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Social and Behavioral Sciences Commons™
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International and Area Studies
Singapore Management University
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- Singapore (6)
- Exchange rate (2)
- Expectations formation (2)
- Innovation (2)
- Interest rate (2)
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- Learning (2)
- Quota licenses (2)
- Vehicle demand (2)
- Asia (1)
- Bivariate VAR-GARCH model (1)
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- Causation in volatilities (1)
- China exports (1)
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- Economic stagnation (1)
- Education (1)
- Endogenous natural rate of unemployment (1)
- Foreign direct investment (1)
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- Indonesia; Reforms; Crisis; Corruption; Macroeconomics (1)
- International comparisons (1)
- Joint ventures (1)
- Learning-by-investing (1)
- Luck (1)
- Monetary policy (1)
- Purchasing power parity (1)
- Road pricing (1)
Articles 1 - 12 of 12
Full-Text Articles in Social and Behavioral Sciences
The Making Of An Innovator, Hian Teck Hoon
The Making Of An Innovator, Hian Teck Hoon
Research Collection School Of Economics
Innovators experiment with things to come up with new ideas to improve the quality of existing products, develop differentiated or new products and re-organise business processes to lower costs. In a big corporation, there might be a whole R&D department where innovators are employed to design new blueprints so the company can constantly make new offerings. But innovators can also be found in small enterprises tinkering with recipes, for example, to win new customers. Innovators no doubt derive pleasure from their creative work. Yet, in modern economies, they must be employed in a firm that successfully translates their innovative activity …
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
Research Collection School Of Economics
The Singapore economy has experienced greater business cycle fluctuations in recent years, being subject to recurrent shocks from the external environment. Given the extreme openness of the economy—Singapore’s export share of GDP is approximately 180%—it is not surprising that the main cause of the increase in economic volatility is a rise in the frequency and magnitude of exogenous shocks. These include the downswing in the global electronics industry in 1996–97, the Asian financial crisis in 1997–98, the burst of the information technology bubble in 2001, and the outbreak of the SARS respiratory disease in 2003. Such a close sequence of …
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies the expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast the license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of …
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of predictive power …
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 …
Indonesian Economic Development: Miracle Or Mirage?, John Malcolm Dowling, Chin Fang Yap
Indonesian Economic Development: Miracle Or Mirage?, John Malcolm Dowling, Chin Fang Yap
Research Collection School Of Economics
This paper focuses on a few major developments that took place during the three decades from the late 1960s to the Asian financial crisis. The study finds, in retrospect, that many of the Indonesian economy's weaknesses--now so glaringly apparent--were there all the time. The paper concludes that the Indonesian banking crisis was primarily domestic in nature, more so than the crises in Korea and Thailand. The extent of the failure was much more widespread and probably resulted from a chain of bank runs and bank closings, reinforced by uncertainty and lack of faith in the government's commitment to the IMF …
What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang
What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang
Research Collection School Of Economics
This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is unchained by chance. While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.
Why Is China So Competitive? Measuring And Explaining China's Competitiveness, F. Gerard Adams, Byron Gangnes, Yochanan Shachmurove
Why Is China So Competitive? Measuring And Explaining China's Competitiveness, F. Gerard Adams, Byron Gangnes, Yochanan Shachmurove
Research Collection School Of Economics
This paper evaluates factors responsible for the competitiveness of China in the world economy and relative to its East Asian rivals. China has been highly successful in capturing world export markets. Chinese competitiveness is not just a matter of an undervalued exchange and extremely low labor costs. It reflects primarily the coincidence of favorable cost conditions with improvements in China’s ability to produce products that meet world market specifications. These improvements are closely related to foreign participation in China’s economy through foreign direct investment and joint venture enterprises.
The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim
The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim
Research Collection School Of Economics
In post-crisis Asia, all crisis-hit countries (except Malaysia) announced a shift from exchange rate based monetary policy framework to the explicit adoption of inflation targeting that uses interest rates as the key monetary policy operating instrument. In this study, we examine the empirical relationship between exchange rates and interest rates, and investigate how the dynamics between them have changed following the crisis. This is carried out by constructing a bivariate VAR-GARCH model for each of the four Asian crisis countries, namely Indonesia, Korea, Philippines and Thailand. The findings suggest these countries do not use interest rate policy more actively to …
Trade, Capital Accumulation And Structural Unemployment: An Empirical Study Of The Singapore Economy, Hiau Looi Kee, Hian Teck Hoon
Trade, Capital Accumulation And Structural Unemployment: An Empirical Study Of The Singapore Economy, Hiau Looi Kee, Hian Teck Hoon
Research Collection School Of Economics
This paper studies the factors responsible for the secular decline of Singapore’s unemployment rate over the period 1966-2000 in an environment of low and stable inflation rates. We introduce wage bargaining and unions into a specific-factors, two-sector economy with an export sector and a non-tradable sector to obtain an endogenous natural unemployment rate. Increases in the relative export price and capital stock in the export sector are predicted to reduce structural unemployment. These hypotheses could not be rejected based on structural estimations and co-integration regressions. Empirically, capital accumulation in the export sector explains most of the decline in Singapore’s unemployment …
Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh
Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
Facing traffic congestion in the Central Business District and enormous demands on scarce land resources by the growing number of motor vehicles, Singapore, a small island city-state the size of Seattle, embarked on a bold decision to reduce road congestion by implementing the famous Area Licensing Scheme in 1975. This was a manual system of tolls for multiple entries into the Restricted Zone. While achieving the intended effect of cutting down on the volume of vehicular traffic in the Restricted Zone, the authors (and others) found that the problem of congestion had merely shifted in time and place. Many changes …
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Research Collection School Of Economics
Singapore introduced a vehicle quota system (VQS) in 1990 as part of its overall policy to control urban congestion. While the VQS has reduced the annual growth rate of the vehicle population to about 3 per cent, it has created uncertainty in the cost of vehicle ownership due to the fluctuations in licence prices. This paper discusses three issues relating to the optimal design of a VQS: licence transferability, sub-categorisation, and the choice of an auction format. The analysis shows that licence transferability is not unambiguously desirable, sub-categorisation is highly regressive, and an open auction format results in less aggressive …