Economic Governance Building: Assessing the Securities Exchange Regime from a Co-Production Perspective in 2021 Pre-Coup Myanmar

Abstract

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.