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Articles 1 - 12 of 12
Full-Text Articles in Asian Studies
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow
Research Collection School Of Economics
Frankel and Wei [Frankel, J. A., & Wei, S.-J. (1994). Yen bloc or dollar bloc: Exchange rate policies of the East Asian economies. In I. Takatoshi & A. Krueger (Eds.), Macroeconomic linkages. Chicago: University of Chicago Press] 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 …
Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip
Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip
Research Collection School Of Economics
The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic–US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre-and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.
Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon
Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon
Research Collection School Of Economics
In this paper, we take another approach to accounting for the sources of Singapore’s economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology developed in the G5 countries diffuses to technological followers, we show that 57.5 percent of Singapore’s real GDP per worker growth rate over the 1970-2002 period is due to multifactor productivity growth. In particular, about 52 percent of the growth is accounted for by an increase in the effectiveness of accessing ideas developed by the technology leaders through …
Singapore's Transition To Innovation-Based Economic Growth: Infrastructure, Institutions And Government's Role, Winston T. H. Koh
Singapore's Transition To Innovation-Based Economic Growth: Infrastructure, Institutions And Government's Role, Winston T. H. Koh
Research Collection School Of Economics
Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and …
The Rise In House Prices In China: Bubbles Or Fundamentals?, Jianying Hu, Liangjun Su, Sainan Jin, Wanjun Jiang
The Rise In House Prices In China: Bubbles Or Fundamentals?, Jianying Hu, Liangjun Su, Sainan Jin, Wanjun Jiang
Research Collection School Of Economics
The dramatic rise of house prices in many cities of China has brought huge attention from both the governmental and academic circles. There is a huge debate on whether the increasing house prices are driven by market fundamentals or just by speculation. Like Levin and Wright (1997a, 1997b), we decompose house prices in China into fundamental and non−fundamental components. We also consider potential nonlinear feedback from the historical growth rate of house prices on the current house prices and propose a semiparametric approach to estimate the speculative components in the model. We demonstrate that the non−fundamental part contributes a relatively …
Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja
Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja
Research Collection School Of Economics
This paper presents a coherent and systematic analysis of the collapse and subsequent revival of the Central Asian Republics (CARs) since 1990. The focus is on the pattern of growth and structural change during the cycle of decline and subsequent revival in the CARs which have been inadequately analyzed in the literature on transition. The paper relates economic performance to initial conditions, country characteristics and policies. Within this framework, it proposes a simple typology of policies (including a new Type III set of policies on regional cooperation and industrial competitiveness) and relates them to the cycle of decline and revival …
Competition Policy In Indonesia, Malcolm Dowling
Competition Policy In Indonesia, Malcolm Dowling
Research Collection School Of Economics
The Indonesian economy was dominated by the government in the decades of the 1970s and 1980s through its control of major mining, manufacturing and agricultural activities. Hill (2000) estimates that as much as 40% of non-agricultural GDP was accounted for by government entities in the late 1980s There were still a lot of government corporations up until the late 1980s and early 1990s and governmental control over the banking system was still substantial.
How Well Can We Target Resources With Quick-And-Dirty Data?: Empirical Results From Cambodia, Tomoki Fujii
How Well Can We Target Resources With Quick-And-Dirty Data?: Empirical Results From Cambodia, Tomoki Fujii
Research Collection School Of Economics
Proverty reduction is a top priority for international organizations, governments and non-gorvernmental organizations. The aid resources available for poverty reduction are, however, severely constrained in many countries. Minimizing the leakage of aid resources to the non-poor is a key to maximize poverty reduction with the limited amount of resources available. One Way to minimize such leakage to to target resources geographically. That is, policmakers can move resources to the poorest parts of the country. Geographic taregting can quite effective when poverty is unevenly distributed across the country, and this proves to be the case in many countries.
Central Asia: Mapping Future Prospects, Malcolm Dowling, Ganeshan Wignaraja
Central Asia: Mapping Future Prospects, Malcolm Dowling, Ganeshan Wignaraja
Research Collection School Of Economics
Central Asia has emerged as one of the world’s fastest growing regions since the late 1990s and has shown notable development potential. This is significant for a region comprising largely of small landlocked economies with no access to the sea for trade. Among the advantages, of the region are its high- priced commodities (oil, gas, cotton and gold), reasonable infrastructure and human capital as legacies of Soviet rule; and a strategic location between Asia and Europe. Furthermore, many Central Asian Republics (CARs) have embarked on market-oriented economic reforms to boost economic performance and private sector competitiveness. Central Asia: Mapping Future …
Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria
Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria
Research Collection School Of Economics
This paper seeks to explore the relationship between economic growth and governance performance in Asian developing economies. This exploration yields some interesting conclusions. First, notwithstanding its tremendous economic achievements, the state of governance in Asia is not stellar by international comparison. Indeed, a majority of these countries seem to suffer from a governance deficit. Second, contrary to our expectation, data do not suggest any strong positive link between governance and growth: paradoxically, countries that exhibit surpluses in governance on average grew much slower than those with deficits. The paper ends with some conjecture about this apparent paradox.
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
Research Collection School Of Economics
Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …
Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii
Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii
Research Collection School Of Economics
Cambodia is still suffering from the legacy of civil conflict after more than a decade. With over one-third of the population living below the poverty line, poverty remains one of the most serious problems in Cambodia. A number of governmental bodies, local and international nongovernmental organizations (NGOs), and international organizations operating in Cambodia have made eradicating poverty a priority and have established many social programmes to this end. In designing such programmes, the efficient allocation of resources is essential for making poverty alleviation more cost-effective. Targeting is often helpful for this purpose because one can avoid wasting resources on the …