After decades of military rule, internal conflict, and international isolation, Myanmar has embarked on a course of institution building. In light of Myanmar's low rating on the World Bank's Worldwide Governance Indicators (World Bank Group), the nation faces an enormous challenge in developing public institutions that meet its needs and expectations. This challenge includes development of institutional capacity that will allow Myanmar to participate in international economic affairs. A step in this direction involves the creation of a securities exchange market mechanism. The current study considers the establishment of the Securities and Exchange Commission of Myanmar (SECM) to support securities regulation. It applies a novel organization level of analysis strategy that considers SECM as a 'pocket of effectiveness' (POE) in the context of a low-performing public institutional setting in terms of the good governance criteria of responsiveness, accountability, and transparency (RAT). While the study finds evidence of progress in building Myanmar's securities regulation, it also finds limits in RAT development that challenges the SECM's potential designation as a 'POE'. Based on feedback from proximate stakeholders in the daily work of the Aust J Publ Admin. 2020;79:225-241. wileyonlinelibrary.com/journal/aupa © 2019 Institute of Public Administration Australia 225 226 SOE ET AL. SECM, recommendations are offered for revised policies and practices in order to resolve them. K E Y W O R D S good governance, institution building, Myanmar, pocket of effectiveness, securities regulation
International stakeholders working with domestic entities to co-produce new institutions of economic governance are common in developing settings such as Myanmar. This is exhibited in the case of Myanmar's nascent securities exchange regime, the formation and operation of which has been dominated by extra-national interests in the form of Japanese public, quasi-public, and private entities. Researchers and international organisations involved in developing nations argue that the creation of effective public institutions, including those that comprise national economic governance approaches, is essential to the promotion of sustainable development goals and promotion of the good/sound governance principles of responsiveness and accountability necessary to build effective institutions. The new securities exchange regime is an important component of economic governance required to promote Myanmar's development objectives and the integration of the nation into the international economic community. However, the existing international discourse has not applied concepts such as co-production from the New Public Governance perspective of public administration to consider the implications of external actors guiding the development of securities exchange regime in developing settings such as Myanmar. The current study considers the influence of Japanese interests as they have co-produced Myanmar's securities exchange regime as part of the nation's economic governance. To do this, it utilizes a conceptual and analytic approach that reveals the good governance consequentiality of multiple external organisational interests applied in the co-production and operation of new organisational forms such as securities exchange regime.
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