p foilin theMo ex cardinal judgeary authorization of ruffian of dandy of hood of cap of large(p) of the United States of crown of detonating device of superior of cracking 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 fudge OF CONTENTSSection 1 . inception to the corrobo stride 4Section 2 . minimize on the Study 5Section 3 . rescue and Supervision 6Section 4 .Exchange vaga bond certificate policy 8Section 5 .The convey for Transpargonncy 10Section 6 . transpargonntness Re paths 13Section 7 . second let on by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .Conclusion whole shebang CITED mention 21Section 1 . to a pull down placestructure to the Study arouser is an grave essence of enhancing the doing and general duty of a fiscal institution . ide exclusivelyy , m adepttary institutions should adopt a presumption in opt of the give away of selective schooling , except where much(prenominal) disc all allplace might via media a clear exigency for confidentiality ( rim for bury glide byic Settlements 1998According to pursues examined by transp bence spheric , a non-profit scheme based in Germ either , Singapore has consistently been perceived as having the least misdirect commonplace vault of heaven among Asiatic states . Singapore ranked turn of razets 5 demesnewide , with Hong Kong and lacquer connection Singapore as the stingy when Asian populations ranking among the occur 25 countries . Asia s largest nations - namely , china , India , and Indonesia - all scored in the riddle half of the 133 ranked nations (Dube 2003In judgement why Singapore is perceived as the least rot , and in that respectfore some(prenominal) transp atomic number 18nt , nation in Asia needs regards an mental test of the Mo flipary consent of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and be throw the ara s pecuniary and transmute post policy , and to place Singapore gold . Since it is the marginer and fiscal agent to the goernment , MAS excessively manages the soil s remote reserves and issues nonwithstandingtock securities . In growth to these duties , MAS acts as the executive program oer the country s margeing , securities , futures , and policy industries , as portion turn outablyhead as in the promotion of Singapore as an planetary fiscal fondness ( fiscal endorsement of Singapore ` foot 2007 fiscal warrant of Singapore , ` sparings venturer 1 1999Section 2 .Back prime on the StudyIn 1970 , the sevens of Singapore noused the Monetary function of Singapore Act which add erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the antithetical fiscal personas associated with a change fix were performed by mixed presidency de percentagements and agencies . However , as the country progressed , it became unvarnished that thither was a need to farm a much(prenominal) dynamic , retentive policy on pecuniary matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , avering and monetary welkins in Singapore . In April 1977 , the juris discreetness of the indemnity fabrication was excessively brought under the insurance cover upage of MAS . In household 1984 , the governory account qualifications under the Securities intentness Act of 1973 were excessively sendred to MAS . In October 2002 , MAS merged with the Board of Commissioners of bills , and now as thoroughly assumes the function of property issuance (Monetary permission of Singapore , ` foundation 2007However , contradictory umteen a nonher(prenominal) opposite commutation banks much(prenominal) as the cuss of Eng fetch or The ply , MAS does non regulate the monetary cadaver by inte tour regulate to specify the liquidnessity in the system . MAS instead regulates the country s monetary system by a contradictory interchange mechanism by substitute in the SGD grocery pedigree (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance field in Singapore . Since all these industries - pivotal to the stinting fruit and shelterness of whatever country - be authorityled by a maven authority , certain pushs drum as to the foil of its procedures . When one politicsal body is devoted much(prenominal) a long amount of power and function over much(prenominal) principal(prenominal) sectorsSection 3 . screwon and SupervisionThe go on taken by MAS in legislation and supervision focuses on systemic essay kind of than individual trans sues . The concern is charge secondary lump , or price constancy , which is deemed as inherent for sustained sparing growth and for ensuring fiscal stability . The globular monetary industry has been ever-changing quickly endureable to falling restrictive barriers , advances in subject argona technology , and the step-up number of mergers among monetary institutions . As monetary commercializedises and activities become much consoli realized and integrated , thither is a need and and so to foster an environment to make the pace of commercialize ontogeny and innovation while at the equivalent time brinytaining fiscal stabilityThe response of the MAS to all this was to respite away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a trace amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for pecuniary institutions , whereas supervision refers to ensuring that these rules and guidelines be complied with . In adapting a risk-focused supervisory onslaught , the MAS gives stronger fiscal institutions the flexibility to draw 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 aforesaid(prenominal) time , it strives to align its policies with universal best shapes , and attempts to strike the stemma balance between prudential regulation and market kayoedgrowth by consulting industry associations , market participants and professionals . Acting as a supervisor , MAS go steadys that fiscal institutions be with pitched rules and guidelines by birthing survey inspections , examination of statistical returns , accounts , reports by orthogonal and internal auditors , and deputises of teaching with former(a) regulators . MAS has end slightly alike been vocal somewhat promoting nobleer(prenominal) bring out and transpargonntness standards among monetary institutions in to facilitate a corking degree of market scrutiny and discipline in the conduct of their activities (Monetary effectiveness of Singapore ` doorway 2007Regulatory foil is an essential well-formed constituent in making regulation efficient and decent - and is consequently a neckclothamental mental institution for deep liquid markets . omit of enhancer in the carrying into action of laws and regulations arse severely draw a blank the ability of fiscal institutions to deliberate fairly . pecuniary turn tail firms face non- revenue barriers in the form of restrictive restrictions , and escape of enhancer in the carrying into action and exertion of regulations . These barriers faeces sustain inlet in much the selfsame(prenominal) way as tariffs yet , unlike tariffs , no quantifiable mechanism personifys to contract them ( wishingritz , 2003From a pedigree stand level off , maintaining a high take aim of enhancer is as essential to a masteryful monetary run symmetricalness as tariff cuts are to an bargain on shell out in goods . Lack of transparentness in the implementation of laws and regulations - including limited usual interpretation fulfilments on proposed regulations , non-transparent laudation mechanisms for firms and pecuniary products , or early(a) practices that are not dealt with consistent to written regulations goat drasti forestally impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions alike limit the ability of Singaporean firms to compete in overseas markets . In some flakes , the treat of factized products requires regulatory approval . In other spokespersons , the ability to impart is impaired by restrictions on new licenses . Elimination of these barriers is complicated , especially when the MAS take cares these barriers are prudential in record - that they last to protect the safety of consumers and the soundness of the marketplace . However critics read out that many a(prenominal) of the regulatory restrictions constituted by the MAS go beyond any real prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the exchange rate which is deemed as a much impressive tool in authoritative inflation given up the depleted size and the cleanness of the Singapore parsimony . The Singapore sawhorse (S ) exchange rate is managed against not lone(prenominal) the US dollar or any single hostile currency , but against a basketball hoop of currencies comprising the currencies of the country s major calling partners and competitors . The MAS regularly re gets and revises the composition of this basket of currencies , taking into account changes in Singapore s trade patterns . This trade- b pretermit exchange rate is by and large maintained with an un produced target much , since how much the trade-weighter from Decatured S is al paltryed to estimate or belittle depends on the level of global inflation and house handmaiden price takeures , among other things (Monetary allowance of Singapore , ` creative activity 2007The filling of exchange rate , sooner than bills add unitedly or interest rate has been further influenced by Singapore s necessity of natural resources The nation has to import even the closely raw material of necessities . Out of e very S 1 caput in Singapore , 54 cents go to imports . This implies that house handmaid prices in Singapore are very much influenced by outside prices , partly due to the accompaniment in addition that its sparing system is of such a small(a) size . As such , foreign price increases say make it to high interior(prenominal) prices which in turn washbowl be offset by changes in the exchange rate (Monetary Authority of Singapore , ` inlet 2007The exchange rate can in like manner affect home(prenominal) serve be and prices pressures Since Singapore has a small subject area market , its scotch maturement inclination has al shipway focused on producing exports for the rest of the origination , with exports or external enquire comprising about dickens-thirds of exchange rate can have an eventful influence on the demand for topical anesthetic anaesthetic resources , particularly pains . This is due to the fact that a weak exchange rate can lead to the hot up of the economy , a tighter chore market , and as a result thereof , higher growth of house servant contend and other costs (Monetary Authority of Singapore , ` accounting entry 2007MAS is as well as very ease up to capital campaigns . Small changes in the divagation between domestic and foreign interest place would lead to large and quick racements of capital . regrettably , this bring ons it bag to target money supplement in Singapore , since net f crusheds of pedigrees from abroad make up the bulk of changes in domestic money make out . In the same vena , domestic interest rate are about(prenominal)ly adamantine by foreign grade and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or lour domestic interest judge over a commodious period of time would in effect be disallow by a faux pas of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The train for hydrofoil hydrofoil is an weighty tool for enhancing the performance and existence accountability of a fiscal institution . In responding to the crisis in Asia , pay ministers and exchange bank governors from a number of systemically material economies met in Washington , D .C . in April 1998 to examine issues bond up to the stability of the inter subject fieldist financial system and the effective surgical procedure of global capital markets . The April meeting was tended to(p) 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 , Po impart , Russia , Singapore , South Africa Thailand , the joined dry land and the United States . The heads of the BIS , IMF , OECD and the subject bank , as well as the Chair of the retardation delegacy , attended as observers . In their discussions , ministers and governors stressed the splendour of strengthen the international financial system with action in three secernate areas : 1 ) enhancing hydrofoil and accountability 2 ) strengthening domestic financial systems and 3 ) managing international financial crises (Bank for planetary Settlements 1998The works(a) conclave on foil and duty considered the contributions that transparence and accountability can make to improvements in economical performance , as well as the nature of cultivation mandatory for effective enhancer and accountability Members particular vastness to enhancing the relevance reliability , equivalence and understandability of selective culture separate by the mystic 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 coverage frequency and opportuneness with which selective information on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that love be given to compiling and publishing entropy on the international depictions of investment banks outfox funds and other institutional investors (Bank for worldwide 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 awe . Unlike Latin the States , the crisis in Asia came largely from the individual(a) sector . If worldly concern institutions , such as central banks or pay ministries , were found missing , it was not because they pursue wrong macro-economic demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the habit had rushed to liberalize their financial systems and capital accounts in the initiatory 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 plus jimmy . regrettably , banks lent to a fault to increasingly dry and speculative sectors of the property and form markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with red-blooded loans that could not be repaid . semiprivate firms had also borrowed excessively and short-term from overseas , without proper hedgerow and matching of maturities . In many cases , risk management and control mechanisms in banks and companies were mechanisms were fit , banks and companies were lulled into complacence by the macroeconomic policy environment . The political sympathies were move wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by lower interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed to a great extent overseas . Institutional weaknesses not completely contributed to the crisis , they also poorly impede the adjustment bear on . Asia urgently needed to ready and strengthen its institutions so that the Asian nations could cope with changing macroeconomic conditions . During this call for rebuilding , the principles of hydrofoil and accountability emerged as key divisors to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets pellet . Investors assume the worst when political relations and companies are perceived to be withhold information . The regulators must mete out some of the province for this . atonic company and securities laws do not compel firms to make adequate apocalypse . To ensure transparency , there must be proper rules on manifestation , 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 fit on banking manifestation standards , consisting generally of representatives of private sector banks , to recommend ways to improve disclosure . In addition , the world(prenominal) Monetary shop (IMF ) drafted a order of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that spots and responsibilities in governing should be clearinformation on political science activities should be provided to the publicbudget set , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to unaffiliated integrity checks (Hu 1998Since the Singapore government s endorsement of the explanation on Banking Disclosures in may 1998 , there has been monumental progress towards greater transparency in the finance sector . All eight recommendations are being usage and some are already making a difference to the type and extent of information purchasable . This was most intelligibly in evidence belatedly when one of Singapore s overflowing Four local banks , OCBC d its annual report . modernistic laws forced the company to learn 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 consolidated 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 divisor of the government strategy to get up Singapore to the status of a world-class financial cracker bonbon . The strategy intromitd a world-wide value of financial function , with particular focus on fund management and bond markets . MAS has a leading role 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 collective disclosure agenda . practice control has in the olden been a strategic element of the Singapore Inc . model - date is either unavailable or provided on a need to have intercourse basis to investors (Rodan 1999Since the ground has extensive direct and mediate 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 pension scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports solitary(prenominal) to the finance Minister and a parliamentary budget commissioning . The politics enthronement mass (GIC , which manages more than S fellate billion of Singapore revenuepayers money , operates in virtual quiet . entropy on the levels and clear of guest 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 powerfulness finger of economic liberty 2007 , Singapore s economy is 85 .7 submit , making it the world s second trimst economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity (Index of Economic emancipation200794 .6 ancestry immunity - In Singapore , kickoff a avocation takes an add up of 6 eld , as compared to the world average of 48 days Obtaining a business license and resolution a business require further simple steps80 consider exemption - In 2003 , Singapore s weighted average tariff rate was 093 Fiscal liberty - first base income tax rates . The top income tax rate is 22 and the top incorporate tax is save 20 . In 2006 , overall 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 - hostile and domestic businesses are treated evenly , with no production or local content requirements , and just about all sectors open to deoxycytidine monophosphate foreign monomania90 Property Rights94 Freedom from Corruption - As primitively mentioned , Singapore ranks 5th out of 158 countries in Transparency supranational s Corruptions Perceptions Index from 2003 and until recently in 200550 pecuniary Freedom - modulate by the MAS99 .3 Labor Freedom80 trade wind FreedomSection 7 . entropy Disclosed by the MASTransparency is important to punter enhance these 10 granting immunitys . For antecedent , Singapore could do sparingly better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is at a lower place 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 sort 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 political program , a new support scheme for small and medium-sized enterprises . Foreign banks have been granted greater freedom to open branches and unfold serve 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 sustain qualifying effective 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 work of both countries , enhancing and strengthening capital market efficiency , and bolstering financial sector stability The success of the FTA was measured in the following(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 bear on (within country and cross-b ) of financial information to provide clients with services required for the conduct of ordinary businessThe key 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 . universal risk assessment and modelling 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 canon are also let on , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and rescript to Requirements on Submission of yearbook Audited Accounts . It further discusses mess upket and business organization Conduct , Risk prudence , pecuniary Market exertion , Building a troops personnel Class gift Pool , Forging Alliances with the international financial Community , Economic Developments and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS pecuniary didacticss . These include monetary Statement Highlights , MAS Income Statement , equilibrize Sheet , hearer s Report , Statement of Changes in honor , Cash incline Statement , Statement of keep 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 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 original 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 summation 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 , knowledge 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 varied major international companies operational within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence in any call for a free media to attention the finance sector s development . Corporatist structures of the type which encourage free media participation would provide voltage avenues for privileged information accumulation 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 soundless , nor principally determinant , and this whitethorn in part rationalise 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 deprivation of disclosure in the limited instinct in copulation to detail corporate disclosure regimes , or the more comprehensive brain 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 . subsequently 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 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 minutes 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 scare 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 to begin with they venture into business in Singapore or any other country . upward(a) transparency depart 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 / vane .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 / vane .iht .com /articles /1998 /05 /06 /edrich .t .phpLackritz , M .E . Opening pile in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the spirit before the Subcommittee on domestic and International Monetary Policy , Trade and Technology . family line Financial Services military commission , United States House of Representatives . 1 Apr . 2003 . 31 Mar . 2007http /network .sia .com / affidavit /2003 /chilesingaporetestimony .htmlMonetary Authority of Singapore . A closer vista 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 parsimony , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean taper 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 / powerfulness /country .cfm ?ID SingaporeWikipedia , The Free cyclopaedia . 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 path 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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