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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 (5)
- Business cycle (2)
- Dynamic factor model (2)
- Forecasting (2)
- Affordable homeownership policy (1)
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- Asset Prices (1)
- Dynamic Factors (1)
- Exchange rate divergence indicators (1)
- Financial market liberalization (1)
- GARCH model (1)
- Intergenerational earnings mobility (1)
- Market implications (1)
- Monetary Policy (1)
- Regional currency basket (1)
- Specific risks (1)
- Stock market integration (1)
- Surveillance (1)
- Systematic risks (1)
- United States (1)
- Vector Autoregression (1)
Articles 1 - 9 of 9
Full-Text Articles in Social and Behavioral Sciences
Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang
Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang
Research Collection School Of Economics
Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. In this paper, we examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. We use a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group at …
Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy
Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy
Research Collection School Of Economics
The ongoing global financial turmoil has revived the question of whether central bankers ought to tighten monetary policy preemptively in order to head off asset price misalignments before a sudden crash triggers financial instability. This study explores the issue of the appropriate monetary policy response to asset price swings in the small open economy of Singapore. Empirical analysis of monetary policy based on standard VAR models, unfortunately, is often hindered by the use of sparse information sets. To better reflect the extensive information monitored by Singapore’s central bank, including global economic indicators, we augment a monetary VAR model with common …
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Research Collection School Of Economics
A dynamic factor model is applied to a large panel dataset of Singapore’s macroeconomic variables and global economic indicators with the initial objective of analysing business cycles in a small open economy. The empirical results suggest that four common factors – which can broadly be interpreted as world, regional, electronics and domestic economic cycles – capture a large proportion of the co-variation in the quarterly time series. The estimated factor model also explains well the observed fluctuations in real economic activity and price inflation, leading us to use it in forecasting Singapore’s business cycles. We find that the forecasts generated …
Asian Currency Baskets: An Answer In Search Of A Question?, Charles Adams, Hwee Kwan Chow
Asian Currency Baskets: An Answer In Search Of A Question?, Charles Adams, Hwee Kwan Chow
Research Collection School Of Economics
This paper considers how a regional currency basket and the associated divergence indicators could be used in official surveillance. Recently, proponents of Asian currency baskets have referred to the role the ECU played in constructing exchange rate divergence indicators in Europe as evidence of the intrinsic usefulness of currency baskets for exchange rate monitoring. We show in this paper a number of problems with the use of regional currency-basket based divergence indicators. First, at a technical level, such indicators involve tracking regional exchange rates against a moving currency basket and can obscure underlying movements in bilateral exchange rates. Second, currency …
Study On Singapore's Experience Of Regional Economic Cooperation, John Wong, Kim Song Tan, Yang Mu, Sarah Tong, Tim Seng Lim, Chee Kia Lim
Study On Singapore's Experience Of Regional Economic Cooperation, John Wong, Kim Song Tan, Yang Mu, Sarah Tong, Tim Seng Lim, Chee Kia Lim
Research Collection School Of Economics
Singapore and Hong Kong share many similarities in their growth experiences and challenges. Both were traditionally entrepot economies and service hubs for their hinterlands – China for Hong Kong, and the Association of Southeast Asian Nations (ASEAN), in general but Malaysia and Indonesia in particular, in the case of Singapore. The two economies have gone through major structural changes over the years in response to changes in the global economy and in their relationships with their respective hinterlands. The changing relationships with their hinterlands play a crucial role in driving their external economic policies.
An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan
An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan
Research Collection School Of Economics
Using a GARCH (1,1) model, this paper compares the extent to which financial sector liberalization in Singapore and Malaysia each has led to integration of its domestic equity market with external markets. The results show that the level of integration of the domestic markets with the external markets is higher when MSCI regional and global data are used, as compared to when individual country data are used to proxy regional and global markets. Inferences are made about the preferred pace of liberalization in Singapore, as well as, the impact of the Asian financial crisis and capital control measures imposed in …
Misaligned Incentives And Mortgage Lending In Asia, Richard Green, Roberto S. Mariano, Andrey Pavlov, Susan Wachter
Misaligned Incentives And Mortgage Lending In Asia, Richard Green, Roberto S. Mariano, Andrey Pavlov, Susan Wachter
Research Collection School Of Economics
This paper provides a conceptual basis for the price discovery potential for tradable market instruments and specifically the development of mortgage securitization in Asia and the potential dangers of such markets. Nonetheless we argue for the potential importance of securitization in Asia because of its possible role in increasing transparency of the financial sector of Asian economies. We put forth a model explaining how misaligned incentives can lead to bank generated real estate crashes and macroeconomic instability, with or without securitization under certain circumstances. We examine the banking sector’s performance in Asia compared to securitized real estate returns, to provide …
Intergenerational Earnings Mobility In Singapore And The United States, Irene Y. H. Ng, Xiaoyi Shen, Kong Weng Ho
Intergenerational Earnings Mobility In Singapore And The United States, Irene Y. H. Ng, Xiaoyi Shen, Kong Weng Ho
Research Collection School Of Economics
This study compared intergenerational earnings mobility in Singapore and the United States by replicating the sample criteria in the Singapore National Youth Survey on the U.S. Panel Study of Income Dynamics. The mean estimated earnings elasticities are almost identical: 0.26 in Singapore and 0.28 in the United States. Transformed to 0.44 and 0.47 respectively to reflect permanent status, mobility in the two countries is moderately low compared internationally. The finding of similar mobility is not surprising given that the two countries have similar economic realities, welfare systems, education regimes, and labor structures. Policy makers face the daunting challenge of overcoming …
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Research Collection School Of Economics
A dynamic factor model is applied to a large panel dataset of Singapore’s macroeconomic variables and global economic indicators with the initial objective of analyzing business cycles in a small open economy. The empirical results suggest that four common factors are present in the quarterly time series, which can broadly be interpreted as world, regional, electronics and domestic economic cycles. The estimated factor model explains well the observed fluctuations in real economic activity and price inflation, leading us to use it in forecasting Singapore’s business cycles. We find that the forecasts generated by the factors are generally more accurate than …