建设全球金融中心（1971–2008年）——Alexander Ressos博士著作《新加坡：国际金融中心》（Singapore as an International Financial Centre）的一部分。
第D部分追溯新加坡如何通过国家投资、市场发展、亚洲金融危机及其后的自由化，发展成为全球金融中心。
本部分属于Alexander Ressos博士的著作新加坡：国际金融中心，全书在本站逐节完整发布。
国家资本：中央公积金、淡马锡和GIC
Few financial centres are shaped as strongly by the savings of their own state as Singapore. Every working citizen and permanent resident pays a share of wages into the Central Provident Fund. Read more Singapore · Global Centre中央公积金
The Central Provident Fund grew out of a debate of the early 1950s about how to provide for workers in old age. Read more Singapore · Global Centre淡马锡控股
By the early 1970s the government owned stakes in a wide range of enterprises created during the industrialisation drive of the 1960s, which Chapter C.III describes. Read more Singapore · Global CentreGIC与储备管理
GIC owes its existence to the persistent surpluses of the 1970s. Read more Singapore · Global Centre治理、透明度与圣地亚哥原则
The protection of the reserves is written into the Constitution. Read more Singapore · Global Centre国家资本：金融中心的定锚
The most direct contribution of state capital to the financial centre has been through mandates to external managers. Read more Singapore · Global Centre对资产管理人、银行和顾问的实际影响
For practitioners, Singapore’s state capital is first a set of counterparties. Asset managers seek mandates from GIC and Temasek. Read more Singapore · Global Centre新加坡与日内瓦：国家资本与私人财富
The contrast with Switzerland could hardly be sharper. Switzerland has no sovereign wealth fund in the sense of GIC or Temasek. Read more Singapore · Global Centre国家资本：中央公积金、淡马锡与GIC：摘要
The Central Provident Fund, launched on 1 July 1955 as a compulsory savings scheme, became after 1968 the instrument through which Singapore financed home ownership, health care and retirement,… Read more Singapore · Global CentreSIMEX、巴林银行与市场纪律
On Sunday 26 February 1995 administrators were appointed to Barings, the oldest merchant bank in London, after a trader in its Singapore futures subsidiary had run up losses that exceeded the… Read more Singapore · Global Centre新加坡证券交易所
Trading in shares in Singapore began informally among brokers who dealt in the securities of rubber and tin companies, banks and trading houses, whose development Part B described. Read more Singapore · Global CentreSIMEX与金融期货
The futures market of Singapore grew out of a commodity exchange. The Gold Exchange of Singapore traded gold futures. Read more Singapore · Global Centre1995年巴林银行倒闭
Barings had been present in London merchant banking for more than 230 years. In the late 1980s it entered new businesses, above all securities trading through Baring Securities Limited. Read more Singapore · Global Centre监管应对与市场纪律
The collapse produced two official inquiries, one in each country. Read more Singapore · Global Centre合并为新加坡交易所
By the late 1990s both exchanges faced a changed environment. Electronic trading allowed orders to cross borders instantly, while new trading systems competed with the traditional exchanges. Read more Singapore · Global CentreSIMEX、巴林银行与市场纪律：摘要
Singapore’s stock exchange grew from a brokers’ association of 1930 into a market shared with Malaysia until 1973, while the Pan-Electric crisis of 1985, which closed the exchange for three days,… Read more Singapore · Global Centre1997年亚洲金融危机
Financial centres are tested in crises. Their institutions, their banks and their currencies reveal in a few months of turmoil the strengths and weaknesses that years of growth had hidden. Read more Singapore · Global Centre危机在区域内的起源
The economies of Southeast Asia had grown rapidly for a decade before 1997. Read more Singapore · Global Centre新加坡的风险敞口与韧性
Singapore was hurt less than its neighbours, as the Deputy Prime Minister and chairman of MAS, Lee Hsien Loong, explained in Tokyo in September 1998. Read more Singapore · Global Centre货币与财政应对
Singapore conducts monetary policy through the exchange rate, managing the Singapore dollar against a trade-weighted basket of currencies within a policy band. Read more Singapore · Global Centre对区域银行业和贸易的影响
The crisis exposed a weakness of the local banks that had little to do with their regional loans. Read more Singapore · Global Centre危机：战略的转折点
The most important consequence of the crisis for Singapore was strategic. Paradoxically, the review of financial sector policy had begun before the crisis reached Singapore. Read more Singapore · Global Centre1997年亚洲金融危机：实务影响
The crisis of 1997 remains relevant for those who use Singapore as a financial centre today. Read more Singapore · Global Centre与香港和日内瓦的比较
Hong Kong faced the same crisis with a different monetary regime. Its currency board, which links the Hong Kong dollar to the US dollar, left no room for depreciation. Read more Singapore · Global Centre1997年亚洲金融危机：摘要
The Asian financial crisis began with the floating of the Thai baht on 2 July 1997 and spread through Southeast Asia and Korea, causing output to collapse in the most affected economies in 1998. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放
For three decades after independence, Singapore built its financial centre on a paradox. Offshore, in the Asian Dollar Market and on SIMEX, it was one of the most open markets in Asia. Read more Singapore · Global Centre金融业检讨小组
The review that transformed the financial sector began as a response to global trends and only later became a response to a regional crisis. Read more Singapore · Global Centre向外国银行开放银行业
Before 1999 the many foreign banks in Singapore had only limited access to the domestic market. At the end of March 1998 Singapore had 154 commercial banks. Read more Singapore · Global Centre本地银行的整合
The opening of the market was intended to change the local banks as much as to admit foreign ones. Read more Singapore · Global Centre资本市场改革与新加坡交易所
The stock exchange was the second target of the reforms. Read more Singapore · Global Centre从按规则监管到按风险监管
The supervisory approach that MAS abandoned in 1998 had served Singapore well in one respect. Read more Singapore · Global Centre实务影响：在新加坡进入银行业与持有银行
The reforms after 1998 created the licence structure that foreign banks still navigate. A foreign bank that wishes to serve retail customers must hold a full bank licence. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放：与日内瓦和香港的比较
Switzerland opened its financial sector in the same decade, by a different route. The Swiss banks had long fixed their fees through agreements administered by the Swiss Bankers Association. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放：摘要
The Financial Sector Review Group, chaired by Lee Hsien Loong from 1997, worked through private sector committees and changed the philosophy of MAS from detailed regulation to supervision,… Read more Singapore · Global Centre2000年代的财富管理战略
In 1971, six years after independence, Lee Kuan Yew declared that Singapore set out to be to Southeast Asia what Switzerland was to Europe, “a money and gold market”. Read more Singapore · Global Centre财富管理作为战略重点
The policy of the 2000s grew out of an earlier decision to develop fund management. Read more Singapore · Global Centre《银行法》下的银行保密制度
Banking secrecy in Singapore rests on statute. Read more Singapore · Global Centre信托法改革与《信托公司法》
Private banking in the common law world rarely serves individuals alone. Read more Singapore · Global Centre来自瑞士、欧洲和亚洲的私人银行
Swiss banks had been present in Singapore long before the wealth management strategy. The Union Bank of Switzerland (SBG) opened its first representation in Singapore in 1971. Read more Singapore · Global Centre2000年代的财富管理战略：实务影响
The wealth management strategy of the 2000s left a legal and institutional inheritance that shapes practice today. Read more Singapore · Global Centre新加坡与日内瓦：竞争与互补
The comparison between Singapore and Geneva begins with secrecy. Read more Singapore · Global Centre2000年代的财富管理战略：摘要
From 1998 the government of Singapore and MAS pursued a deliberate strategy to turn the city into a global centre for asset and wealth management, using public mandates to private managers, tax… Read more