Social and Behavioral Sciences Commons^™

Monetary Regime Choice In Singapore: Would A Tayor Rule Outperform Exchange-Rate Management?, Hwee Kwan Chow, G.C. Lim, P. Mcnelis

Research Collection School Of Economics

This paper adopts a dynamic stochastic general equilibrium-vector autorgressive (DSGE-VAR) approach to examine the managed exchange-rate system at work in Singapore. We examine if the country has any reason to fear floating the exchange rate and adopting a Taylor rule. Our results show that, in terms of overall inflation volatility, the exchange rate rule has a comparative advantage over the Taylor rule when export price shocks are the major sources of real volatility, while a Taylor rule dominates when domestic productivity shocks drive real volatility. The exchange-rate rule also dominates the Taylor rule for reducing inflation persistence.

No Pass No Drive: Education And Allocation Of Time, Rashmi Rekha Barua, Marian Vidal-Fernandez

Research Collection School Of Economics

Since the late 1980s, several states in the US have introduced No Pass No Drive (NPND) laws that set minimum academic requirements for teenagers under 18 to obtain a driving license. Using data from the U.S. Census and Monitoring the Future (MTF) survey, we exploit cross-state, cross-cohort and cross-time variation in NPND laws to study their effect on educational outcomes and allocation of time among teenagers. Estimates using the Census show that NPND laws have a positive and significant effect on both years of completed schooling and the probability of high school completion among boys and blacks, but not girls. …

Can A Financial Conditions Index Guide Monetary Policy? The Case Of Singapore, Hwee Kwan Chow

Research Collection School Of Economics

In this study, we explore the issue of whether a financial conditions index can serve as a useful guide to monetary policy in the context of Singapore. To this end, we construct an index that comprises not only the usual monetary variables like interest rates, exchange rates and credit expansions but also asset prices such as stock prices and house prices. The choice of these constituent series is motivated by the role they play in the monetary transmission mechanism with consideration given to the key role leverage plays in modern business cycles and the risk-taking channel magnified by the prolonged …

Qml Estimation Of Dynamic Panel Data Models With Spatial Errors, Liangjun Su, Zhenlin Yang

Research Collection School Of Economics

We propose quasi maximum likelihood (QML) estimation of dynamic panel models with spatial errors when the cross-sectional dimension n is large and the time dimension T is fixed. We consider both the random effects and fixed effects models and derive the limiting distributions of the QML estimators under different assumptions on the initial observations. We propose a residual-based bootstrap method for estimating the standard errors of the QML estimators. Monte Carlo simulation shows that both the QML estimators and the bootstrap standard errors perform well in finite samples under a correct assumption on initial observations, but may perform poorly when …

Nonparametric Dynamic Panel Data Models: Kernel Estimation And Specification Testing, Liangjun Su, Xun Lu

Research Collection School Of Economics

Motivated by the first differencing method for linear panel data models, we propose a class of iterative local polynomial estimators for nonparametric dynamic panel data models with or without exogeous regressors. The estimators utilize the additive structure of the first-differenced model, the fact that the two additive components have the same functional form, and the unknown function of interest is implicitly defined as a solution of a Fredholm integral equation of the second kind. We establish the uniform consistency and asymptotic normality of the estimators. We also propose a consistent test for the correct specification of linearity in typical dynamic …

Variable Selection In Nonparametric And Semiparametric Regression Models, Liangjun Su, Yonghui Zhang

Research Collection School Of Economics

This chapter reviews the literature on variable selection in nonparametric and semiparametric regression models via shrinkage. We highlight recent developments on simultaneous variable selection and estimation through the methods of least absolute shrinkage and selection operator (Lasso), smoothly clipped absolute deviation (SCAD) or their variants, but restrict our attention to nonparametric and semiparametric regression models. In particular, we consider variable selection in additive models, partially linear models, functional/varying coefficient models, single index models, general nonparametric regression models, and semiparametric/nonparametric quantile regression models.

Non-Normality And Heteroscedasticity Robust Lm Tests Of Spatial Dependence, Badi H. Baltagi, Zhenlin Yang

Research Collection School Of Economics

The standard LM tests for spatial dependence in linear and panel regressions are derived under the normality and homoskedasticity assumptions of the regression disturbances. Hence, they may not be robust against non-normality or heteroskedasticity of the disturbances. Following Born and Breitung (2011), we introduce general methods to modify the standard LM tests so that they become robust against heteroskedasticity and non-normality. The idea behind the robustification is to decompose the concentrated score function into a sum of uncorrelated terms so that the outer product of gradient (OPG) can be used to estimate its variance. We also provide methods for improving …

Deactivation By Unpriming: Does Decrease Of Influence Mean Lowering Of Activation Level?, Lay See Ong, Jennifer Yuk-Yue Tong, Jolene H. Tan

Research Collection School of Social Sciences

Question: Unpriming means a decrease in the influence of primed knowledge, but does it also mean a lowered activation level? Method: Measuring the effect of unpriming with Lexical Decision Task instead of random answering. Findings: The answer is NO. Reaction times were faster after individuals first acted upon the primed concept (unpriming).

Secularity, Religion And The Possibilities For Religious Citizenship, Lyn Parker, Chang Yau Hoon

Research Collection School of Social Sciences

Scholarly predictions of the secularization of the world have proven premature. We see a heterogeneous world in which religion remains a significant and vital social and political force. This paper reflects critically upon secularization theory in order to see how scholars can productively respond to the, at least partly, religious condition of the world at the beginning of the twenty first century. We note that conventional multiculturalism theory and policy neglects religion, and argue the need for a reconceptualization of understanding of religion and secularity, particularly in a context of multicultural citizenship — such as in Australia and Indonesia. We …

The Spirit-Mediums Of Singkawang: Performing Peoplehood Of West Kalimantan, Margaret Chan

Research Collection School of Social Sciences

Chinese New Year in the West Kalimantan town of Singkawang is marked by a parade featuring hundreds of possessed spirit-mediums performing self-mortification and blood sacrifice. The event is a huge tourist draw, but beyond the spectacle, deeper meanings are enacted. The spirit-medium procession stages a fraternity of Dayak, Malay and Chinese earth gods united in the purpose of exorcising demons from the neighborhood. The self-conscious presentation of the Chinese as brethren among pribumi [sons-of-the-soil] Dayak and Malay, proposes the Chinese as belonging to the ‘peoplehood’ of West Kalimantan.

Comparing Well-Being Across Nations: Conceptual And Empirical Issues, William Tov, Evelyn Wing-Mun Au

Research Collection School of Social Sciences

In this chapter, we review cross-national survey studies of subjective well-being. We begin with a short history of the concept of subjective well-being and examine how it has been measured in national surveys. We then review some findings on well-being at the level of societies and individuals. The former concerns how the economic and social conditions of countries are related to their average level of happiness and life satisfaction. The latter considers how the characteristics of happy and unhappy individuals may differ across cultures. Next we discuss important issues in research design and analysis of cross-national data, and in the …

Subjective Well-Being, William Tov, Ed Diener

Research Collection School of Social Sciences

The cross-cultural importance of happiness and contentment can be inferred from their emergence in philosophical discussions across many cultural traditions. We begin by focusing on similarities, noting what has been found to correlate with the components of SWB across most cultures. Subjective well being (SWB) involves the various ways that people evaluate and experience their lives. In many ways, the term is synonymous with the everyday notion of happiness – positive feelings are an important aspect of well being. Cross-cultural similarities are important because they highlight our common humanity and hint at which factors may be fundamental to wellbeing. Next, …

Quick And Dirty: Some Psychosocial Costs Associated With The Dark Triad In Three Countries, Peter K. Jonason, Norman P. Li, Anna Z. Czarna

Research Collection School of Social Sciences

The current study provides the first examination of the relationship between life history indicators and the Dark Triad traits in an international sample drawn from the U.S. (n = 264), Singapore (n = 185), and Poland (n = 177). In all three samples, the Dark Triad traits were associated with psychosocial costs, although there were more links in the Singaporean and Polish samples than in the American sample. In the U.S., the quality of one’s romantic relationships and psychopathy were negatively correlated. Narcissism was higher in the Polish and American samples than in the Singaporean sample. Men scored higher than …

International Conventions And The Failure Of A Transnational Approach To Controlling Asian Crime Business, Mark Findlay, Nafis Hanif

Research Collection School of Social Sciences

The paper argues that without a realistic understanding of criminal enterprise located against the commercial forces shaping contemporary Asian market contexts, then domestic, bi-lateral, regional and international control initiatives are not only likely to fail in their regulatory objectives, but the premises on which they are constructed may heighten the market conditions for crime business profitability.The international convention-based approach to regulating transnational and organized crime is the framework from which a critique of non-market centred law enforcement control concentrations is developed. This critique reveals the transposition of flawed normative control considerations from domestic to supra-national control contexts, and shows how …

Certainty At Last?: A "New" Framework For Electronic Contracting In Singapore, Eliza Mik

Research Collection Yong Pung How School Of Law

Singapore is the first Asian country to accede to the UNCITRAL Convention on the Use of Electronic Communications in International Contracts (“CUECIC” or “Convention”). Upon accession, the Singaporean Electronic Transactions Act (“ETA” or “Act”) was repealed and re-enacted in a modified version, with effect from 1 July 2010. The modified ETA retains the framework of the original ETA but adds or amends certain provisions dealing with electronic contracting to align domestic e-commerce regulations with the Convention. Accordingly, Singapore is not only the first Asian nation to accede to the CUECIC but also the first nation to implement some of its …

A Presence Of The Past: The Legal Protection Of Singapore’S Archaeological Heritage, Jack Tsen-Ta Lee

Research Collection Yong Pung How School Of Law

Singapore is not well known for its archaeological heritage. In fact, chance finds in the early 20th century and systematic archaeological excavations since the 1980s conducted at sites around the Singapore River have unearthed artefacts shedding light on the island’s early history. In addition, the value of archaeology for a deeper knowledge of Singapore’s British colonial past is increasingly being recognized. Nonetheless, Singapore law provides only a rudimentary framework to facilitate archaeological investigations and protect cultural artefacts. This article considers how the National Heritage Board Act (Cap 196A, 1994 Rev Ed), the Planning Act (Cap 232, 1998 Rev Ed), and …

Animal Protection Laws Of Singapore And Malaysia, Alvin W. L. See

Research Collection Yong Pung How School Of Law

This article offers an overview and assessment of the laws relating to the protection of animals in Singapore and Malaysia. The focus is on identifying the interpretations of the statutory offences of cruelty that will best promote their objectives and effectiveness.

Regulation Of Over-The-Counter Derivatives: A Comparative Study Of Proposals In Singapore And Hong Kong, Chao-Hung Christopher Chen

Research Collection Yong Pung How School Of Law

This chapter identifies some of the potential legal and policy issues involved in the future regulation of over-the-counter (OTC) derivatives. First, regulators must be cautious in the regulation and solvency of some mammoth clearing- houses. Second, Singapore and Hong Kong both face challenges in the areas of global regulatory cooperation and extra-territorial regulatory effects. Third, the exact scope of a clearing obligation determines whether there is any regulatory competition or room for regulatory arbitrage in the future. Fourth, there are legal definition problems with the term ‘derivative’ and its sub-categories that must be addressed. Fifth, there are potential privacy and …

Sanctions: Where Law And Justice Collide: Kraze Entertainment (S) Pte Ltd V Marina Bay Sands Pte Ltd [2013] Sghc 39, Denise Huiwen Wong

Research Collection Yong Pung How School Of Law

This is a cautionary tale for litigation practitioners and their claimant clients. The decision emanates from the High Court of Singapore, but is equally applicable to any jurisdiction in which security for costs can be sought against the claimant in an action. In Singapore, the Rules of Court set out the procedural rules governing all civil proceedings in the High Court and Subordinate Courts. Unlike the Civil Procedure Rules (CPR), the Singapore Rules of Court do not expressly articulate an overriding objective of timely and proportionate justice. However, the courts have consistently prioritised robust case management and “an uncompromising but …

Corporate Social Responsibility As Corporate Soft Law: Mainstreaming Ethical And Responsible Conduct In Corporate Governance, Eugene K. B. Tan

Research Collection Yong Pung How School Of Law

This article explores corporate social responsibility ("CSR') as a viable mode of regulation and governance in the corporate arena. A starting premise is that good corporate governance must move resolutely beyond a compliance mindset to one which recognises that effective corporate governance must have an ethical backbone in which the dimensions of responsibility, transparency, and accountability are evident, recognised and supported. Regulatory endeavours and corporate governance reforms in the past decade have increasingly intersected with mainstream CSR motivations. CSR is increasingly inducted and mainstreamed into corporate governance thinking, characterised by the dual perspective ofrisk management and values-driven/principled governance and operations. …

Criminal Liability For Vessel-Source Pollution In China: Law And Practice, Nengye Liu

Research Collection Yong Pung How School Of Law

This article addresses criminal liability for vessel-source pollution in China. It describes relevant Chinese legislation regarding criminal liability for vessel-source pollution, analyses why a criminal case pertaining to vessel-source pollution has yet to be brought in Chinese courts and presents suggestions on how to improve the current regime.

Current Legal Developments China: Prevention Of Invasive Species From Ballast Water In China, Nengye Liu

Research Collection Yong Pung How School Of Law

The introduction of invasive marine species by ships is one of the four most significant threats to the world's oceans.' Global shipping moves over 80% of the world's commodities and transfers approximately 3 to 5 billion tonnes of ballast water each year.^ Every day about 3,000 species of animals and plants are transported around the world in the ballast water of ships, or on their hulls.' Some invasive alien marine species can have serious ecological as well as social and economic impacts."*

Four Candidates, Two-Horse Race?, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

SMU Assistant Professor of Law and NMP Eugene Tan said that much is at stake for the four political parties contesting the Punggol East by-election. Regardless of how the parties seek to characterise the by-election, it will be fought on both local and national issues. Although it is a four-cornered contest, the race will effectively be a two-horse race between the Workers' Party (WP) and the incumbent People's Action Party (PAP). The by-election is also a way station for PAP and WP as they move towards the next General Election, which promises to be the real watershed election. Assistant Prof …

National Security Pedagogy: The Role Of Simulations, Laura K. Donohue

Georgetown Law Faculty Publications and Other Works

This article challenges the dominant pedagogical assumptions in the legal academy. It begins by briefly considering the state of the field of national security, noting the rapid expansion in employment and the breadth of related positions that have been created post-9/11. It considers, in the process, how the legal academy has, as an institutional matter, responded to the demand.

Part III examines traditional legal pedagogy, grounding the discussion in studies initiated by the American Bar Association, the Carnegie Foundation, and others. It suggests that using the law-writ-large as a starting point for those interested in national security law is a …

The Wonder-Clause, Anna Gelpern, Mitu Gulati

Georgetown Law Faculty Publications and Other Works

The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private creditors to renegotiate unsustainable debt contracts, and obviate the need for EU bailouts. But European sovereign debt contacts were already amenable to restructuring; adding CACs could make it harder. Why, then, promote CACs at all, and cast them in such a central role in the market reform initiative? Using interviews with participants in the initiative and …

Banks And Governments: An Arial View, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Financial systems and public treasuries are communicating vessels: strength or weakness in one flows to the other, and back. This chapter considers the implications of this insight using case studies from Europe, Asia, and Latin America. The connection is not unique to Europe, although it does not always result in feedback effects, or the ‘doom loop’ that has made headlines since 2010. Events now known as banking or government debt crises often have had elements of both, and could have gone either way. Policy and political choices determined their path. In all cases, governments were as indispensable for resolving banking …

Originalism And The Unwritten Constitution, Lawrence B. Solum

Georgetown Law Faculty Publications and Other Works

In his book, America’s Unwritten Constitution, Akhil Reed Amar contends that to properly engage the written Constitution, scholars and laymen alike must look to extratextual sources: among them America’s founding documents, institutional practices, and ethos, all of which constitute Amar’s “unwritten Constitution.” In this article, the author argues that contemporary originalist constitutional theory is consistent with reliance on extraconstitutional sources in certain circumstances. He establishes a framework for revaluating the use of extratextual sources. That framework categorizes extratextual sources and explains their relevance to constitutional interpretation (the meaning of the text) and constitutional construction (elaboration of constitutional doctrine and …

The Equivalence Of Economies And Returns To Scale Revisited: Nonlinear Expansion Paths And The Definition Of Scale

Journal of Economics and Finance Education

That increasing returns to scale is a sufficient condition for generating economies of scale is well understood. Many instructors and most textbooks, however, report that increasing returns is a necessary condition for scale economies. While the necessity of decreasing returns in generating diseconomies of scale can be proven locally for smooth technologies or generally for homothetic or non-variable returns technologies, no such requirement exists when considering discrete scale adjustments along more realistic expansion paths. We argue that the practice of equating economies and returns to scale is an inappropriate generalization that resulted from a historical preference for homothetic production functions.

Distinguishing Probability Weighting From Risk Misperceptions In Field Data, Levon Barseghyan, Francesca Molinari, Ted O'Donoghue, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

The paper outlines a strategy for distinguishing rank-dependent probability weighting from systematic risk misperceptions in field data. Our strategy relies on singling out a field environment with two key properties: (i) the objects of choice are money lotteries with more than two outcomes and (ii) the ranking of outcomes differs across lotteries. We first present an abstract model of risky choice that elucidates the identification problem and our strategy. The model has numerous applications, including insurance choices and gambling. We then consider the application of insurance deductible choices and illustrate our strategy using simulated data.

Originalism And Constitutional Construction, Lawrence B. Solum

Georgetown Law Faculty Publications and Other Works

Constitutional interpretation is the activity that discovers the communicative content or linguistic meaning of the constitutional text. Constitutional construction is the activity that determines the legal effect given the text, including doctrines of constitutional law and decisions of constitutional cases or issues by judges and other officials. The interpretation-construction distinction, frequently invoked by contemporary constitutional theorists and rooted in American legal theory in the nineteenth and twentieth centuries, marks the difference between these two activities.

This article advances two central claims about constitutional construction. First, constitutional construction is ubiquitous in constitutional practice. The central warrant for this claim is conceptual: …