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Impact of the asian crisis on singapore's export competitiveness

Author

Listed:
  • Toulahoe, Dosse
  • Ahmed, Zafar U

    (Fort Hays State University, U.S.A.
    Texas A&M University, U.S.A.)

Abstract

Despite its robust economic fundamentals relative to other members of the Association of Southeast Asian Nations (ASEAN), Singapore did not escape from the Asian Crisis that spread through Asia-Pacific and engulfed the global economy. First, this study uses two approaches to calculate real exchange rates and its misalignment to examine the Singapore dollar misalignment and its export competitiveness. Second, the relationship between Singapore's real exchange rate and its export growth is investigated using an error-correction model. The results do not support a substantial Singapore dollar overvaluation on the eve of the crisis. Based on purchasing power parity measures of misalignment, we detected only a modest overvaluation prior to the crisis. However, the real depreciation of the Singapore dollar as a result of the crisis, led to an external competitiveness gain and higher export growth.

Suggested Citation

  • Toulahoe, Dosse & Ahmed, Zafar U, 2004. "Impact of the asian crisis on singapore's export competitiveness," Journal of Developing Areas, Tennessee State University, College of Business, vol. 37(2), pages 119-135, January-M.
    • Handle: RePEc:jda:journl:vol.37:year:2004:issue2:pp:119-135
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    More about this item

    Keywords

    Real Exchange Rates; Asian Crisis; Export Growth; Purchasing Power Parity.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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