More transparency and better communication also improve MP effectiveness, contributing to a better understanding of MP by the private sector. MP affects spending decisions, output, and prices more through its effects on market expectations on the future course of monetary policy, rather than through the direct effects of a change in the short-term MPR. BIS Review 68/2007  3  Since 2000 the CBC has made a large effort to deliver more and better information to the markets and to explain how its IT regime operates. A series of communication devices were developed, including disclosure of relevant data with a minimum time lag and making information available on the CBC website, a significant number of technical publications, including the Monetary Policy Report (with a four-monthly frequency, since May 2000); the Financial Stability Report (semi-annual, since 2004); the Monetary Policy Framework document (updated in January 2007, previous in May 2000), and Projection Models book (since 2003). The CBC publishes monthly MP meeting dates six months in advance (since 2000), the summary of MP minutes with the Board members’ voting decisions (since 2000), and background information on MP minutes (since July 2005). The time lag for the release of the minutes was lowered first from 90 to 45 days, and then to five days before the next monthly MP meeting. 3.
A recent study by PwC found that investors were most upbeat about emerging cities in the region – such as Bangalore, Mumbai, Manila and Ho Chi Minh City. Rapid urban migration has created strong residential demand in these cities. Logistics and business parks are also thriving on the back of a booming outsourcing industry. The story is similar for infrastructure. Amid government efforts to ramp up infrastructure development, institutional capital has a growing role to play. According to a report by Marsh & McLennan, about 40% of infrastructure projects in emerging Asia are considered bankable. These projects have the necessary conditions to attract sources of funding beyond bankbased finance. While institutional investors have traditionally participated in the secondary market for completed infrastructure, they are increasingly financing construction-phase projects to capture higher risk-adjusted returns. Singapore as a gateway to Asian opportunities Singapore is well-positioned to serve global institutional investors in their steer towards alternatives in Asia. Singapore is a developed pan-Asian asset management centre with a strong pool of global and regional players. Fund managers here have a deep network, are able to readily access deals, and can support Asian companies throughout their life cycle. Eight of the top ten global PE firms have an office in Singapore. So do some of the top global real estate managers. MAS is taking steps to deepen Singapore’s VC and PE ecosystem and enhance the operating environment for VC and PE managers. We will start with simplifying the regulatory framework for VC managers in the next few months.