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Concluding Remarks: Factors and Attributes on Cities' Cost of Living

In: 2014 Annual Indices for Expatriates and Ordinary Residents on Cost of Living, Wages and Purchasing Power for World's Major Cities

Author

Listed:
  • Tan Khee Giap
  • Tan Kong Yam
  • Yuan Randong
  • Nguyen Le Phuong Anh
  • Cledan Mandri-Perrott
  • Vu Minh Khuong

Abstract

In this chapter, we first discuss the effects of exchange rates on the cost of living for both expatriates and ordinary residents. Through a simulation study for Singapore and Hong Kong, we show that exchange rate fluctuations have a great impact on the cost of living rankings for both expatriates and ordinary residents. We next highlight an interesting observation emerging from our study, that cities in the developed Western countries are more expensive for ordinary residents than cities in less developed countries elsewhere, especially in Asia. We attribute this to structural difference in labour cost between these two sets of countries. The chapter also highlights our future research agenda.

Suggested Citation

  • Tan Khee Giap & Tan Kong Yam & Yuan Randong & Nguyen Le Phuong Anh & Cledan Mandri-Perrott & Vu Minh Khuong, 2016. "Concluding Remarks: Factors and Attributes on Cities' Cost of Living," World Scientific Book Chapters, in: 2014 Annual Indices for Expatriates and Ordinary Residents on Cost of Living, Wages and Purchasing Power for World's Major Cities, chapter 6, pages 567-582, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789814583589_0006
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    More about this item

    Keywords

    Cost of Living; Purchasing Power; Residents; Expatriates; Wages Index;

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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