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Uniquely Singapore'S Budgetary System And Social Protection Financing Schemes

Author

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  • NGEE CHOON CHIA

    (Department of Economics, National University of Singapore, 1 Arts Link, A52#06-02, Singapore 117570, Singapore)

Abstract

This paper examines Singapore's fiscal position and its unique way of financing targeted welfare programs. We examine how reserves are accumulated through fiscal discipline during times of phenomenal economic growth in Singapore and when Singapore was enjoying demographic dividend. The existence of the large accumulated reserves has resulted in particular features of the Singapore's budgetary process, such as fiscal rules, which govern the utilization of revenues from the reserves. Innovative budget implementation, such as Block Budgeting, has helped Singapore to ensure fiscal sustainability. The accumulation of reserves throughout its economic history has afforded Singapore a unique way to fund social protection through special transfers and funds, without having to raise taxes.

Suggested Citation

  • Ngee Choon Chia, 2014. "Uniquely Singapore'S Budgetary System And Social Protection Financing Schemes," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 59(03), pages 1-21.
    • Handle: RePEc:wsi:serxxx:v:59:y:2014:i:03:n:s0217590814500246
    DOI: 10.1142/S0217590814500246
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    References listed on IDEAS

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    1. Theodore H. Moran, 2013. "Avoiding the "Resource Curse" in Mongolia," Policy Briefs PB13-18, Peterson Institute for International Economics.
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    More about this item

    Keywords

    Fiscal sustainability; reserves; endowment and trust funds; social investment; JEL Classification: E62; JEL Classification: H11; JEL Classification: H20;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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