Regulation and

the Limits of Competition

edited by Manu Bhaskaran, Lai Szu Hao and

Gabriel Wong

Singapore has developed rapidly since independence, largely due to good governance and policies.  However, there is recognition among policymakers of the increasing importance of markets and competition in national economic development.  This gave rise to the focus on market liberalisation and competition promotion in regulatory agencies in Singapore.

This volume documents the proceedings of the Economics Symposium on "Regulation and the Limits of Competition". The Symposium focused on the two topics of Market Liberalisation and Regulation, and Promoting Competition.

For the topic on Market Liberalisation and Regulation, the Energy Market Authority (EMA) and Infocomm Development Authority of Singapore (IDA) described their different approaches to market liberalisation in the electricity and telecommunications sectors in Singapore. Both agencies also explained their regulatory philosophies and challenges. Phang Sock Yong, Professor of Economics at the Singapore Management University, also provided a commentary comparing Singapore's liberalisation experiences with other countries.

On the topic of Promoting Competition, the Monetary Authority of Singapore (MAS) explained the objectives and principles of financial supervision which ensures that the financial system in Singapore is safe and stable with a competitive financial market. On the same topic, the Competition Commission of Singapore (CCS) described the Competition Act, CCS' approach to promoting competition and the challenges it faced. Tan Kim Song, Practice Associate Professor of Economics at the Singapore Management University, highlighted the constraints on competition in Singapore in his commentary.

In addition to the proceedings of the Symposium, this volume includes a conclusion summarising the key theme~ in the regulatory approaches, the commentaries and the discussion session of the Symposium.

Contents:

Foreword

Lam Chuan Leong

Senior Fellow

Centre for Governance and Leadership,

Civil Service College, Singapore

Opening Remarks of the Symposium

Lam Chuan Leong

Session 1: Market Liberalisation and Regulation

Chapter 1 

Electricity Market Regulation 

Khoo Chin Hean

Chief Executive

Energy Market Authority

Chapter 2 

Telecommunications Market Regulation  

Leong Keng Thai

Deputy Chief Executive Officer and Director-General (Telecoms)

Infocomm Development Authority of Singapore

Chapter 3 

Commentary on Market liberalisation and Regulation: The Electricity and Telecommunications Sectors

Phang Sock Yong

Professor of Economics

School of Economics, Singapore Management University

Session 2: Promoting Competition

Chapter 4  

Objectives and Principles of Financial Supervision in Singapore

Chia Der Jiun

Executive Director

Prudential Policy Department, Monetary Authority of Singapore

Chapter 5 

Promoting Competition: The CCS Perspective  

Ong Beng Lee

Chief Executive

Competition Commission of Singapore

Chapter 6 

Commentary on Promoting Competition: The Financial Sector and Competition Policy in Singapore

Tan Kim Song

Practice Associate Professor

School of Economics, Singapore Management University Vice President

Economic Society of Singapore

Session 3: Plenary Session

Chapter 7 

Discussion Session

Conclusion: Key Themes

Manu Bhaskaran, Lai Szu Hao and Gabriel Wong , eds. 2007. Regulation and the Limits of Competition. Civil Services College, Institute of Policy Studies and Economic Society of Singapore.

(88 pages, ISBN-13 978-981-248-175-7, ISBN-10: 987-248-175-3)