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Articles 1 - 7 of 7
Full-Text Articles in Economics
Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow
Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow
Research Collection School Of Economics
Reflecting the small open nature of its economy, Singapore has adopted an exchange rate-centered monetary policy framework since 1981. The exchange rate regime in Singapore is an intermediate regime that follows the basket-band-crawl system. With this managed float system, the MAS has successfully deterred speculators from attacking the domestic currency for most of the past three decades. At the same time, the flexibility accorded by the managed float system aided Singapore in escaping from the 1997–1998 Asian crisis relatively unscathed. In order to advance our understanding of the hitherto successful operation of Singapore's exchange rate policy, we examine the following …
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 …
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow, Yoonbai Kim, Wei Sun
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow, Yoonbai Kim, Wei Sun
Research Collection School Of Economics
Frankel and Wei (1994) developed and popularized a method for uncovering the implicit weights assigned to major international currencies constituting a currency basket. We extend the methodology in two dimensions: include regional competitive pressure and employ a vector autoregressive (VAR) model to overcome simultaneity bias. With these modifications, we confirm the prominent role of the US dollar in the exchange rate policy of East Asian economies beyond the short run. However, despite the high degree of commitment to nominal exchange rate stability prior to the crisis, fluctuations in most East Asian currencies are also significantly influenced by country specific shocks. …
Distance To Frontier And The Big Swings Of The Unemployment Rate: What Room Is Left For Monetary Policy?, Hian Teck Hoon, Kong Weng Ho
Distance To Frontier And The Big Swings Of The Unemployment Rate: What Room Is Left For Monetary Policy?, Hian Teck Hoon, Kong Weng Ho
Research Collection School Of Economics
This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over several decades in country can be explained by real factors in an equilibrium model of the natural rate where country's productivity growth depends upon its distance from the world's technological leader. One motivating contemporary example includes the evolution of unemployment rates in Europe as it recovered from the second world war and caught up technologically to the US. Another example that may be less familiar to many people is Singapore (the second fastest growing economy from 1960 to 2000 …
Poverty Alleviation Through Geographic Targeting, Chris Elbers, Tomoki Fujii, Peter Lanjouw, Berk Ozler, Wesley Yin
Poverty Alleviation Through Geographic Targeting, Chris Elbers, Tomoki Fujii, Peter Lanjouw, Berk Ozler, Wesley Yin
Research Collection School Of Economics
In this paper, we employ recently completed “poverty maps” for three countries as tools for an ex ante evaluation of the distributional incidence of geographic targeting of public resources. We simulate the impact on poverty of transferring an exogenously given budget to geographically defined sub-groups of the population according to their relative poverty status. We find large gains from targeting smaller administrative units, such as districts or villages. However, these gains are still far from the poverty reduction that would be possible had the planners had access to information on household level income or consumption. Our results indicate that a …
Urban Rail Transit Ppps: Survey And Risk Assessment Of Recent Strategies, Sock-Yong Phang
Urban Rail Transit Ppps: Survey And Risk Assessment Of Recent Strategies, Sock-Yong Phang
Research Collection School Of Economics
The proliferation of urban rail transit public-private partnerships (PPPs) in Latin America and Southeast Asia is a recent phenomenon. This paper first reviews the theoretical literature on the public procurement versus PPP decision in the context of rail transit and assesses the risks involved in entering these partnerships. The urban rail transit PPP approaches adopted in Bangkok, Kuala Lumpur, Buenos Aires, Rio de Janeiro, Singapore, Hong Kong, and London are described and classified into four broad approaches: (i) the development of new systems through Design-Build-Finance-Operate (DBFO), (ii) the concessioning of rail and subway services, (iii) the sale of state-owned operators …
Open Vs Sealed Bid Auctions: Testing For Revenue Equivalence Under Singapore's Vehicle Quota System, Roberto S. Mariano, Winston T. H. Koh, Yiu Kuen Tse
Open Vs Sealed Bid Auctions: Testing For Revenue Equivalence Under Singapore's Vehicle Quota System, Roberto S. Mariano, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
Using data from the auction of vehicle quota licenses in Singapore, we study if revenue equivalence holds when the auction format was switched from a sealed-bid format (May 1990 to June 2001) to an open bidding format since July 2001. Our econometric analysis indicates the change in auction format led to a change in bidding behavior. On average, the quota license premium under the open bidding format is about US$1000 (about 7.5% of the Category E license price in June 2001) lower, compared to the forecast level that would have prevailed if there had been no change in the auction …