Abstract
ABSTRACT This study explores the historical development of Singapore as an international financial center and the pivotal role played by the Monetary Authority of Singapore (MAS) in promoting financial liberalization and strengthening financial regulation and supervision. It focuses on two significant reforms within MAS, led by different chairpersons. The first reform, initiated by Goh Keng Swee in 1981, emphasized enhancing regulatory frameworks and supervision. The second reform, led by Lee Hsien Loong in 1998, sought to balance regulatory oversight with financial liberalization. This study adopts a dynamic theory of organizational knowledge creation (OKCT) to analyze the mechanism of human capital accumulation within MAS. Specifically, it addresses three research questions about forming specialized reform teams, developing reform ideas, and disseminating new visions to financial supervisors. Utilizing resources such as MAS’s 40-year history book, Annual Reports, and Executive Oral History Materials, this study demonstrates the effectiveness of OKCT in understanding MAS’s adaptive approach to regulatory challenges and its strategic development as a leading international financial center.
Published Version
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