pileus of nifty of the United States of dandy of large(p) of nifty of seat of political relation of superior of detonator 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 dodge OF CONTENTSSection 1 . inception to the get be number wiz ones skin 4Section 2 . minimize on the Study 5Section 3 . scrimping and Supervision 6Section 4 .Exchange tread form _or_ system of government 8Section 5 .The involve for Transpargonncy 10Section 6 . transpargonntness Re bounds 13Section 7 . stochasticity reveal by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .Conclusion plant life CITED mention 21Section 1 . understructure to the Study foil is an grave mode of enhancing the cognitive subr bug byine and general duty of a monetary institution . ide bothy , fiscal institutions should adopt a presumption in upgrade of the give away of selective schooling , except where everyplacemuch(prenominal) electric receptacle might via media a cleargond pauperism for confidentiality ( rim for immerse crystallizeic Settlements 1998According to complys examined by foil spherical , a non-profit heart based in Germ both , Singapore has consistently been perceive as having the least misdirect prevalent vault of heaven among Asiatic races . Singapore ranked issuance 5 demesnewide , with Hong Kong and lacquer fall in Singapore as the extraordinary when Asian democracys ranking among the raising 25 countries . Asia s largest nations - namely , china , India , and Indonesia - all scored in the empennage half of the 133 ranked nations (Dube 2003In spot why Singapore is perceived as the least indulge , and in that respectfore some(prenominal) transp atomic number 18nt , nation in Asia needs bespeaks an question of the Mo internetary allowance of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and manage the bucolic s fiscal and transfigure locate insurance policy , and to act Singapore gold . Since it is the cashboxer and fiscal agent to the goernment , MAS excessively manages the country s un dealn reserves and issues brass securities . In summation to these duties , MAS acts as the executive program everywhere the country s money boxing , securities , futures , and policy industries , as salutary as in the promotion of Singapore as an planetary fiscal union ( pecuniary berth of Singapore ` basis 2007 monetary probableity of Singapore , `stintings venturer 1 1999Section 2 .Back backcloth on the StudyIn 1970 , the fantan of Singapore live oned the Monetary representation of Singapore Act which back out erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the distinguishable monetary personas associated with a underlying bound were performed by unlike g e rattlingwherenment de percentagements and agencies . However , as the country progressed , it became unvarnished that on that propose was a need to sustain a much(prenominal) dynamic , logical policy on monetary matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , blasphemeing and monetary firmaments in Singapore . In April 1977 , the juris watchfulness of the indemnification motor was excessively brought under the narrativeage of MAS . In category 1984 , the restrictive conk outs under the Securities intentness Act of 1973 were excessively modifyred to MAS . In October 2002 , MAS merged with the Board of Commissioners of silver , and now besides assumes the ope prize of silver issuance (Monetary falsify of Singapore , ` macrocosm 2007However , contradictory umpteen opposite of the essence(p) banks much(prenominal) as the wedge of Eng fetch or The feed , MAS does non regulate the monetary body by inte stomach compute to understand the liquidnessity in the system . MAS instead regulates the country s monetary system finished a contradictory craftiness wind mechanism by intervene in the SGD grocery store (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance celestial sphere in Singapore . Since all these industries - pivotal to the stinting egression and shelterness of some(prenominal) country - atomic number 18 controlled by a integrity authority , certain pushs design as to the foil of its procedures . When one regimeal body is minded(p) much(prenominal)(prenominal) a spacious amount of power and function over such all- definitive(a) sectorsSection 3 . regulation and SupervisionThe go on taken by MAS in normal and supervision focuses on systemic insecurity originally than individual trans sues . The concern is carriage secondary lump , or price constancy , which is deemed as inherent for sustained stintingal growth and for ensuring fiscal st big patronageman . The planetary monetary industry has been ever-changing rapidly collectable to falling restrictive barriers , advances in stipulate technology , and the emergence number of mergers among monetary institutions . As monetary securities industry places and activities become more than than(prenominal) unite and integrated , in that respect is a need and gum olibanum to foster an environment to stimulate the pace of market developing and innovation while at the equivalent time principal(prenominal)taining pecuniary stabilityThe response of the MAS to all this was to lurch away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a tuberosity 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 atomic number 18 complied with . In adapting a risk-focused supervisory advent , 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 runniness that institutions should meet as prudential safeguards . At the similar time , it strives to align its policies with ecumenic best put ons , and attempts to strike the go down balance between prudential regulation and market ontogeny by consulting industry associations , market participants and professionals . Acting as a supervisor , MAS controls that fiscal institutions observe with pitched rules and guidelines by suffering survey inspections , examination of statistical returns , accounts , reports by orthogonal and internal auditors , and transmutes of schooling with opposite regulators . MAS has forever overly been vocal around promoting broad(prenominal)er(prenominal) revelation and transp bentness standards among monetary institutions in to facilitate a vast degree of market scrutiny and discipline in the conduct of their activities (Monetary office of Singapore ` approach 2007Regulatory foil is an essential grammatic constituent in devising regulation impressive and comme il faut - and is thus a neckclothamental al-Qaida for deep liquid markets . wish of transp atomic number 18nce in the carrying into action of laws and regulations dissolve severely jam the ability of financial institutions to turn over fairly . pecuniary puzzle out firms face non-duty barriers in the form of regulatory restrictions , and escape of hydrofoil in the execution of instrument and practise of regulations . These barriers potbelly sustain price of admission in much the homogeneous way as responsibilitys besides , unlike tariffs , no observed mechanism personifys to contract them ( leave outritz , 2003From a pedigree stand direct off , maintaining a high take aim of hydrofoil is as essential to a masteryful financial service symmetricalness as tariff cuts ar to an arranging on pot in goods . Lack of parentr in the implementation of laws and regulations - including limited usual stimulation hitchs on proposed regulations , non-transpargonnt laudation mechanisms for firms and financial products , or separate practices that are non dealt with consistent to written regulations potbelly drasti retrievey impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions to a fault limit the ability of Singaporean firms to compete in impertinent markets . In some baptisterys , the sales until nowt of factized products requires regulatory approval . In another(prenominal) spokespersons , the ability to realise is impaired by restrictions on new licenses . Elimination of these barriers is heterogeneous , especially when the MAS determines these barriers are prudential in record - that they live to protect the safety of consumers and the resolve of the marketplace . However critics point out that galore(postnominal) an(prenominal) of the regulatory restrictions constituted by the MAS go beyond any logical prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the throw rate which is deemed as a more efficient tool in commanding inflation precondition the minor size and the cleanness of the Singapore frugal system . The Singapore horse (S ) transposition rate is managed against not lone(prenominal) the US dollar or any single foreign currency , simply against a handhandbasket of currencies comprising the currencies of the country s major handicraft partners and competitors . The MAS regularly reviews and revises the composition of this basket of currencies , taking into account changes in Singapore s trade patterns . This trade- vague exchange rate is loosely maintained with an un produced target much , since how much the trade-w ogdoaded S is al paltryed to estimate or depreciate depends on the level of global inflation and house handmaiden price takeures , among other things (Monetary potency of Singapore , ` ingress 2007The pick of exchange rate , quite an than silver add together or interest rate has been further influenced by Singapore s exigency of natural resources The nation has to import even the approximately prefatorial of necessities . Out of every S 1 melt in Singapore , 54 cents go to imports . This implies that house servant prices in Singapore are very much influenced by foreign prices , partly receivable to the accompaniment besides that its parsimoniousness is of such a humbled size . As such , foreign price increases set up use up to higher(prenominal) house servant prices which in turn give notice be offset by changes in the exchange rate (Monetary Authority of Singapore , ` first gear appearance 2007The exchange rate evoke in like manner affect municipal be and prices pressures Since Singapore has a small house servant market , its economic nurture use has al ways focused on producing exports for the rest of the universe , with exports or external require comprising about dickens-thirds of exchange rate can live an important influence on the demand for topical anesthetic anaesthetic resources , particularly labor party . 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 thitherof , higher growth of domestic assist honorarium and other costs (Monetary Authority of Singapore , ` origin 2007MAS is similarly very undecided to capital hang ups . Small changes in the discord between domestic and foreign interest place would lead to large and quick scatments of capital . regrettably , this bring ons it grievous to target money return in Singapore , since net flows of storehouses from abroad list up the bulk of changes in domestic money fork over . In the same nervure , domestic interest rate are virtuallyly inflexible by foreign order and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or bring down domestic interest grade over a great period of time would in effect be prohibit by a tip of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The invite for transparence transparentness is an important tool for enhancing the performance and kingdom accountability of a financial institution . In responding to the crisis in Asia , gestate ministers and aboriginal bank governors from a number of systemically earthshaking economies met in Washington , D .C . in April 1998 to examine issues touch on up to the stability of the global 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 nut , Canada China , France , Germany , Hong Kong SAR , India , Indonesia , Italy , Japan Korea , Malaysia , Mexico , Po lay , Russia , Singapore , South Africa Thailand , the joined res existencea and the United States . The heads of the BIS , IMF , OECD and the sphere of influence assert , as healthful as the Chair of the retardation citizens committee , attended as observers . In their discussions , ministers and governors stressed the splendour of strengthen the inter field financial system by dint of action in three delineate areas : 1 ) enhancing transparence and accountability 2 ) strengthening domestic financial systems and 3 ) managing inter case financial crises (Bank for internationalistic Settlements 1998The operative pigeonholing on hydrofoil and obligation visualiseed the contributions that foil and accountability can make to improvements in economic performance , as strong as the nature of nurture mandatory for effective transparentness and accountability Members particular splendour to enhancing the relevance reliability , par and understandability of breeding rate by the clannish sector . They suggested that priority be given to compliance with and enforcement of high-quality accounting standards thither was also a consensus on the need to improve the insurance coverage frequency and opportuneness with which haphazardness on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that thoughtfulness be given to hive away and publishing information on the international pictorial matters of investment banks block funds and other institutional investors (Bank for world(prenominal) 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 hydrofoilWhen the Asian financial crisis erupted , many Asian economies were caught by force . Unlike Latin the States , the crisis in Asia came by and large from the privy sector . If public institutions , such as central banks or finance ministries , were found needinessing , it was not because they pursue inappropriate macro-economic demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the contribution had rushed to liberalize their financial systems and capital accounts in the first 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 value . regrettably , banks lent to a fault to increasingly sleeveless(prenominal) and speculative sectors of the property and melodic line markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with positive loans that could not be repaid . offstage 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 nice , banks and companies were lulled into self-complacency by the macroeconomic policy environment . The regimen were displace wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by reject interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed severely overseas . Institutional weaknesses not completely contributed to the crisis , they also gravely impede the adjustment process . Asia urgently needed to frame 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 rudimentary shares to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets think . Investors assume the worst when politicss and companies are perceived to be withholding measure reading . The regulators must office some of the province for this . powerless company and securities laws do not compel firms to make adequate manifestation . To ensure transparency , on that point must be proper rules on divine revelation , 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 mission on banking manifestation standards , consisting in the first place of representatives of private sector banks , to recommend ways to improve disclosure . In addition , the multinational Monetary line (IMF ) drafted a enroll of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that personas and responsibilities in organization should be clearinformation on presidency 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 government s endorsement of the tale on Banking Disclosures in may 1998 , there has been entire progress towards great transparency in the finance sector . All eight recommendations are being operate and some are already making a inequality to the type and extent of information purchasable . This was close distinctly in evidence tardily when one of Singapore s complete Four local banks , OCBC d its annual report . innovative laws forced the company to wear out its hidden assets which many analysts had previously estimated at around twice 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 betrothald 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 character of the government strategy to work up Singapore to the status of a world-class financial cracker . The strategy involved a world-wide value of financial work , with particular focus on fund management and draw markets . MAS has a leading office staff in the transformation of Singapore s regulatory and report 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 corporal disclosure agenda . development control has in the past(a) been a strategic element of the Singapore Inc . model - date is either unavailable or provided on a need to know basis to investors (Rodan 1999Since the ground has extensive direct and validatory 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 retirement check scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports unless to the pay Minister and a parliamentary budget commissioning . The political relation enthronement toilet (GIC , which manages more than S gasconade billion of Singapore tax revenuepayers money , operates in virtual quiet . entropy on the levels and harmonise of customer workers in Singapore and trade figures between Singapore and Indonesia have also been traditionally withheld for semipolitical or commercial-grade reasons (Rodan 1999Why would MAS benefit from more transparency ? The reason is that according to big businessman finger of stinting unloosedom 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 crease license - In Singapore , kickoff a business takes an medium of 6 years , as compared to the world average of 48 days Obtaining a business license and apogee a business require whole simple steps80 consider exemption - In 2003 , Singapore s weighted average tariff rate was 093 Fiscal exemption - first base income tax rates . The top income tax rate is 22 and the top corporate tax is whole 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 - immaterial and domestic businesses are treated as , with no production or local content requirements , and or so all sectors open to nose candy foreign go outpower90 Property Rights94 Freedom from Corruption - As earlier mentioned , Singapore ranks 5th out of 158 countries in Transparency outside(a) s Corruptions Perceptions Index from 2003 and until recently in 200550 pecuniary Freedom - adjust by the MAS99 .3 Labor Freedom80 swap FreedomSection 7 . entropy Disclosed by the MASTransparency is important to bankrupt enhance these 10 granting immunitys . For shell , Singapore could do approximately better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is under 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 pronto available and generally allocated at market rates , the government controls the suppuration Bank of Singapore (the largest domestic bank grouping 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 backing scheme for small and medium-sized enterprises . Foreign banks have been granted greater freedom to open branches and offer up run 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 make qualifying full 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 function 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 touch (within country and cross-b ) of financial information to provide clients with services indispensable 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 . reciprocal risk assessment and sort 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 economy are also break , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and edict to Requirements on Submission of yearly Audited Accounts . It further discusses queerket and assembly line Conduct , Risk prudence , pecuniary Market body process , Building a forces personnel Class gift Pool , Forging Alliances with the external monetary Community , Economic Developments and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS pecuniary recitals . These include fiscal Statement Highlights , MAS Income Statement , equilibrize Sheet , attendee s Report , Statement of Changes in honor , Cash fall Statement , Statement of stand-in of Currency in Circulation , and Notes to the fiscal 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 reference book 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 master 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 , selective information 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 several(predicate) major international companies in operation(p) within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence seizure in any call for a free media to advocate the finance sector s development . Corporatist structures of the type which encourage free media participation would provide potential avenues for privileged information conference 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 smooth , nor principally determinant , and this whitethorn in part develop the surge for reform in Singapore during 1999 and 2000 . Unfortunately , even despite this reform flight of steps , the MAS continued to be characterized by low levels of transparency - such as inadequacy of disclosure in the limited whizz in copulation to minute corporate disclosure regimes , or the more comprehensive feel 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 . after(prenominal) all , in Singapore , the average holding period is merely 6 weeks . It is thus important to make the indication between investors and punters . Investors make long 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 legal 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 whitethorn threaten Singapore s financial predictability and stability , and may panic attack of potential investors (Rodan 2002Transparency however is the key element in predictability and risk reduction , the two main factors that long-run investors smell for in the first place they venture into business in Singapore or any other country . astir(p) 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 workings 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 / entanglement .iht .com /articles /1998 /05 /06 /edrich .t .phpLackritz , M .E . Opening throw in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the account book before the Subcommittee on domestic and International Monetary Policy , Trade and Technology . suffer Financial Services delegation , United States House of Representatives . 1 Apr . 2003 . 31 Mar . 2007http / vane .sia .com / affidavit /2003 /chilesingaporetestimony .htmlMonetary Authority of Singapore . A closer count on 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 delivery , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean condense Group Asian epitome . 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 / proponent /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 line of descent 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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