Search Results
Journal Article
On the road to Singapore
Journal Article
Banking system developments in the four Asian tigers
Journal Article
External shocks and adjustment in four Asian economics--1978-87
Conference Paper
Liberalizing capital controls: the Singapore case
Journal Article
Monetary policy in a small open economy: the case of Singapore
John H. Wood studies Singapore, a small open economy dedicated to growth through both saving and the attraction of foreign investment. He finds that the monetary authority's supporting role is the provision of a stable monetary environment, particularly a stable domestic price level. Singapore's monetary authority has unusual freedom from domestic constraints in fulfilling this role because of the government's conservative fiscal policy, control of labor relations, and disinclination to support unprofitable enterprises. Singapore has controlled its inflation by adjusting to changing world ...
Working Paper
Growth accounting with misallocation: Or, doing less with more in Singapore
We derive aggregate growth-accounting implications for a two-sector economy with heterogeneous capital subsidies and monopoly power. In this economy, measures of total factor productivity (TFP) growth in terms of quantities (the primal) and real factor prices (the dual) can diverge from each other as well as from true technology growth. These distortions potentially give rise to dynamic reallocation effects that imply that change in technology needs to be measured from the bottom up rather than the top down. We show an example, for Singapore, of how incomplete data can be used to obtain ...
Journal Article
Do capital controls affect the response of investment to saving? evidence from the Pacific Basin
This paper examines the effect of capital controls on the response of investment to savings in Pacific Basin countries. A robust finding is that the size of the savings coefficient tends to be smaller (larger) in countries with relatively higher (lower) capital controls. Additionally, relaxation in capital controls for the most part had no discernible impact on the savings- investment relationship in individual country time-series regressions. At least a partial resolution to these puzzles is found in the government policy response: Countries with a relatively high saving-investment ...
Conference Paper
Econometric modeling in Singapore