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Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollar: A Case for Partial Liberalisation


  • Kenneth S. Chan
  • Kee-Jin Ngiam


The monetary Authority of Singapore (MAS) has a policy of controlling bank lending in Singapore dollars to non-residents and residents outside Singapore. One of the objectives of this MAS policy is to discourage speculation against the Singapore dollar in times of currency crisis. The present paper reviews and suggests improvement of this MAS policy with other tax schemes in the literature such as the Tobin Tax, the Spahn Tax and the Eichengreen Tax in the market for foreign exchange.

Suggested Citation

  • Kenneth S. Chan & Kee-Jin Ngiam, 1996. "Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollar: A Case for Partial Liberalisation," Quantitative Studies in Economics and Population Research Reports 321, McMaster University.
  • Handle: RePEc:mcm:qseprr:321

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    Cited by:

    1. Basant K. Kapur, 2007. "Capital Flows and Exchange Rate Volatility: Singapore's Experience," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 575-608 National Bureau of Economic Research, Inc.

    More about this item


    bank lending; currency speculation; currency crisis; foreign exchange market;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange


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