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An empirical analysis of Singapore’s monetary and exchange rate policies in the 1990s



    (Nanyang Business School)

  • C.S. SOH

    (Nanyang Business School)


The economy of Singapore has remained relatively unscathed from the Asian currency crisis of 1997 and 1998 which has severely crippled the markets of Hong Kong, Indonesia, and Malaysia. The Monetary Authority of Singapore, which has overseen the country's financial development since the 1960s, has maintained sound monetary policy which has saved the economy from ruin. The government, unlike those of other countries, has also regulated real estate loans and land development and has strengthened its basic services of telecommunications and transport. The present work seeks to re-examine the conflict between monetary stability and exchange rate objectives. The authors seek to find out which policy goal the Monetary Authority of Singapore has been and should be more interested in.

Suggested Citation

  • R.C. Maysami & C.S. Soh, 1998. "An empirical analysis of Singapore’s monetary and exchange rate policies in the 1990s," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(204), pages 55-71.
  • Handle: RePEc:psl:bnlqrr:1998:14

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    References listed on IDEAS

    1. Joan Robinson, 1970. "Capital Theory Up to Date," Canadian Journal of Economics, Canadian Economics Association, vol. 3(2), pages 309-317, May.
    2. Burmeister, Edwin & Turnovsky, Stephen J, 1972. "Capital Deepening Response in an Economy with Heterogeneous Capital Goods," American Economic Review, American Economic Association, vol. 62(5), pages 842-853, December.
    3. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    4. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, December.
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    More about this item


    Public Finance Activities; Fiscal Policy; Currency Stabilisation Programs; Economic aspects; Asia; Currency stabilisation; Singapore Monetary Authority;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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