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Monetary policy in a small open economy: the case of Singapore

Author

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  • John H. Wood

Abstract

John H. Wood studies Singapore, a small open economy dedicated to growth through both saving and the attraction of foreign investment. He finds that the monetary authority's supporting role is the provision of a stable monetary environment, particularly a stable domestic price level. Singapore's monetary authority has unusual freedom from domestic constraints in fulfilling this role because of the government's conservative fiscal policy, control of labor relations, and disinclination to support unprofitable enterprises. Singapore has controlled its inflation by adjusting to changing world conditions. The record indicates that low inflation has been maintained by means of a money growth rule.

Suggested Citation

  • John H. Wood, 1992. "Monetary policy in a small open economy: the case of Singapore," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 25-41.
    • Handle: RePEc:fip:fedder:y:1992:i:qii:p:25-41
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    Keywords

    Monetary policy - Singapore; Singapore;

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