This book provides an analysis of Singapore’s development and success as an international financial centre (IFC). Chapters demonstrate how Singapore plays a critical role in both Asian and global financial markets, despite its relatively small geographic size. The author focuses specifically on the factors that have contributed to the city-state’s success and discusses the policy lessons that can be derived from it. The book describes the historical, spatial, political and policy factors that contributed to Singapore’s development as a leading Asian financial centre and global city, and will be of interest to both policy scholars and practitioners.
As business becomes more globalized and developed within the era of the internet, marketing activities are affected by evolving technologies. Challenges arise in addressing the issues of cross-policy and cross-border business in the digital age. Internet Taxation and E-Retailing Law in the Global Context provides emerging research on the methods and approaches to determine the appropriate tax policies for e-retailers within the global framework. While highlighting topics such as cross-border taxation, digital economy, and online management, this publication explores the developing avenues of online financial analysis and taxation. This book is an important resource for business leaders, financial managers, investors, consumers, researchers, and professionals seeking current research on the different issues surrounding online business and e-commerce from an international standpoint.
3-in-1: Governing a Global Financial Centre provides a comprehensive understanding of Singapore's past development and future success as a global financial centre. It focuses on three transformational processes that have determined the city-state's financial sector development and governance — globalisation, financialisation, and centralisation — and their impacts across three areas: the economy, governance, and technology. More importantly, this book takes a multidimensional approach by considering the inter-related and interdependent nature of these three transformational processes. Just like the 3-in-1 coffee mix that is such an ubiquitous feature of everyday life in Singapore, the individual ingredients of Singapore's success as a global financial centre do not act alone, but as an integrated whole that manifests itself in one final product: the global financial centre.
Foreword: A Perennial Goal: Coupling Prudence with Innovation (Tharman Shanmugaratnam); MAS Leaders; List of Abbreviations; Evolution of a Central Bank: Establishing the Monetary Authority of Singapore (Hon Sui Sen); Why a Currency Board? (Goh Keng Swee); Prudence, Stability, Confidence: The Fundamentals of Good Government and Sound Central Banking (Goh Chok Tong); Macroeconomic Policies in Singapore: Principles, Milestones and Future Prospects (Richard Hu); Credibility, Confidence, Dynamism: MAS in the New Economic and Financial Landscape (Lee Hsien Loong); MAS at Forty: Past Contributions, Future Challenges (Lee Hsien Loong); Building Credibility (Tharman Shanmugaratnam); Monetary Policy and Reserve Management: How to Cope with Inflation with Particular Reference to Singapore (Michael Wong Pakshong); Which of the Monetary Aggregates Does MAS Watch? (Goh Keng Swee); Why a Strong Singapore Dollar? (Goh Keng Swee); Exchange Rate Policy: Philosophy and Conduct over the Past Decade (Teh Kok Peng and Tharman Shanmugaratnam); MAS Merges with Board of Commissioners of Currency, Singapore (Lim Hng Kiang); Asian Monetary Integration: Will It Ever Happen? (Tharman Shanmugaratnam); Getting in All the Cracks or Targeting the Cracks? Securing Financial Stability in the Post-Crisis Era (Ravi Menon); How Singapore Manages Its Reserves (Ravi Menon); Financial Regulation and Supervision: Supervision of a Regional Financial Centre (Michael Wong Pakshong); Regulation and Development of the General Insurance Industry (Law Song Keng); Strengthening the Framework for Banking Supervision (Goh Keng Swee); Recent Turbulence in the Stockbroking Industry and Lessons for Supervision (J Y Pillay); The Role of a Financial Futures Exchange (J Y Pillay); The Regulation and Development of Financial Markets (Richard Hu); Derivatives Trading and the Importance of Risk Management in Banks (Lee Ek Tieng); New Approach to Regulating and Developing Singapore's Financial Sector (Lee Hsien Loong); Financial Supervision in the New Millennium (Koh Yong Guan); Separation of Financial and Non-Financial Activities of Banking Groups (Lee Hsien Loong); Capital Markets in the New Economy (Lee Hsien Loong); Regulating the Capital Markets: Making Market Discipline Work (Tharman Shanmugaratnam); Consolidation and Liberalisation: Building World-Class Banks (Lee Hsien Loong); Deposit Insurance and Managing the Liberalisation Process (Lim Hng Kiang); Best Practices in Insurance Regulation (Lee Hsien Loong); Sensible Rules, Effective Supervision, Industry Partnership (Heng Swee Keat); Singapore's Approach to the Regulation of Capital Markets (Ravi Menon); Ensuring Strong Anchors in Our Banking System (Tharman Shanmugaratnam); Building a Culture of Trust in the Financial Industry (Ravi Menon); FinTech -- Harnessing its Power, Managing its Risks (Ravi Menon); Singapore's Financial Centre: Resilience, Dynamism, Trust (Ravi Menon); A Flexible Framework for the Regulation of Payment Systems and Payment Service Providers (Ong Ye Kung); Banking Liberalisation's Next Chapter: Digital Banks (Tharman Shanmugaratnam); Financial Centre Development: Development of Singapore as a Financial Centre (Hon Sui Sen); Inauguration of the Institute of Banking and Finance (Hon Sui Sen); Fund Management in Singapore: New Directions (Lee Hsien Loong); Building a Premier Exchange (Lee Hsien Loong); The Future of the Financial Sector in Singapore -- Riding the Challenges, Emerging Stronger (Goh Chok Tong); Key Issues in Asian Financial Markets (Tharman Shanmugaratnam); Singapore as a Global Insurance Marketplace (Ravi Menon); Building Capabilities for the Financial Sector of Tomorrow (Tharman Shanmugaratnam); Positioning for a Technology Driven Future (Heng Swee Keat); Singapore FinTech: Innovation, Inclusion, Inspiration (Ravi Menon); Green Finance for a Sustainable World (Ong Ye Kung); Harnessing the Power of Finance for a Sustainable Future (Ravi Menon)
This book provides a comprehensive overview of the economic development of Singapore, easily the leading commercial and financial centre in Southeast Asia throughout the twentieth century. This development has been based on a strategic location at the crossroads of Asia, a free trade economy, and a dynamic entrepreneurial tradition. Initial twentieth-century economic success was linked to a group of legendary Chinese entrepreneurs, but by mid-century independent Singapore looked to multinational enterprise to deliver economic growth. Nonetheless exports of manufactures accounted for only part of Singaporean expansion, and by the 1980s Singapore was a major international financial centre and leading world exporter of commercial services. Throughout this study Dr Huff assesses the interaction of government policy and market forces, and places the transformation of the Singaporean economy in the context of both development theory and experience elsewhere in East Asia.
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
As well as marking the tenth anniversary of the collapse of Lehman Brothers and the consequent unleashing of the global financial crisis, 2018 is also the year of negotiations on the terms of the UK's exit from the European Union. Within a decade the banking world has witnessed two epochal events with potential to redraw the map of international financial centres: but how much has this map actually changed since 2008, and how is it likely to change in the near future? International Financial Centres after the Global Financial Crisis and Brexit gathers together leading economic historians, geographers, and other social scientists to focus on the post-2008 developments in key international financial centres. It focuses on the shifting hierarchies of New York, London, Paris, Geneva, Zurich, Frankfurt, Singapore, Hong Kong, Beijing, Shanghai, and Tokyo to question whether Asian financial centres have taken advantage of the crisis in the West. It also examines the medium-effects of the crisis, the level of regulation, and the rise of new technology (fintech). By exploring these crucial changes, it questions whether shifts in the financial industry and the global landscape will render these centres unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology.
The Ministry of Finance, Government of India established a High Powered Expert Committee in 2006 to study the feasibility of India's entry into the global market for international financial services and that of Mumbai becoming an international financial center. The Committee's report analyses Mumbai's strengths and weaknesses in terms of the above seven key factors essential for the success of an IFC. The report strives to deliver a nuanced appreciation of the likely costs and benefits of the path to an IFC, based on an understanding of which policy-makers can make a reasoned choice.
Contents include an overview and policy recommendations; case studies which include Australian content; international perspectives; and issues and findings.
Based on previously unpublished archival records, this book makes a significant contribution to our understanding of the development of Hong Kong as one of the worlds premier international financial centres.
