By Tilak Abeysinghe
Singapore's out of the ordinary transformation from 3rd global to First global prestige has been of serious curiosity to economists worldwide but there was little quantitative learn performed on its economic climate and associations. This cutting edge new examine monograph fills the lacunae through featuring the Singapore economic climate via a macroeconometric version and laying the rules for extra study.
Using formal econometric research and novel modelling ideas, Abeysinghe and Choy provide infrequent insights into how the Singapore financial system works. all the significant chapters discusses the consequences of the empirical findings for present coverage and a whole bankruptcy has been dedicated to macroeconomic coverage simulations.
This e-book is a different advent to the Singapore economic climate and will be of curiosity to econometric modellers and coverage makers in Singapore in addition to complex undergraduates and graduate researchers attracted to modelling small open economies.
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Extra resources for The Singapore Economy: An Econometric Perspective
Example text
In the process, we shall explain how the different parts of the ESU01 model hang together. 1). There are altogether 62 endogenous variables and equations in the model: 36 behavioural equations and 26 identities, supplemented by 35 exogenous variables. ) They are divided among four blocks of equations – domestic demand, trade, labour market and sectors. Our exercise in model building begins with the domestic demand block. e. private consumption and investment (government spending is not modelled, but taken to be an exogenous policy variable instead).
12, No. 3, 1996) on the subject of international competitiveness, points out that in the short run, international competitiveness may be measured by movements of the real exchange rate while in the longer run, what matters is productivity growth. Modelling investment expenditures 33 Common measures of the real exchange rate are relative prices or relative costs of production expressed in the same currency. Relative CPI (RCPI) is the most popular indicator primarily because of the ready availability of data.
Ermisch and Huff (1999) claimed in a provocative article that forced saving in Singapore, extracted through compulsory CPF contributions levied on companies and workers and the manipulation of the internal terms of trade by the major statutory boards providing utilities and telecommunication services, have been responsible for the high savings rate and hence for “spectacular drops in consumption as a share of GDP” (p. 30). However, it will do well to note that private consumption as a share of disposable income, and not just GDP, has also exhibited a pronounced downward trend (see the next section).