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Articles 301 - 324 of 324
Full-Text Articles in Asian Studies
Markov Chains In Predictive Models Of Currency Crises - With Applications To Southeast Asia, Roberto S. Mariano, Abdul G. Abiad, Gultekin Bulent, Tayyeb Shabbir, Augustine H. H. Tan
Markov Chains In Predictive Models Of Currency Crises - With Applications To Southeast Asia, Roberto S. Mariano, Abdul G. Abiad, Gultekin Bulent, Tayyeb Shabbir, Augustine H. H. Tan
Research Collection School Of Economics
The decade of the 1990s was marked by an unusual number of financial and economic crises such as the attack on the European Monetary System in 1992-93, the Mexican peso crisis in 1994-95, the Asian crisis in 1997, the Russian default in 1998 and its spillover to Latin America. The Turkish currency and banking crisis in 2001 and the recent difficulties in Argentina indicate that financial crises are still part of the current economic events. In the wake of such developments, there has been a resurgence of interest in early warning systems that can anticipate the likely occurrence of such …
Potential For Floating Offshore Wind Energy In Japanese Waters, A. R. Henderson, R. Leutz, Tomoki Fujii
Potential For Floating Offshore Wind Energy In Japanese Waters, A. R. Henderson, R. Leutz, Tomoki Fujii
Research Collection School Of Economics
The prospects for large scale commercialisation of sea-bed-mounted offshore windfarms are currently excellent, with the existing small-scale prototype windfarms currently being joined by the first large-scale parks in the shallow seas off the Danish, German, Swedish, Dutch, Belgian, British and Irish coasts. However other countries, including Japan, have much more limited regions of the shallow waters suitable for such developments and hence other concepts will also need to be utilised if offshore wind energy is also to become a major source of energy there.
How Does Spousal Education Matter? Some Evidence From Cambodia, Tomoki Fujii, Sophal Ear
How Does Spousal Education Matter? Some Evidence From Cambodia, Tomoki Fujii, Sophal Ear
Research Collection School Of Economics
An econometric analysis of the World Food Programme Civil Insecurity Baseline Survey (1998) and Cambodia Socio-Economic Survey (1999) data is undertaken to examine the role of education and literacy in explaining household expenditure, as hypothesized in human capital theory where education is an investment with returns in the form of income. Explanatory variables were selected from a large set of observed variables by a systematic procedure to avoid the bias arising from arbitrary model selection. Spousal education and literacy are found to be significant explanatory variables in the determination of household expenditure, exceeding even the coefficients attached to the head …
The Integration Of The East And South-East Asian Equity Markets, K. B. Tan, Yiu Kuen Tse
The Integration Of The East And South-East Asian Equity Markets, K. B. Tan, Yiu Kuen Tse
Research Collection School Of Economics
This study examines how the degree of capital-market integration of the East and South-East Asian (ESEA) economies varied over the period 1988–2000 following the deregulation of these markets. The deregulation process varied across the countries both in terms of intensity and timing. A greater degree of co-movements in stock prices is a reflection of greater stock-market integration. We employ Geweke’s (1982) measure of feedback for different pairs of markets. For each pair of markets, the Geweke measure shows how co-movements in daily returns of stock prices varied over time. This is followed by the vector autoregression (VAR) analysis to examine …
Housing Policy, Wealth Formation And The Singapore Economy, Sock-Yong Phang
Housing Policy, Wealth Formation And The Singapore Economy, Sock-Yong Phang
Research Collection School Of Economics
This paper evaluates the contribution of housing policy in Singapore to financial sector development, housing wealth formation and macro-economic performance, both retrospectively and prospectively. It provides an overview of past housing policies and traces the linkages to the financial sector. Housing policy as effected through the Housing and Development Board and the Central Provident Fund (CPF) hampered the development of the commercial housing loans sector and domestic financial markets, but contributed to the overall growth and stability of the housing loans market and associated financial institutions. Housing policy and the trend of housing asset inflation contributed significantly to the formation …
Motor Vehicle Taxes As An Environmental Management Instrument: The Case Of Singapore, Ngee-Choon Chia, Sock Yong Phang
Motor Vehicle Taxes As An Environmental Management Instrument: The Case Of Singapore, Ngee-Choon Chia, Sock Yong Phang
Research Collection School Of Economics
Being geographically small, land scarcity poses a potential constraint for economic growth in Singapore. Restraining car ownership and car use through motor vehicle taxes is part of the land-transport policy to ensure smoother traffic flow. This paper analyses the use of motor vehicle taxes in Singapore as an environmental management instrument. It evaluates the effectiveness of ownership and use taxes as instruments to internalise congestion and environment externality. Economic issues relating to the use of such taxes are also highlighted. It concludes that motor vehicle taxes offer Singapore a double dividend.
Assessing Export Platforms: The Case Of Singapore, Kong Weng Ho, Hian Teck Hoon
Assessing Export Platforms: The Case Of Singapore, Kong Weng Ho, Hian Teck Hoon
Research Collection School Of Economics
The aim of this paper is to try to understand how Singapore was generally successful in its export promoting strategy. Historically, Singapore experimented with an import-substituting strategy in the first half of the sixties in anticipation of forming a common market with Malaysia and also briefly after its independence in 1965. The level of protection, however, was relatively low during its import-substituting phase.
Hong Kong And Singapore, Sock Yong Phang
Hong Kong And Singapore, Sock Yong Phang
Research Collection School Of Economics
There are many similarities between Hong Kong and Singapore. They have both enjoyed high rates of economic growth over the past three decades, averaging six percent a year in real terms. The two have become known as “East Asian Tigers,” having made the transition from poverty to newly industrialized economies in a relatively short time. Both started off as British colonies, with British legal and administrative systems, and made their living as trading ports serving their respective regions. Singapore has been an independent republic since 1965; Hong Kong was returned to China on July 1, 1997. While Hong Kong and …
An Empirical Analysis Of Unit Trust Performance In Singapore, Joseph H. H. Chia, Yiu Kuen Tse
An Empirical Analysis Of Unit Trust Performance In Singapore, Joseph H. H. Chia, Yiu Kuen Tse
Research Collection School Of Economics
The Singapore government’s recent strategic plan to develop the financial sector has placed much emphasis on the fund management industry. In this paper we examine the unit trust performance in Singapore in the 90s. Our results show that fund managers in general performed poorly in security analysis and market timing. However, they performed fairly well in risk-adjusted returns and generally maintained well-diversified portfolios. We find that there is little consistency in the performance ranking of the evaluated portfolios, although there is evidence of repeat performance of some top funds. Our analysis also shows that fund managers could indeed make excess …
The Conditional Heteroscedasticity Of The Yen-Dollar Exchange Rates, Yiu Kuen Tse
The Conditional Heteroscedasticity Of The Yen-Dollar Exchange Rates, Yiu Kuen Tse
Research Collection School Of Economics
This paper examines the conditional heteroscedasticity of the yen-dollar exchange rate. A model is constructed by extending the asymmetric power autoregressive conditional heteroscedasticity model to a process that is fractionally integrated. It is found that, unlike the equity markets, the appreciation and depreciation shocks of the yen against the dollar have similar effects on future volatilities. Although the results reject both the stable and the integrated models, our analysis of the response coefficients of the past shocks and the application of the models to the estimation of the capital requirements for trading the currencies show that there are no substantial …
Curbing Urban Traffic Congestion In Singapore: A Comprehensive Review, Rex S. Toh, Sock-Yong Phang
Curbing Urban Traffic Congestion In Singapore: A Comprehensive Review, Rex S. Toh, Sock-Yong Phang
Research Collection School Of Economics
One of the most pervasive and frustrating of modern transportation problems is urban traffic congestion. Since 1975, Singapore has introduced a relentless series of traditional and experimental measures to slow down the growth of the motor vehicle population and to control its usage. While some of the measures have been somewhat successful, some of the problems were shifted or were substituted. The Area Licensing Scheme led to a shifting of the problem in time and place while the quota system has substituted uncertainty in quantity with uncertainty in price. Furthermore, the Preferential Additional Registration Fee system and the Quota System …
From Manual To Electronic Road Congestion Pricing: The Singapore Experience And Experiment, Sock-Yong Phang, Rex S. Toh
From Manual To Electronic Road Congestion Pricing: The Singapore Experience And Experiment, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
This study reviews the efforts of Singapore to curb road congestion through restraints on motor vehicle ownership as well as user fees. In particular, it traces the history of the famous Area Licensing Scheme (ALS), and then discusses its shortcomings, also the need for Electronic Road Pricing (ERP), its advantages and disadvantages and the technology involved in this state of the art system. This paper identifies important research questions to be addressed in connection with the first full-scale adoption of ERP.
Singapore's Experience With Car Quotas: Issues And Policy Processes, Sock-Yong Phang, Wing-Keung Wong, Ngee-Choon Chia
Singapore's Experience With Car Quotas: Issues And Policy Processes, Sock-Yong Phang, Wing-Keung Wong, Ngee-Choon Chia
Research Collection School Of Economics
This paper examines the policy processes behind Singapore's car quotas. The policy, when filtered through the market mechanism, had a number of unintended consequences. The public's unhappiness with certain features and [`]loopholes' of the system resulted in many changes to the rules. The effects of recent measures to curb speculation on quota premiums are evaluated. Problems with Singapore's Weekend Car Scheme are also discussed. The lesson for transport policy makers elsewhere is that in attempting to deal with the road congestion problem through car ownership policies, an asset market for vehicles should be taken into account.
Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
No abstract provided.
The Multiplier Effect: Singapore's Hospitality Industry, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
The Multiplier Effect: Singapore's Hospitality Industry, Habibullah Khan, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
Tourism's contribution to Singapore's economy has increased over time. Tourism contributed 11.9% to Singapore's GDP in 1992, about half of that from direct revenues. Indirect and induced sources contributed about equally to the other half. While the direct effect of tourist expenditures on the Singapore economy are predominant, the indirect and induced effects are also significant, indicating strong sectoral linkages within the local economy, especially with respect to the hospitality industry.
Port Multipliers For Singapore: Impact On Income, Output, And Employment, Rex S. Toh, Sock-Yong Phang, Habibullah Khan
Port Multipliers For Singapore: Impact On Income, Output, And Employment, Rex S. Toh, Sock-Yong Phang, Habibullah Khan
Research Collection School Of Economics
This article examines the contribution of the activities of the Port of Singapore Authority (PSA), a government-owned statutory board which operates almost all of the port related activities in Singapore, to the prosperity of the entire country, by way of multiplier analysis. Input-output analysis is used to compute the income, output, and employment multipliers of port activities, broken down into direct, indirect, and induced effects. The policy implications on port investment and maritime policy follow.
Policies To Promote Shipping Registration In Singapore, Sock Yong Phang, Rex S. Toh
Policies To Promote Shipping Registration In Singapore, Sock Yong Phang, Rex S. Toh
Research Collection School Of Economics
An analysis traces the development of ship registration in Singapore and examines the underlying motivation behind changes in policies over the last 3 decades. For the better part of the 1970s Singapore was classified as a flag of convenience (FOC) country as it pursued an FOC policy that emphasized the quantitative growth of its merchant fleet. Beginning in 1979 Singapore tightened maritime standards as well as ownership disclosure rules, requiring a foreign shipowner to incorporate a company in Singapore. It is regarded today as a quasi-FOC country - a term associated favorably with countries offering tax incentives to shipowners. The …
Singapore's Motor Vehicle Policy: Review Of Recent Changes And A Suggested Alternative, Sock Yong Phang
Singapore's Motor Vehicle Policy: Review Of Recent Changes And A Suggested Alternative, Sock Yong Phang
Research Collection School Of Economics
This paper reviews recent developments in motor vehicle policy in Singapore, viz. the motor vehicle quota and weekend car schemes as well as regulations on cars entering and leaving Singapore. The adoption of a vehicle quota system over and above tax restraints on car ownership has made the job of the planner easier but has resulted in a great deal of price uncertainty in the motor vehicle market. The attendant result of price uncertainty has been speculation or rent seeking, necessitating several adjustments to the rules for the vehicle quota scheme in an attempt to counter speculation. This paper proposes …
A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo
A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo
Research Collection School Of Economics
This paper demonstrates a channel through which the fiscal system interacts with the choice of CPF contribution rates to affect total savings, and hence, capital accumulation and the current account. It is shown that in the presence of a wage income tax, raising either the employee's or employer's contribution rates raises the total private earnings. On the other hand, in the presence of a capital income tax, raising the employee's or employer's contribution rates lowers total private savings. However, when we introduce a productive role for government spending, we show that an increase in CPF contribution rates under a balances …
Term Structure Of Interest Rates In The Singapore Asian Dollar Market, Tom K. Y. Lee, Yiu Kuen Tse
Term Structure Of Interest Rates In The Singapore Asian Dollar Market, Tom K. Y. Lee, Yiu Kuen Tse
Research Collection School Of Economics
This paper investigates empirically the term structure of interest rates in the Singapore Asian Dollar Market. We consider extended versions of the ARCH-M model of Engle, Lilien, and Robins (1987). The extended models permit autocorrelation, skewness and leptokurtosis in the residuals. The robustness of the empirical tests with respect to alternative specifications of the ARCH process is examined. It turns out that there is significant time-varying term premium, and this conclusion is independent of the hypothesized ARCH model.
An Evaluation Of Car-Ownership And Car-Usage Policies In Singapore, Sock-Yong Phang, Anthony Chin
An Evaluation Of Car-Ownership And Car-Usage Policies In Singapore, Sock-Yong Phang, Anthony Chin
Research Collection School Of Economics
Report presented to Parliament 2 January 1990 as part of Select Committee on Land Transportation Policy. Covers the transportation policies of Singapore from 1960s to 1980s. Analysis of car ownership policies, including PARF. Analysis of car usage policies.
Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang
Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang
Research Collection School Of Economics
In Singapore, extensive government intervention in the housing market has resulted in much deviation from assumptions made in the simple neoclassical urban models. The monocentric model of urban structure is extended to incorporate a subsidized public housing market in which the government-determined price gradient is flatter than the private housing price gradients. The propositionthat the utility of public housing households varies inversely with residential location distance from the CBD is empirically tested by estimating net returns to public housing using resale market data. It was found that net returns decreased with distance from the CBD.
The Effects Of A Cpf Cut: A Note, Hian Teck Hoon
The Effects Of A Cpf Cut: A Note, Hian Teck Hoon
Research Collection School Of Economics
No abstract provided.
Demand Response And The Reform Of Indirect Taxes In Pakistan, Ehtishaw Ahmad, Hing-Man Leung, Nicholas Stern
Demand Response And The Reform Of Indirect Taxes In Pakistan, Ehtishaw Ahmad, Hing-Man Leung, Nicholas Stern
Research Collection School Of Economics
The question of the appropriate tax rate for different commodities is important for policy making in a country like Pakistan. This involves not only revenue, which is an obvious and a major preoccupation of most governments, but also concerns the effects of tax changes on households in various circumstances, together with production decisions in many sectors of the economy. In this paper we shall be concerned with a preliminary evaluation of the Pakistan indirect tax system. We shall examine in further work, the analysis of direct taxes, the balance between direct and indirect taxes as well as the effects of …