Trade Cycles in a Re-export Economy: The Case of Singapore
Singapore was traditionally a “re-export economy” by virtue of her historical role as an entrepôt for Southeast Asia. This paper highlights the continued dependence of her modern economy on external demand and imported inputs. Unit root, cointegration and exogeneity tests reveal the existence of common stochastic trends driving global output on the one hand, and Singapore’s trade cycles on the other. An impulse response analysis confirms that exports co-move with re-exports and imports in the short run. Furthermore, innovation accounting shows that growth in the world economy is the most important contributor to Singapore’s trade expansion in the long run.
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| Length: | 33 pages |
| Date of creation: | May 2009 |
| Date of revision: | |
| Handle: | RePEc:nan:wpaper:0905 |
| Contact details of provider: | Postal: Nanyang Drive, Singapore 637332 Fax: 6795 5797 Web page: http://egc.hss.ntu.edu.sg/ More information through EDIRC
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