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28 Law & Pol'y Int'l Bus. 619 (1996-1997)
Liberalization of Financial and Capital Markets - Singapore Is Almost There

handle is hein.journals/geojintl28 and id is 629 raw text is: LIBERALIZATION OF FINANCIAL AND CAPITAL MARKETS-SINGAPORE IS ALMOST THERE! ASHISH LALL* AND MING-HUA LIu** I. INTRODUCTION This paper provides an overview of financial and capital markets and institutions in Singapore. A major financial center in Asia, Singapore has well developed institutions, instruments, and policies and a very open economy with few restrictions on the movement of goods and capital. This openness is also evident in the financial sector; thus, there are few remaining liberalization issues concerning capital markets.' In Part II the economic and political systems in Singapore are briefly discussed, followed by a description of the various financial institutions in Singapore in Part III. Part IV discusses financial markets. Parts V and VI discuss the nature of regulation and monetary and fiscal policies, respectively. Part VII provides examples of the influence of interna- tional institutions on the development and regulation of financial markets in Singapore. II. SINGAPORE: POLITICS AND ECONOMICS The Republic of Singapore is a parliamentary democracy with univer- sal suffrage and compulsory voting. However, for all practical purposes, Singapore is a one-party state. The current party in power, People's Action Party or PAP, has been at the helm since 1959, with no opposi- tion in Parliament from 1969-1980.2 Linda Low has described the PAP government's philosophy as being relentless in any political struggle to maintain power-to the point of * Division of Applied Economics, Nany-ang Business School, Nanyang Technological Univer- sity. An earlier version of this paper was presented at a symposium on the Regulation of Capital Markets and Financial Services in the Pacific Rim, held at Georgetown University Law Center on Nov. 11-13, 1996. ** Division of Banking and Finance, Nanyang Business School, Nanyang Technological University. 1. The 1996 National Trade Estimate Report by the U.S. Trade Representative mentions only a few barriers to entry in banking and insurance in Singapore, such as a policy not to issue new licenses to foreign or domestic firms seeking to enter the saturated local insurance market. See U.S. TRADE REPRESENTATIVE, 1996 NATIONAL TRADE EsTiMATE REPORT ON FOREIGN TRADE BARRIERS 303 (1996). 2. In 1968, all 13 opposition members of Parliament resigned. It was not until 1981 that the people elected an opposition member of Parliament again.

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