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Full-Text Articles in Social and Behavioral Sciences
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
Research Collection School Of Economics
This paper analyzed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea and India) and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK and US) from 2000 to 2017 using panel data regressions. A ley lesson ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter despite digital disruptions to their banking system; yet large financial structure that favors banks is negatively associated with Asia-5, and importantly, efficient banking system (not bank size alone) is …
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
Research Collection School Of Economics
This paper analyzed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea, and India), and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK, and US) from 2000 to 2017 using panel data regressions. A key lesson ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter despite digital disruptions to their banking system; yet large financial structure that favors banks is negatively associated with Asia-5, and importantly, efficient banking system (not bank size alone) is …
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Research Collection School Of Economics
This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Beck-Katz Panel-Corrected Standard Errors (PCSE) regression. It allows heteroskedastic and/or contemporaneously correlated disturbances across panels, with to specify a common first-order autocorrelation within the panel. The results suggest efficiency effects on growth is not unambiguous. The results suggest a threshold beyond which increase in bank overhead cost hurts economic growth, for developing countries. Likewise, there is a threshold beyond which increase in stock market turnover ratio hurts economic growth, for developed countries. One policy implication of the …
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
Research Collection School Of Economics
This paper analysed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea and India) and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK and US) covering the period from 2000 to 2017 using panel data analysis. Fixed effect regression models with Driscoll-Kraay standard errors to account for the problem of heteroskedastic and autocorrelated error structure are used. What ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter for Asia-5 and OECD-7 despite digital disruptions …
Tapping On Growth Opportunities Through Trade And Investment, Andy Feng, Gerald Foong, Geraldine Lim
Tapping On Growth Opportunities Through Trade And Investment, Andy Feng, Gerald Foong, Geraldine Lim
Research Collection School Of Economics
As a small and open economy, external developments play a crucial role in shaping Singapore’s growth prospects. In particular, external demand is pivotal in supporting the growth of Singapore’s gross domestic product (GDP) beyond the limits afforded by a small domestic market. Furthermore, due to the resource constraints faced by Singapore, its production of goods and services to meet both external and domestic demand requires a substantial use of imported inputs. Apart from trade, Singapore’s openness and outward-orientation also extend to its embrace of inward and outward investments to grow its economy and create jobs for Singaporeans. In view of …
Kick-Starting Economic Growth: An Interview With Dr K. V. Subramanian, India's Chief Economic Advisor, K V Subramanian, Havovi Joshi
Kick-Starting Economic Growth: An Interview With Dr K. V. Subramanian, India's Chief Economic Advisor, K V Subramanian, Havovi Joshi
Asian Management Insights
Dr K. V. Subramanian emphasises the importance of higher investment rates, good quality loans, and structural reforms for boosting India’s economic growth.
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Research Collection School Of Economics
In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time-revision consistency and subperiod additivity. It integrates the existing methods of growth-redistribution decomposition and sector based decomposition, because it allows us to decompose poverty change into growth and redistribution components for each group (e.g., regions or sectors) in the economy. We extend out method to have six components and provide empirical application to the Philippines for the period of 1985 to 2009.
Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose
Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose
Asian Management Insights
Indian banks are currently experiencing poor performance when it comes to debt risk. Burdened with high non-performing loans (NPL), they are putting at risk the funds of investors as well as India’s industrial and economic growth. In addition, the loan management process itself is riddled with inefficiencies. To overcome them, we propose to use blockchain technology.
New Skills At Work: Managing Skills Challenges In Asean-5, Kim Song Tan, James T. H. Tang
New Skills At Work: Managing Skills Challenges In Asean-5, Kim Song Tan, James T. H. Tang
Research Collection School Of Economics
The dynamic economies of Singapore, Malaysia, Thailand, Indonesia and the Philippines (ASEAN-5) boasts a growth rate of close to 5% a year despite the sluggish global economy. However, whether ASEAN-5 can grow to be significant players in the global economy will depend critically on their abilities to train workers with relevant job skills required by growth-driving industries. This challenge requires governments and employers to work together and develop coherent policies and targeted incentive structures for workers to acquire general and job-specific skills. The report Managing Skills Challenges in ASEAN-5 provides insights and recommendations on how the ASEAN-5 countries can respond …
Contributions To The Committee On The Future Economy, Singapore Management University
Contributions To The Committee On The Future Economy, Singapore Management University
Research Collection School Of Economics
In response to the call to contribute to the dialogue initiated by the Committee on The Future Economy (CFE), SMU has held a series of engagement sessions with faculty and staff to brainstorm and propose recommendations to add to the government’s deliberations on strategies for the next stage of Singapore’s economic growth. Through the leadership of SMU Provost, Professor Lily Kong, faculty and senior staff produced various recommendations on five key areas namely Corporate Capabilities and Innovation, Future Growth Industries & Markets, Future of Connectivity, Future City and Future Jobs and Skills.
Unleashing Asean's Potential Through Aec, Michael Zink
Unleashing Asean's Potential Through Aec, Michael Zink
Asian Management Insights
The Association of Southeast Asian Nations (ASEAN) has set an ambitious goal to integrate the economies of its ten members by 2015, a move that is aimed at boosting the bloc’s competitiveness and creating development across the region that is more equitable. With the target date for Southeast Asia's countries to create a single economic market just months away, increasing attention is being paid to the region's vast economic potential. If successful, the formation of the ASEAN Economic Community (AEC) will not only create one of the world’s largest integrated economic spheres, but will add vastly to the appeal of …
Specification Test For Panel Data Models With Interactive Fixed Effects, Liangjun Su, Sainan Jin, Yonghui Zhang
Specification Test For Panel Data Models With Interactive Fixed Effects, Liangjun Su, Sainan Jin, Yonghui Zhang
Research Collection School Of Economics
In this paper, we propose a consistent nonparametric test for linearity in a large dimensional panel data model with interactive fixed effects. Both lagged dependent variables and conditional heteroskedasticity of unknown form are allowed in the model. We estimate the model under the null hypothesis of linearity to obtain the restricted residuals which are then used to construct the test statistic. We show that after being appropriately centered and standardized, the test statistic is asymptotically normally distributed under both the null hypothesis and a sequence of Pitman local alternatives by using the concept of conditional strong mixing that was recently …
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Research Collection School Of Economics
In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time-reversion consistency and subperiod additivity. It integrates the existing methods of growth-redistribution decomposition and sector-based decomposition, because it allows us to decompose poverty change into growth and redistribution components for each group (e.g. regions or sectors) in the economy. We extend our method to have six components and provide an empirical application to the Philippines for the period 1985-2009.
Growth Is Good For Whom, When, How? Economic Growth And Poverty Reduction In Exceptional Cases, John A. Donaldson
Growth Is Good For Whom, When, How? Economic Growth And Poverty Reduction In Exceptional Cases, John A. Donaldson
Research Collection School of Social Sciences
Economic growth and liberal economic policies often help the poor, but what about the numerous cases in which they do not? This article analyzes two types of cases: those in which income growth of the poor was significantly lower than expectations (negative exceptions) and those in which income growth of the poor significantly exceeded expectations (positive exceptions). Insights from these cases inform our theoretical understanding of poverty reduction. In addition, this article contributes a typology of strategies used in these cases, including alternative pathways to economic growth and neoliberal prescriptions for poverty reduction.
Some Empirics On Economic Growth Under Heterogeneous Technology, Peter C. B. Phillips, Donggyu Sul
Some Empirics On Economic Growth Under Heterogeneous Technology, Peter C. B. Phillips, Donggyu Sul
Research Collection School Of Economics
A new econometric approach to testing for economic growth convergence is overviewed. The method is applicable to panel data, involves a simple regression based one-sided t-test, and can be used to form a clustering algorithm to assess the existence of growth convergence clubs. The approach allows for heterogeneous technology, utilizes some new asymptotic theory for nonlinear dynamic factor models, and is easy to implement. Some background growth theory is given which shows the form of augmented Solow regression (ASR) equations in the presence of heterogeneous technology and explains sources of potential misspecification that can arise in conventional formulations of ASR …
Forecasting The Car Penetration Rate (Cpr) In China: A Nonparametric Approach, Sainan Jin, Liangjun Su
Forecasting The Car Penetration Rate (Cpr) In China: A Nonparametric Approach, Sainan Jin, Liangjun Su
Research Collection School Of Economics
With strong economic growth, the auto industry has made great breakthroughs in recent years and has become a backbone industry in China, while cars play an increasingly important role, and are now the principal part of the auto industry. Both China's government and academic circles take strong interest in the prediction of CPR (i.e. car penetration rate or cars per thousand people), which will be the main guidance for the future industry policy. We summarize the existing problems in recent research and propose to use nonparametric methods to estimate the CPR and its elasticity with respect to GDP per capita …
Business Output And Business Experience: Evidence From China's Nongovernmental Businesses, Liangjun Su
Business Output And Business Experience: Evidence From China's Nongovernmental Businesses, Liangjun Su
Research Collection School Of Economics
We study the application of the Solow growth model in China's non-governmental businesses and propose a reasonable modification for it. Our analysis indicates that business experience is closely tied to the output of China's non-governmental businesses. Our major findings include: (1) the business experience has little overall impact on the elasticity of output with respect to labour; (2) the business experience has a large impact on the elasticity of output with respect to capital and the elasticity increases as the business experience increases; (3) the adjusted Solow residual that reflects technological progress exhibits a negative relationship with the business experience, …
Competing At The Frontier: The Changing Role Of Technology Policy In Singapore's Economic Strategy, Winston T. H. Koh, Poh Kam Wong
Competing At The Frontier: The Changing Role Of Technology Policy In Singapore's Economic Strategy, Winston T. H. Koh, Poh Kam Wong
Research Collection School Of Economics
For an economy competing at the global frontier, an innovation-based growth strategy requires a well-developed technological infrastructure, a set of capabilities-focused technology policies, as well as an institutional environment that stimulates innovation and entrepreneurship. This paper examines the role played by science and technology policy in an economy's transition to an innovation-based growth strategy. We discuss the challenges governments face as they restructure economic institutions to deepen R&D capabilities and encourage technology creation. We review Singapore's experience in this regard and assess its ongoing efforts to remake itself to compete at the global frontier.
From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang
From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang
Research Collection School Of Economics
The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region. The call reflects an increased …
Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh
Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh
Research Collection School Of Economics
This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore’s future economic success.
Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh
Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh
Research Collection Lee Kong Chian School Of Business
This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore's future economic success.
Endogenous Growth And Equilibrium Unemployment In A North-South Model Of The World Economy, Hian Teck Hoon
Endogenous Growth And Equilibrium Unemployment In A North-South Model Of The World Economy, Hian Teck Hoon
Research Collection School Of Economics
A North-South model is developed which incorporates an endogenous rate of equilibrium unemployment in the North in the context of long-run growth. It is shown how increases in the size of public debt and unemployment compensation financed by payroll taxation, all measured relative to productivity, raise the Northern natural rate of unemployment and, consequently, reduce the global rate of long-run growth. The effect of the shocks is also to drive down the rate of employment expansion in the South. A set of the fundamental determinants of the world terms of trade is obtained, which includes policy parameters.
Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
No abstract provided.