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Reforming the global financial architecture : Singapore's perspectives
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. - (Studien zur internationalen Finanzarchitektur ; 2000,1)
&lt;br&gt;Electronic ed.: Bonn : FES Library, 2000
&lt;br&gt;&lt;br&gt;&lt;font size=3D-1&gt;&lt;i&gt;=A9 Friedrich-Ebert-Stif=
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Reforming the global financial architecture : Singapore's perspectives
 / Linda Low. - Bonn, 2000. - 5 S. =3D 25 Kb, Text
. - (Studies on international financial architecture ; 2000,1)
<br>Electronic ed.: Bonn : FES Library, 2000
<br><br><font size=3D"-1"><i>=A9 Friedrich-Ebert-Stiftung</i></font>
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<p>
</p><ul><ul>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E0">Summary</a><=
br><br>

<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E1">Introduction=
</a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E2">Regional and=
 International Contexts</a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E3">Singapore's =
perspectives and strategies</a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E4">New Instrume=
nts </a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E5">Hedge Funds<=
/a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E6">Reforming th=
e Bank Sector</a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E7">Capital Cont=
rols</a><br>
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E8">Conclusion a=
nd policy implications</a><br></ul></ul>


<a name=3D"E9E0"></a><br>

<br><br><center>
<table width=3D"80%" border=3D"1" cellspacing=3D"1">
<tbody><tr><td valign=3D"top" bgcolor=3D"#C0C0C0"><b><i>SUMMARY</i></b>
</td></tr>
<tr><td bgcolor=3D"#C0C0C0">Singapore as a global trader thrives on a liber=
alised trade system. Even before the crisis, it was moving to liberalise it=
s financial sector. It is developing a securities borrowing and lending mar=
ket with safeguards to prevent excessive volatility. It has liberalized its=
 banking sector, allowing foreign banks to play a greater role, albeit not =
allowing them to take complete control of a local bank.=20
<p>Singapore=92s perspective on the new financial architecture is falling b=
etween the American philosophy of completely open and unregulated financial=
 markets and the Japanese and European approaches of tougher regulation. Co=
rporate governance, transparency and safety first are particularly importan=
t issues in Singapore=92s perspective.
</p><p>It has joined ASEAN members in mounting an alert or advance warning =
system for crisis prevention and concerted co-operation among members in th=
e Asia Pacific Economic Co-operation (APEC) to ensure stability in financia=
l markets.=20
</p><p>Due to its cultural insights, understanding and experience dealing w=
ith neighbours in the region, Singapore could be a powerful bridge and cond=
uit in the new global financial architecture.
</p></td></tr></tbody></table></center>

<br><br>
<p align=3D"CENTER"><a href=3D"https://library.fes.de/fulltext/iez/00765.ht=
m#I0"><img src=3D"https://library.fes.de/images/digbib/e_oben.gif" width=3D=
"101" height=3D"15" border=3D"0" alt=3D"Page Top"></a>

<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E2"><img src=3D"=
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" border=3D"0" alt=3D"Next Item"></a>

<a name=3D"E9E1"></a><br>
<font size=3D"+1">Introduction</font>
<br><br>
</p><p>Since the Asian financial crisis (Krause, 1998), crisis prevention o=
r at least, minimising the political economy of deleterious effects which i=
nevitably encompass the global community, has prompted suggestions from gov=
ernments, political and business leaders and academicians on global financi=
al reforms. But no financial architecture can simultaneously accommodate th=
e impossible trinity of continued national sovereignty, a cushioned regulat=
ed and supervised financial market and the benefits of globalised capital m=
arkets. There is possible conflict between political feasibility and an arc=
hitecture even if it can ensure a stable world financial order. Issues pert=
aining to who the architects and regulators should be would define and shap=
e the architecture itself. The only consensus seems to be that despite the =
conventional wisdom of market forces, financial markets and their operation=
s constitute a systemic risk too large and powerful to be left to themselve=
s and blind faith in them is misplaced.=20
</p><p>Actually, there are no less than ten proposals for the new financial=
 architecture, including what the G7 and G22 (G7 plus 15 developing countri=
es) were to produce in studies aimed at improving transparency and surveill=
ance in the world financial system.=20
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E1"><img src=3D"=
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border=3D"0" alt=3D"Page Top"></a>

<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E3"><img src=3D"=
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<a name=3D"E9E2"></a><br>
<font size=3D"+1">Regional and International Contexts</font>
<br><br>
</p><p>Japanese Finance Minister Miyazawa's proposal for a tricurrency syst=
em with the Euro and yen joining the dollar was opposed by the US which cle=
arly enjoys its hegemony (Asian Wall Street Journal, 28 February 1999 and I=
nternational Herald Tribune, 30-31 January 1999). Japan's proposal of an As=
ian Monetary Fund in October 1997 was rebuffed by the US on the same ground=
. A yen block has not taken off as even Asia resented Japan as a marauder. =
Generally, the Japanese, like British and German, opt for more regulation, =
monitoring and correcting the oversight on international vehicles as condui=
ts for international capital flows such as hedge funds. Asia has little cho=
ice but to depend on the triad of US, Europe and Japan to maintain and safe=
guard the global financial system.=20
</p><p>A new global financial architecture is not necessarily a radical tra=
nsformation of the global monetary and financial regime. Two criteria are c=
ritical, namely, their political feasibility and their success in creating =
a more stable world financial order.  Instead of throwing out the baby with=
 the bath water, the best and most practical approach would be to improve e=
xisting institutions, beginning with the IMF and amending IMF articles to m=
ake capital account convertibility a goal of IMF policy like current accoun=
t. Barring objections to the danger of expanded power and American influenc=
e in IMF which must be tackled at another level, the role of IMF remains an=
d can be elevated with safeguards. It could help members achieve an optimal=
 speed and sequencing of capital account liberalisation. As a check and bal=
ance for IMF powers, more private sector involvement in the form of credits=
 to supplement IMF resources, expertise and committee of creditors is sensi=
ble. As the walls between domestic and international capital markets become=
 more and more porous, it is inevitable that IMF surveillance would mean gr=
eater incursion into domestic legal and economic arrangements. All the more=
, private sector as a partner in these efforts would make some areas less p=
olitically sensitive and more neutral as the market needs information and t=
ransparency as well.=20
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E2"><img src=3D"=
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<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E4"><img src=3D"=
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<a name=3D"E9E3"></a><br>
<font size=3D"+1">Singapore's perspectives and strategies</font>
<br><br>
</p><p>As a small city state despite its first world standard in living and=
 high per capita income matching those of the G5, Singapore as a global tra=
der thrives on a liberalised trade system while mindful of unfettered inter=
national capital flows. Even before the crisis, it was moving to liberalise=
 its financial sector.=20
</p><p>Yet, Singapore would be committed to aspects of the new global finan=
cial infrastructure which enhance features of corporate governance, transpa=
rency and safety first.
</p><p>Such, the Stock Exchange of Singapore (SES) is developing a securiti=
es borrowing and lending market (SBL) which will establish organised short =
selling market practice with safeguards to prevent excessive volatility (Si=
ngapore Business Times, 6 November 1998). The SBL represents a the convicti=
on that capital mobility and hedge funds are not themselves bad and over re=
gulation is neither possible nor necessary.=20
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E3"><img src=3D"=
https://library.fes.de/images/digbib/e_prev.gif" width=3D"105" height=3D"15=
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tps://library.fes.de/images/digbib/e_oben.gif" width=3D"101" height=3D"15" =
border=3D"0" alt=3D"Page Top"></a>

<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E5"><img src=3D"=
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<a name=3D"E9E4"></a><br>
<font size=3D"+1">New Instruments </font>
<br><br>
</p><p>The SBL is one of the proposals of SES Review Committee supported by=
 the Monetary Authority of Singapore (MAS) for two reasons. One is to devel=
op Singapore as a full-fledged capital market, adding liquidity and depth t=
o securities market in an organised market subject to supervision by the SE=
S to provide transparency to market players which is preferred to the exist=
ing over-the-counter securities borrowing and lending market. Secondly, the=
 absence of an onshore SBL market has limited shortselling mostly to big fo=
reign funds with access to offshore securities. With the new proposal, reta=
il players can enter SBL market. Retail investors should be able to borrow =
securities for shortselling. Securities lending or shortselling per se is n=
ot evil, as it facilitates more transactions, liquidity and settlement as w=
ell as provides flexibility. A successful fund management environment depen=
ds on ability of fund managers to hedge their long positions and this in tu=
rn depends on successful and profitable shortselling mechanism. The SBL rep=
resents additional source of income for custodial banks, brokers and invest=
ors with large securities holdings.
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E4"><img src=3D"=
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border=3D"0" alt=3D"Page Top"></a>

<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E6"><img src=3D"=
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<a name=3D"E9E5"></a><br>
<font size=3D"+1">Hedge Funds</font>
<br><br>
</p><p>There is no specific policy to ban or attract hedge funds and the su=
pervisory function of the MAS is to ensure there is no over exposure as not=
ed by Lee Hsien Loong, chairman of the MAS (Sunday Times, 24 January 1999).=
 His views are in full consonance with Finance Minister Richard Hu who defi=
nes Singapore=92s response to hedge funds as a  preference to regulate them=
 by imposing conditions through the intermediaries. These are the banks whi=
ch lends the funds. These have the prudential requirements to limit the abi=
lity to lend and both the IMF and BIS should issue rules to introduce such =
prudential requirements. The idea is to first identity entities or hedge fu=
nds to which they lend to and second, aggregate the information to know the=
 magnitude. Transparency will be attained as a consequence which make polic=
y and awareness of the size and scope of the activities of hedge funds poss=
ible. The key to good defence from external rapaciousness is improving such=
 transparencies of the market, a strong settlement and payment system and a=
 reduction in the need and opportunity for sudden shifts of the =84herd". W=
hat spooks financial crisis has been the confidence and sentiments of the m=
arket and there is the need to protect the economy against uncomfortable ma=
rket movements by avoiding one-way bets in the form of inconsistent policie=
s and indefensible currency pegs. These would open the economies wide open =
to speculative attacks.
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E5"><img src=3D"=
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<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E7"><img src=3D"=
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<a name=3D"E9E6"></a><br>
<font size=3D"+1">Reforming the Bank Sector</font>
<br><br>
</p><p>Singapore has gone further into liberalisation with a blueprint anno=
unced by Lee Hsien Loong of the MAS. The most significant policy is scrappi=
ng the 40% ceiling on foreign ownership of local banks and MAS to issue a q=
ualifying full bank licence to six foreign banks, allow five more restricte=
d banks and give greater market access to qualifying offshore banks. But po=
licy has not gone to the extent of foreigners taking complete control of an=
y local bank.=20
</p><p>At the same time, Singapore has allowed more foreign lawyers in toge=
ther with other professionals under its policy to attract foreign talents. =
Singapore is moving from a safe, sound but not sustainable position to a ne=
w one which gives competition for local banks, better services and a more v=
iable financial centre in the long run. It has no other options but follow =
global and technology trends and keep maintaining its international competi=
tiveness as the region catches up.
</p><p>Having protected and nurtured local banks and nudged them six or sev=
en years ago to move, merge or go downhill, Senior Minister Lee Kuan Yew ha=
d warned that they would be wiped out in ten years or less if they still di=
d nothing (Business Times, 8 May 1999). He urged infusion of foreign talent=
s to the helm of traditional family owned Chinese banks as even partially g=
overnment owned Development Bank of Singapore (DBS) has done in appointing =
a foreign CEO. Plausibly, if local Chinese banks are still resistant to mer=
ge and upgrade in line with the global financial system, they would give th=
e excuse for more state intervention which should be exercised with care an=
d due diligence.
</p><p>The liberalisation plan is a clear signal that Singapore could suppo=
rt a wide range of the  ideas discussed internationally with respect to the=
 new financial architecture. It may fall between the American philosophy of=
 completely open and unregulated financial markets and the Japanese and Eur=
opean approaches of tougher regulation. It is realistic to take a middle-of=
-the-road solution in view of its size and vulnerabilities including total =
trade to GDP ratios between 200 to 300%. But though It would be more commit=
ted on corporate governance and transparency, MAS is not itself very transp=
arent in releasing financial sector statistics and information. For instanc=
e, information and data on components, trends and types of savings by house=
holds and firms and identity of holders of government bonds and stocks, are=
 not published.
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E6"><img src=3D"=
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<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E8"><img src=3D"=
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<a name=3D"E9E7"></a><br>
<font size=3D"+1">Capital Controls</font>
<br><br>
</p><p>On capital account liberalisation, Singapore relies on inward direct=
 foreign investments (DFI) and multinational corporations (MNCs) to attain =
high technology industrialisation and markets in the OECD countries. It enc=
ourages outward DFI under its regionalisation policy to take advantage of f=
actor resources and tap demand through market penetration in booming Asia P=
acific. However, there is a discreet policy of capital control in the amoun=
t of Singapore dollars which can be taken out for outward DFI. This is not =
unlike other subtle forms of capital controls elsewhere as in control of lo=
cal and foreign currencies by travellers though Singapore has no such restr=
ictions on local and foreign visitors.=20
</p><p>On Malaysia's proposal shortly after the crisis broke, to use the Si=
ngapore dollar for trading within the region, Singapore was silent and did =
not respond then. Partly, it may be unsure if that would help others wean t=
hemselves from trading in the US dollar. More to the point, allowing the Si=
ngapore dollar for regional trading would commit Singapore to issue more cu=
rrency. Under its currency board system dictating a prudent 100% backing, i=
t would impose a drain and strain of its balance of payments and official r=
eserves would have to be depleted. The MAS would lose control of monetary p=
olicy with an offshore dollar market which may go beyond ASEAN, funds being=
 fungible and walls around financial markets porous. Instead, Singapore, ga=
ve other forms of in-kind and financial assistance to neighbouring countrie=
s in bilateral packages and through IMF (Low, 1999). There is more control =
over cost and impact in these packages than an unstructured involvement by =
way of its dollar as a trading currency which depends crucially on successf=
ul macroeconomic stabilisation elsewhere.
</p><p>To Japan's hope to have Tokyo, Singapore, Hong Kong and Sydney finan=
cial centres help Asian nations raise bonds by guaranteeing these sovereign=
 bond, Lee Hsien Loong has reportedly responded that Singapore could possib=
ly help if there was an interest in the Singapore dollar or other currencie=
s (Straits Times, 22 May 1999). This is in line with its policy on financia=
l sector development.
<br><br></p><p align=3D"CENTER">
<a href=3D"https://library.fes.de/fulltext/iez/00765.htm#E9E7"><img src=3D"=
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<a name=3D"E9E8"></a><br>
<font size=3D"+1">Conclusion and policy implications</font>
<br><br>
</p><p>The metaphor of mending the road or drivers to avoid a crash (The Ec=
onomist, Global Financial Survey, 30 January 1999) is appropriate and a lit=
tle of both is the best compromise for the emerging global financial archit=
ecture. The Asian crisis has shown patent weaknesses of the current system =
including conditionalities of IMF programmes failing to take account of con=
comitant social distress and political economy effects. The human dimension=
 of economic reforms is now increasingly appreciated by IMF. However, Camde=
ssus reminds critics that it would be very difficult to do the right thing =
socially without doing the right thing financially (Asiaweek, 28 May 1999, =
p 93).=20
</p><p>While the West favours corporate governance and transparency, Asia m=
ay opt for authoritarian styles, like Malaysia for capital controls (Haggar=
d and Low, 1999). The difference may be more apparent than real because nei=
ther are simple absolute solutions. Just as transparency is not easy to ach=
ieve, Malaysia has eased its unorthodox controls by introducing a graduated=
 exit tax in February 1999. Whichever approach, they converge to the same g=
oal of stability and safety in their respective financial system. Singapore=
 prefers an open competitive system in general even if it does not go all t=
he way as seen in its liberalisation of its banking sector. But it would no=
t be keen and cannot afford unorthodox solutions like explicit capital cont=
rols because confidence is an important premium to support its financial ce=
ntre. It is known for its policy consistency and stability and is acutely a=
ware of its physical size and lack of other resources beside its intellectu=
al capital and economic management and governance to sustain itself.
</p><p>It is in Singapore's interest to see ASEAN and Asia recover from the=
 crisis, leaner, cleaner, sturdier and more competitive from bank and corpo=
rate restructuring. Its MNCs, government-led companies (GLCs), banks and ot=
her corporations are actively involved in afflicted countries, helping in t=
heir financial and corporate restructuring and reform. Because it is more r=
ule based, generally following most international laws, rules and conventio=
ns, it could be exemplary in its dealings and operations in the region. It =
would support the main struts of the new financial architecture positing im=
proved corporate governance, transparency, prudential regulation, monitorin=
g and supervision. It has joined ASEAN members in mounting an alert or adva=
nce warning system for crisis prevention and most important of all, concert=
ed co-operation among members also in the Asia Pacific Economic Co-operatio=
n (APEC) to ensure stability in financial markets.=20
</p><p>While its economy and financial sector are not small in relative ter=
ms, they are in absolute terms and it is highly vulnerable through interdep=
endence with the region and global economies. To remain competitive, Singap=
ore has liberalised its banking and legal sectors which make its financial =
sector stronger. This would help countries in the region in raising funds o=
r channelling them to more efficient uses. Its policies are thus generally =
in the right direction and could help others along in the new global financ=
ial architecture.
</p><p>But realistically, political feasibility and sensitivity constitute =
a large part of political commitment to implement policies and platitudes. =
Singapore can play a role in the ASEAN and APEC regions to broker ideas and=
 schemes which will achieve the visions of the new financial order. However=
, geopolitics within and outside Asia Pacific region are changing with gove=
rnments, political leaders and society still in transition in many Asian st=
ates. There is a tremendous challenge for Singapore to intermediate between=
 the needs and aspirations of the developing world and economies in transit=
ion and the rest of players in the global financial system. It could be exe=
mplary to others showing how the global financial system need not be an exp=
loiter and evil mechanism to transfer hard earned wealth away. Indeed, the =
crisis should give cause for them to gear up their financial infrastructure=
 and human software and skills to manage themselves better along financial =
and technology highways.=20
</p><p>Here again, Singapore has more cultural insights, hopefully, underst=
anding and experience dealing with neighbours in the region to help a flow =
through of ideas, exchanges and consensus  building between the designers o=
f the new global financial architecture, its users and players. The strong =
presence of MNCs and worldclass players in the financial and capital market=
s operating in and out of Singapore should also help in its roles as honest=
 broker, intermediary and consensus building. What is required are equally =
visionary and pragmatic leaders in partnering countries to go beyond the po=
litical economy of reforms. Singapore is economically and politically too s=
mall to play a leading role and has to defer this to a larger ASEAN or Asia=
n state. But it could be a powerful bridge and conduit in the new global fi=
nancial architecture because of its structures, institutions and policies m=
ore akin to OECD standards. =20
</p><p><b>Linda Low </b>is working in the Department of Business Policy, Na=
tional University of Singapore


<br><br></p><center>
<table cellspacing=3D"2" width=3D"80%">
<tbody><tr><td colspan=3D"2" valign=3D"LEFT" bgcolor=3D"#C0C0C0"><b>Impress=
um</b></td></tr>
<tr>
<td bgcolor=3D"#C0C0C0"><b>Editor:</b><br> Friedrich-Ebert-Stiftung<br> God=
esberger Allee 149<br> 53175 Bonn<br> Division for International Cooperatio=
n<br> Phone: +49 228 883 604<br> Fax: +49 228 883 600<p> http://www.fes.de<=
/p><p> E-Mail: Ernst.Hillebrand@fes.de
</p><p>=A9 2000 Friedrich-Ebert-Stiftung
</p></td>
<td bgcolor=3D"#C0C0C0">
<p>The Studies on International Financial Architecture are published by Fri=
edrich-Ebert-Foundation (FES). The series presents the ongoing debate in se=
lected countries of the southern hemisphere. By these studies FES wants to =
contribute to the international debate on the reform of the international f=
inancial system.=20
</p><p>Complete versions of the studies are also available on the internet-=
site of FES.=20
</p><p><b>Available</b>: <br>Korea (No. 1/1999),<br> Mexico (No. 2/1999), <=
br>South Africa (No. 3/1999), <br>Brazil (No. 4/1999),<br> India (No. 5/199=
9)<br>Argentina (No. 6/1999);<br> Singapore (1/2000)
</p><p><b>Forthcoming:</b> <br>Chile,<br>Egypt, <br>China, <br>Thailand.
</p></td></tr></tbody></table></center><br><br>
<br<<br><!-- START END -->
<hr>
<font size=3D"-2">
=A9 <a href=3D"mailto:wwwadm@www.fes.de">Friedrich Ebert Stiftung</a>
| <a href=3D"https://library.fes.de/fulltext/iez/support.html">technical su=
pport</a> | net edition=20
<a href=3D"mailto:walter.wimmer@fes.de">fes-library</a> | Mai 2000
</font></br<<br></td></tr></tbody></table>
<!-- END END -->

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------MultipartBoundary--xnaV7rMhKb7ZnboQRYTjfZXWpo25kFne9ceV1OUhDi------
