CHOY Keen Meng (Division of Economics,School of Humanities and Social Sciences, Nanyang Technological University, Singapore, Nanyang Technological University, Singapore)
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Singapore was traditionally a “re-export economy” by virtue of her historical role as an entrepôt for Southeast Asia. This paper highlights the continued dependence of her modern economy on external demand and imported inputs. Unit root, cointegration and exogeneity tests reveal the existence of common stochastic trends driving global output on the one hand, and Singapore’s trade cycles on the other. An impulse response analysis confirms that exports co-move with re-exports and imports in the short run. Furthermore, innovation accounting shows that growth in the world economy is the most important contributor to Singapore’s trade expansion in the long run.
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Paper provided by Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre in its series Economic Growth centre Working Paper Series with number
0905.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Sims, Christopher A, 1980.
"Macroeconomics and Reality,"
Econometrica,
Econometric Society, vol. 48(1), pages 1-48, January.
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