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Articles 2161 - 2186 of 2186

Full-Text Articles in Social and Behavioral Sciences

Quasi-Flag Of Convenience Shipping: The Wave Of The Future, Rex S. Toh, Sock Yong Phang Dec 1993

Quasi-Flag Of Convenience Shipping: The Wave Of The Future, Rex S. Toh, Sock Yong Phang

Research Collection School Of Economics

Many articles and books have been written to extol the advantages and virtues of flags of convenience (FOC) shipping, argue its necessi ty, and defend the practice. However, from the earliest days there has been opposition to FOC shipping, and lately the disenchantment over this questionable form of open registry has led to the potentially rapid growth of what can be termed as quasi-FOC arrangements. This article will first briefly trace the trend from FOCs to quasi-FOCs, outline the legal framework for regulating international shipping, then discuss the problems, opposition, and legal challenges to open registries. Finally, it will trace …

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Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh Oct 1993

Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories.

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A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo Oct 1992

A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo

Research Collection School Of Economics

This paper demonstrates a channel through which the fiscal system interacts with the choice of CPF contribution rates to affect total savings, and hence, capital accumulation and the current account. It is shown that in the presence of a wage income tax, raising either the employee's or employer's contribution rates raises the total private earnings. On the other hand, in the presence of a capital income tax, raising the employee's or employer's contribution rates lowers total private savings. However, when we introduce a productive role for government spending, we show that an increase in CPF contribution rates under a balances …

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Some Improvements On An Algorithm For Controlled Selection, Ting Kwong Lin Jan 1992

Some Improvements On An Algorithm For Controlled Selection, Ting Kwong Lin

Research Collection School Of Economics

The sampling technique called controlled selection was f'irst described by Goodman and Kish (1950). It was found to be a very useful sampling technique among practicing survey samplers, especially in selecting first-stage units in multi-stage sampling. Hess, Riedel and Fitzpatrick (1961, 1975) have given a simple illustration on how it can be implemented in the sampling of hospitals in the state of Michigan. In this paper, we show how the Groves-Hess algorithm can be improved and how further controls which are useful to survey practitioners can be built into the algorithm. Problems the old algorithm could not solve can now …

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Comparative Advantage And The Equilibrium Rate Of Unemployment, Hian Teck Hoon Nov 1991

Comparative Advantage And The Equilibrium Rate Of Unemployment, Hian Teck Hoon

Research Collection School Of Economics

This paper develops a two-country Heckscher-Ohlin model with endogenous equilibrium involuntary unemployment to examine the question: What is the effect of free trade on the equilibrium rates of unemployment in the labor abundant and labor-scarce countries? It is shown that free trade leads to a decline in the equilibrium rate of unemployment in the labor-abundant country but to a rise in unemployment in the labor-scarce country.

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Technology Exports From A Small, Very Open Nic: The Case Of Singapore, Eng Fong Pang, Hal Hill May 1991

Technology Exports From A Small, Very Open Nic: The Case Of Singapore, Eng Fong Pang, Hal Hill

Research Collection Lee Kong Chian School Of Business

This paper examines the nature, composition and determinants of Singapore's early stage technology exports. The pattern of these exports reflects the quite unique mix of policy and institutional features in Singapore's environment - remarkably high growth, very open economy, rapid structural change, particularly intense economic relations with neighboring Southeast Asian nations, and a pervasive and paternalistic state role. The bases of Singapore's comparative advantage in these service exports are identified, and some general implications from its experience are analyzed.

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Term Structure Of Interest Rates In The Singapore Asian Dollar Market, Tom K. Y. Lee, Yiu Kuen Tse Apr 1991

Term Structure Of Interest Rates In The Singapore Asian Dollar Market, Tom K. Y. Lee, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates empirically the term structure of interest rates in the Singapore Asian Dollar Market. We consider extended versions of the ARCH-M model of Engle, Lilien, and Robins (1987). The extended models permit autocorrelation, skewness and leptokurtosis in the residuals. The robustness of the empirical tests with respect to alternative specifications of the ARCH process is examined. It turns out that there is significant time-varying term premium, and this conclusion is independent of the hypothesized ARCH model.

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An Evaluation Of Car-Ownership And Car-Usage Policies In Singapore, Sock-Yong Phang, Anthony Chin Feb 1990

An Evaluation Of Car-Ownership And Car-Usage Policies In Singapore, Sock-Yong Phang, Anthony Chin

Research Collection School Of Economics

Report presented to Parliament 2 January 1990 as part of Select Committee on Land Transportation Policy. Covers the transportation policies of Singapore from 1960s to 1980s. Analysis of car ownership policies, including PARF. Analysis of car usage policies.

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Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang Oct 1989

Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang

Research Collection School Of Economics

In Singapore, extensive government intervention in the housing market has resulted in much deviation from assumptions made in the simple neoclassical urban models. The monocentric model of urban structure is extended to incorporate a subsidized public housing market in which the government-determined price gradient is flatter than the private housing price gradients. The propositionthat the utility of public housing households varies inversely with residential location distance from the CBD is empirically tested by estimating net returns to public housing using resale market data. It was found that net returns decreased with distance from the CBD.

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An Economic Analysis Of Fertility, Market Participation And Marriage Behaviour In Recent Japan, David K. C. Lee, Chin Lee Gan Jan 1989

An Economic Analysis Of Fertility, Market Participation And Marriage Behaviour In Recent Japan, David K. C. Lee, Chin Lee Gan

Research Collection Lee Kong Chian School Of Business

This is the 1st attempt in modelling fertility, labor force participation and marriage rate using Japanese data. The authors use Butz and Ward's model and extend it to a simultaneous equation system as in the case of Winegarden. Although the estimates obtained by Full Information Maximum Likelihood and Three Stage Least Squares of the model are statistically significant, some of the signs of the estimates are not consistent to a priori predictions. The crux of the model is that an increase in the wages of men has an unambiguous positive effect on fertility, whereas an increase in wages of women …

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'Small Profits': Strukturmerkmale Und Entwicklungsprobleme Der Urbanen Individualwirtschaft In Der Vr China, Wolfgang Jamann, Thomas Menkhoff Jan 1988

'Small Profits': Strukturmerkmale Und Entwicklungsprobleme Der Urbanen Individualwirtschaft In Der Vr China, Wolfgang Jamann, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

This article intends to analyse recent structural patterns, development problems and the reasons for rehabilitation of the urban private economy in the People’s Republic of China since 1978. The authors start from the thesis that the so-called “private sector” in China is not comparable with its “out”-differentiated counterpart in Western industrial countries, but is interlaced, in a complex way, with informal, partly illegitimate activities, interpersonal relation-networks (“guanxi”) or economic transactions of state/collective factories. The article illustrates the subordinate situation of the individual labourers in terms of their political regulation by (sometimes restrictive) licence procedures, taxes and fees; resource supply problems …

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Value-Added Per Worker, Capital Accumulation And Technical Progress In A Small, Open Economy: An Explanation, Hian Teck Hoon Jan 1988

Value-Added Per Worker, Capital Accumulation And Technical Progress In A Small, Open Economy: An Explanation, Hian Teck Hoon

Research Collection School Of Economics

Within the context of industrial restructuring, it is not uncommon to use terms, such as 'higher value-added per worker', or 'low or high value added activities', and 'high technology' industries. The present note attempts to use the theoretical work in the field of international trade to sharpen our understanding of the relationships among the concepts of value added per worker, capital accumulation, and technical progress. We show that for a large country, capital accumulation raises the real value added per worker in both industries. With neutral technical progress occurring in the L-intensive industry, it is possible for the terms of …

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The Effects Of A Cpf Cut: A Note, Hian Teck Hoon Oct 1987

The Effects Of A Cpf Cut: A Note, Hian Teck Hoon

Research Collection School Of Economics

No abstract provided.

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A Note On Sargan Densities, Yiu Kuen Tse Mar 1987

A Note On Sargan Densities, Yiu Kuen Tse

Research Collection School Of Economics

This note reexamines the general class of Sargan densities analyzed by Goldfeld and Quandt (1981), Kafei and Schmidt (1985), and others in the context of approximating normal densities in certain econometric models. It suggests a third-order Sargan density which complies with the Goldfeld and Quandt criteria, is unimodal, and is the best approximation to the normal for orders less than or equal to 3. Some errors in Goldfeld and Quandt paper are corrected.

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Does Capitalism Infringe Property Rights: A Reply To Peter Morriss, Chandran Kukathas Dec 1984

Does Capitalism Infringe Property Rights: A Reply To Peter Morriss, Chandran Kukathas

Research Collection School of Social Sciences

In a research note on 'How Capitalism Infringes Property Rights' {PoliticalStudies, XXXI (1983), pp. 656-61), Peter Morriss attempts to demonstratethat a Nozickian version of rights theory is incompatible with that account ofcapitalism which emphasizes the importance (and value) of entrepreneurialrisk-taking and entrepreneurial failure. Because bankruptcy is an acceptedconsequence of entrepreneurial failure, capitalism, which condonesbankruptcy, in fact condones the violations of the rights of creditors. Thusthose who, like Nozick, defend property rights as sacred and inviolable, 'shouldbe in the vanguard of capitalism's opponents' (p. 657) Since the rights-basedargument for capitalism is that rights can never be legitimately violated, 'oncethe rights theorist …

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Intertemporal Extraction Of Mineral Resources Under Variable Rate Taxes, Robert F. Conrad, Bryce Hool Nov 1984

Intertemporal Extraction Of Mineral Resources Under Variable Rate Taxes, Robert F. Conrad, Bryce Hool

Research Collection School Of Economics

Variable-rate taxes are being applied with increasing frequency in the US and other countries. However, their effects typically go beyond those that have motivated their use. The formulation of mineral tax policy should take into account the complete list of consequences.-from Authors

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A Physical Interpretation Of The Maximum Likelihood Estimation Of A Linear Functional Relationship Model, Y. V. Hui, Yiu Kuen Tse Jun 1984

A Physical Interpretation Of The Maximum Likelihood Estimation Of A Linear Functional Relationship Model, Y. V. Hui, Yiu Kuen Tse

Research Collection School Of Economics

This paper presents a physical interpretation of estimating the parameters of a linear functional relationship model. The estimates are determined from the stable equilibrium position of a mechanical system. It is found that the estimates obtained from the physical model coincide with the maximum likelihood estimates.

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Layoffs, Wages And Unemployment Insurance, Kenneth Burdett, Bryce Hool Aug 1983

Layoffs, Wages And Unemployment Insurance, Kenneth Burdett, Bryce Hool

Research Collection School Of Economics

The influence of unemployment insurance on wage and layoff behavior is analyzed in the context of optimal labor contracts. Responses of contract terms to changes in economic parameters are shown to depend in general on the nature of the initial contract, the degree of workers' risk aversion, and the resolution of bargaining conflict. Layoffs are not necessarily reduced by an increase in experience rating or a reduction in the UI benefit. Product demand fluctuations tend to induce procyclical employment fluctuations but not wage fluctuation. An implication of optimal contracts with private insurance suggests a reason for government intervention in UI …

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Vertical Linkages And Multinational Enterprises In Developing Countries, Linda Y. C. Lim, Eng Fong Pang Jul 1982

Vertical Linkages And Multinational Enterprises In Developing Countries, Linda Y. C. Lim, Eng Fong Pang

Research Collection Lee Kong Chian School Of Business

Many studies have concluded that multinational firms do not create significant technical and other vertical linkages in developing host countries. This case study of three multinational firms in the export-oriented electronics industry in Singapore shows that under certain conditions multinational firms can lead in creating local vertical linkages. It suggests that restrictive government policies to increase local purchases may not be necessary, effective or desirable in promoting local linkages by export-oriented multinational firms that respond primarily to international market conditions. The Singapore experience poinst to the importance of a healthy investment climate and rapid economic growth in encouraging multinational firms …

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Resource Taxation With Heterogeneous Quality And Endogenous Reserves, Robert F. Conrad, Bryce Hool Aug 1981

Resource Taxation With Heterogeneous Quality And Endogenous Reserves, Robert F. Conrad, Bryce Hool

Research Collection School Of Economics

This paper analyzes the impact of mining taxation on the intertemporal extraction profile for a heterogeneous ore body. The extraction profile specifies both quantities and qualities extracted in each period. Total extraction is thus endogenously determined. The taxes explicitly considered are severance taxes (ad valorem or per unit; on metal or on ore), property taxes, and profits taxes (with depletion allowance). The intertemporal framework integrates economic and geological factors, generating new results on extraction distortions and providing qualification or reconciliation of previous diverse results in this area.

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Monetary And Fiscal Policies In Short Run Equilibria With Rationing, Bryce Hool Jun 1980

Monetary And Fiscal Policies In Short Run Equilibria With Rationing, Bryce Hool

Research Collection School Of Economics

No abstract provided.

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Liquidity, Speculation, And The Demand For Money, Bryce Hool Aug 1979

Liquidity, Speculation, And The Demand For Money, Bryce Hool

Research Collection School Of Economics

No abstract provided.

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Efficient Employment Of Cohorts Of Labor In The U.S. Economy: An Illustration Of A Method, A. E. Boardman, Steven M. Miller, A. P. Schinnar Jul 1979

Efficient Employment Of Cohorts Of Labor In The U.S. Economy: An Illustration Of A Method, A. E. Boardman, Steven M. Miller, A. P. Schinnar

Research Collection School Of Computing and Information Systems

This paper presents a model for the analysis of efficient labor force participation in the U.S. economy. Ridge regression estimates of the elasticities of cohorts of labor, classified by sex and occupation, are used in conjunction with wage data to illustrate the derivation of efficient allocation of labor cohorts in five economic sectors. These efficient constructs are compared with actual census data for 1960 and 1970. The results, while tentative, show a trend toward more efficient utilization of labor and greater participation by women in the work force.

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Money, Expectations And The Existence Of A Temporary Equilibrium, Bryce Hool Oct 1976

Money, Expectations And The Existence Of A Temporary Equilibrium, Bryce Hool

Research Collection School Of Economics

The article presents information on money, expectations and the existance of a temporary equilibrium. If money and financial assets are to be integrated into general equilibrium theory, it is apparent that the classical Arrow-Debreu framework must be modified. As long as all trading takes place essentially at some initial point in time, with each individual subject only to a present value budget constraint, there is no place in the system for money, either as a medium of exchange or as a store of value, even if uncertainty about future states of the world is introduced as in G. Debreu's work, …

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Optimal Trade Policies And Non-Economic Objectives In Models Involving Imported Materials, Inter-Industry Flows And Nontraded Goods, Augustine H. H. Tan Jan 1971

Optimal Trade Policies And Non-Economic Objectives In Models Involving Imported Materials, Inter-Industry Flows And Nontraded Goods, Augustine H. H. Tan

Research Collection School Of Economics

In a recent paper in this Review, J. Bhagwati and T. N. Srinivasan investigated the question of optimal policies required to attain non-economic objectives like ensuring minimum production and employment levels in particular industries as well as preventing excess importation and consumption of some goods. The framework of Bhagwati Srinivasan's analysis is the traditional trade model. In this note we consider three alternative models which allow for inter-industry linkages, the use of imported intermediate goods and non-traded goods. In addition to the non-economic objectives analyzed by Bhagwati-Srinivasan these models allow distinction between maintaining net and gross production levels as well …

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Differential Tariffs, Negative Value-Added And The Theory Of Effective Protection, Augustine H. H. Tan Mar 1970

Differential Tariffs, Negative Value-Added And The Theory Of Effective Protection, Augustine H. H. Tan

Research Collection School Of Economics

This article examines the implications for effective protection(EP) theory of allowing variable factor proportions and general equilibrium repercussions. The first claim of EP theory, is that it provides a measure of the maximum proportionate increase in factor rewards permitted by a tariff structure, as compared to a free trade regime. EP rates predict only a particular direction of resource flows whereas general equilibrium analysis, with variable input coefficients, indicates that flows contrary to EP prediction are possible. Two examples are provided, first, where there is a uniform tariff on final goods; and second, where one final sector has a higher …

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