Singapore as an International Financial Centre: History, Policy and Politics (Palgrave Macmillan Studies in Banking and Financial Institutions)

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. Dedication 6 Preface 8 Acknowledgements 10 Contents 12 List of Abbreviations 14 List of Figures 16 List of Tables 18 Chapter 1: Introduction 19 Rationale 21 Methodology 22 Overview of the Book 23 References 25 Chapter 2: Studying International Financial Centres 26 Discussion 34 References 37 Chapter 3: Historical Development 42 Beginnings: The 1960s 45 Growth and Expansion: The 1970s 45 Internationalization and Consolidation: The 1980s 48 Liberalization and Consolidation: The 1990s 50 Diversification: The 2000s 52 Conclusion 55 References 56 Chapter 4: Spatial Dynamics 59 Global Finance, Global Cities 61 Internal Spatial Dynamics 63 Conclusion 66 References 68 Chapter 5: Policy Drivers 71 Financial Regulation 72 Financial Governance 77 Financial Policies 79 Stabilizing Policies 80 Developmental Policies 81 Conclusion 86 References 87 Chapter 6: The Role of Politics 91 Political System 92 Politics in Financial Governance 94 Industry Consultation 95 Policy Advantages and Political Aspects of Industry Consultation 100 Policy Assemblages 101 Conclusion 104 References 105 Chapter 7: A Multifactorial Approach 109 Multifactorial Approach 110 Capacities for IFC Success 114 Conclusion 118 Note 119 References 119 Chapter 8: Conclusion 125 Findings 127 Policy Lessons and Implications 128 Avenues for Future Research 129 References 130 Bibliography 133 Index 135 "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."--Page [4] of cover Front Matter....Pages i-xvii Introduction....Pages 1-7 Studying International Financial Centres....Pages 9-24 Historical Development....Pages 25-41 Spatial Dynamics....Pages 43-54 Policy Drivers....Pages 55-74 The Role of Politics....Pages 75-92 A Multifactorial Approach....Pages 93-108 Conclusion....Pages 109-116 Back Matter....Pages 117-123