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Full-Text Articles in International Economics
Can A Financial Conditions Index Guide Monetary Policy? The Case Of Singapore, Hwee Kwan Chow
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 …
Monetary Regime Choice In Singapore: Would A Tayor Rule Outperform Exchange-Rate Management?, Hwee Kwan Chow, G.C. Lim, P. Mcnelis
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.
Impact Of Sovereign Debt Restructuring On Financial Flows: The Case Of Indonesia, Hwee Kwan Chow, C. Adams
Impact Of Sovereign Debt Restructuring On Financial Flows: The Case Of Indonesia, Hwee Kwan Chow, C. Adams
Research Collection School Of Economics
No abstract provided.