Search results

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.

Chapter 1: Introduction -- Chapter 2: IFC studies and the Politics of Finance -- Chapter 3: Taking a Public Policy Theoretical Approach -- Chapter 4: Hong Kong -- Chapter 5: Singapore.- Chapter 6: Shanghai -- Chapter 7: Comparisons and Analysis -- Chapter 8: Conclusions. Bibliography -- Appendices.

Intro -- Preface -- Acknowledgments -- Contents -- About the Author -- List of Figures -- List of Tables -- Acronyms -- 1 Introduction -- References -- 2 IFC Studies and the Politics of Finance -- Financial Sector Policy and Development -- International Financial Centres -- The Politics of Finance -- Conclusion -- References -- 3 Taking a Public Policy Theoretical Approach -- Policy Instruments and the Design Process -- Policy Subsystems -- Analytical Framework: The Nested Instrumental Approach -- Research Design and Methodology -- Case Study Method -- Qualitative Data -- Conclusion -- References -- 4 Hong Kong -- Determinants of Competitive Advantage -- Financial Governance -- Regulatory Regime -- Financial Policy Mix -- Financial Policy Subsystem -- Conclusion -- References -- 5 Singapore -- Sources of Competitive Advantage -- Financial Governance -- Regulatory Regime -- Financial Policy Mix -- Financial Policy Subsystem -- Conclusion -- References -- 6 Shanghai -- Determinants of Competitive Advantage -- Financial Governance -- Regulatory Regime -- Financial Policy Mix -- Financial Policy Subsystem -- Conclusion -- References -- 7 Comparisons and Analysis -- Comparative Advantages -- Financial Governance and Regulatory Agencies -- Financial Policy Mix -- Financial Policy Subsystem -- Application of the Nested Instrumental Approach -- Hong Kong -- Singapore -- Shanghai -- Conclusion -- References -- 8 Conclusions -- Summary of Findings -- Contributions to Literature and Theory -- Implications for Policy-Makers -- Going Forward -- References.

"The cases of Singapore and Switzerland present a fascinating puzzle: how have two small states achieved similar levels of success through divergent pathways? Are both approaches equally sustainable, and what lessons do they hold for each other? While Singapore is the archetypal developmental state, whose success can be attributed to strong political leadership and long-term planning, Switzerland's success is a more organic process, due to the propitious convergence of strong industries and a resilient citizenry. Yet throughout the course of their development, both countries have had to deal with the dual challenges of culturally heterogeneous populations and challenging regional contexts. Edited by Yvonne Guo and Jun Jie Woo, with forewords from Ambassadors Thomas Kupfer and Tommy Koh, Singapore and Switzerland: Secrets to Small State Success features contributions from distinguished scholars and policymakers who explore the dynamics of two small states which have topped international rankings in a dazzling array of policy areas, from economic competitiveness to education to governance, but whose pathways to success could not be more different."--

The Global Financial Crisis (GFC) of 2008 has revealed weaknesses in financial regulatory policies and institutions in many countries. These weaknesses extend to the regional and international domains of financial policy as well. This article calls for the need for better designed financial regulations and policies by taking a policy design perspective. It provides a multi-level approach to understanding financial reform as design that examines the various components of policy design — policy means, goals and change — at the three levels of policymaking — international regional, national. In doing so, we aim to provide a first step towards a more design-centric approach to financial sector reform.

AbstractThis paper conceptualizes political competences at the system level of capabilities to function as "legitimation capacity" in a policy context. It identifies trust in the political, social, economic, and security spheres as the key element driving this capacity. Trust ensures that state actions and institutions are perceived as legitimate and receive public support, which in turn allows political skills to be exercised, preventing political or institutional decay and policy ineffectiveness. Conceptualization of legitimation capacity as comprising trust across political, social, economic, and security dimensions offers a useful framework for analyzing and estimating a government's capacity in different policy spheres. It provides a practical tool for estimating any deficiencies in legitimation capacity that a government may face. While governments may be endowed with different levels of legitimate capacity when they first attain office, they may over time work on building up capacity by focusing on the spheres in which they may be lacking. Conversely, they may lose legitimacy if their efforts in these areas are counter-productive.

Policy design, or the deliberate governmental effort to attain desired policy objectives, is an integral part of micro and macro-level fiscal and financial regulation. This paper seeks to address the role of regime coherence and policy capacity in contributing to effective financial policy design. Drawing on the cases of the Global Financial Crisis and Asian Financial Crisis and focusing on Asian states, we assess regime capacity at both international and domestic levels. We argue that it is the integration of analytical, operational and political capacities that have contributed to the overall ability of a government regime to address and respond to crises.