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The Role Of The State In Singapore: Pragmatism In Pursuit Of Growth, Kim Song Tan, Manu Bhaskaran
The Role Of The State In Singapore: Pragmatism In Pursuit Of Growth, Kim Song Tan, Manu Bhaskaran
Research Collection School Of Economics
This paper looks at how government intervention shapes the evolution of the Singapore economy and accounts for its successes and failures over the past 50 years. Compared with other dynamic Asian economies, the Singapore government's approach to intervene in the economy is both more extensive and more intrusive, but with a narrow focus on GDP growth and surplus accumulation as the primary objectives. The ruling government's near complete dominance in politics has enabled it to mobilize resources to create the preconditions for strong GDP growth and high savings. But the impact on the broader development of the economy and the …
The Transition From Relational To Legal Contract Enforcement, Fali Huang
The Transition From Relational To Legal Contract Enforcement, Fali Huang
Research Collection School Of Economics
This paper studies the transition of contract enforcement institutions. The prevalence of relational contracts, low legal quality, strong cultural preference for personalistic relationships, low social mobility, and highly unequal endowment form a cluster of mutually reinforcing institutions that hinder economic development. The cultural element per se does not necessarily reduce social welfare though it may slow down the legal development, while the real problem lies in endowment inequality and low social mobility. Thus a more equal distribution of resources may be the ultimate key to unravel the above interlocking institutions. These results are generally consistent with the empirical evidence.
Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang
Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang
Research Collection School Of Economics
This article recounts how a number of strategic infrastructure investment decisions in airport and rail development taken by the Singapore government were at variance with recommendations emerging from cost-benefit analysis, but were considered necessary to support external competitiveness. This link between infrastructure provision and economic development may require decision makers to assess the trade-off between prudent macro-economic planning and efficient micro-economic management for major projects. In the case of airport hubs, the most difficult assessment might be the game consideration of how much, and how far ahead, excess capacity is needed to ensure the dominance of the hub.
Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang
Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang
Research Collection School Of Economics
This article recounts how a number of strategic infrastructure investment decisions in airport and rail development taken by the Singapore government were at variance with recommendations emerging from Cost-Benefit Analysis, but were considered necessary to support external competitiveness. This link between infrastructure provision and economic development may require decision makers to assess the trade-off between prudent macro-economic planning and efficient micro-economic management for major projects. In the case of airport hubs, the most difficult assessment might be the game consideration of how much, and how far ahead, excess capacity is needed to ensure the dominance of the hub.