This paper investigates the degree of exchange rate pass-through for the selected Asian countries namely Malaysia, Thailand, Taiwan, and Singapore. Unlike past studies, this paper focuses on small open economies and includes exports of... more
This paper investigates the degree of exchange rate pass-through for the selected Asian countries namely Malaysia, Thailand, Taiwan, and Singapore. Unlike past studies, this paper focuses on small open economies and includes exports of primary commodities in the investigation. We utilize cointegration techniques based on Engle and Granger (1987) and Johansen and Juselius (1990), and error correction modeling, to provide a more robust and rigorous investigation of the long run and short run pass-through of exchange rates. It is found that, in general, the degree of pass-through is high, although there is a small extent of pricing to market found for all countries. For Malaysia, the degree of pricing to market found suggests that there is intense competition in the export industries. In the case of Thailand, there is almost complete pass-through and this conforms to our a priori expectations. In the case of Singapore and Taiwan, we detect a higher degree of pass-through compared to past studies. For a country, the high degree of pass-through will support the adoption of more flexible exchange rate oriented monetary policies, and for firms it will reveal the limits of their price setting behavior amidst international competition.
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This paper introduces a concept of a latent resource to explain the seemingly low total factor productivity estimated for Singapore. It found that total factor productivity growth in the economy is not as dismal as estimated in other... more
This paper introduces a concept of a latent resource to explain the seemingly low total factor productivity estimated for Singapore. It found that total factor productivity growth in the economy is not as dismal as estimated in other studies if the factor shares used in the computation are nearer to those of developed industrialized economies. The existence of a latent
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Research Interests: Economics, International Economics, International Trade, Productivity, Applied Economics, and 14 moreFree Trade, Middle East, Social Science Research Network, World Economy, Trade Policy, Asian Financial Crisis, Trading System, Total factor productivity, Liberalization, Service Sector, Free Trade Agreement, Economic Benefit, South Asia In the World Economy, and area of concern
The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical... more
The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables. This enables the computation of asymptotic standard errors for the factors and the relative
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This chapter examines the external liberalization and economic growth of Singapore. The economic development of Singapore since 1960 is discussed. Singapore's economic growth has been achieved by taking the international environment... more
This chapter examines the external liberalization and economic growth of Singapore. The economic development of Singapore since 1960 is discussed. Singapore's economic growth has been achieved by taking the international environment as given and maximizing its national product by adjusting domestic structures and establishing institutions that best utilize its meager resources.
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Research Interests: Marketing, Sociology, Economics, Development Economics, International Business, and 15 moreGovernment, International Trade, Politics, Strategic Alliances, Singapore, Metaphor, Stakeholder Theory, Business and Management, Growth and development, Social Environment, Business environment, Foreign Investment, Strategic Alliance, Cognitive Reframing, and Management decision
This paper reviews the cluster-based development strategy adopted in Singapore. That strategy has enabled Singapore to be plugged into global value chains (GVAs) to benefit from inflows of foreign investment and participation in... more
This paper reviews the cluster-based development strategy adopted in Singapore. That strategy has enabled Singapore to be plugged into global value chains (GVAs) to benefit from inflows of foreign investment and participation in international trade. The OECD-WTO Trade in Value-Added (TiVA) database was made public recently and has been mostly used in studies relating to trade policies and GVCs. This paper makes use of information and indicators of GVC participation from the TiVA database with specific reference to Singapore. New concepts and the implications of trade in value-added are appraised to provide new perspectives of, and prospects for, continued sustainable growth of Singapore’s economy.
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The TIP market consists of three players: the trafficker, the traffickee and the government. It is often fraught with agency problems of asymmetric information, moral hazard, divergent beliefs and incomplete contract between the... more
The TIP market consists of three players: the trafficker, the traffickee and the government. It is often fraught with agency problems of asymmetric information, moral hazard, divergent beliefs and incomplete contract between the traffickers and traffickee where the former often use psychological threat, physical coercion, fraud and deception so as to exploit the latter. Governments with strong institutional frameworks will respond by stepping in to correct this market failure by enacting/enforcing the Protocol in the Palermo Convention which empowered the traffickee to retaliate through surplus destruction. Against this backdrop, we used game theory to model the strategic interaction among these players and derived strategy profiles where tacit collusion between the TIP traffickers and traffickees will always be sustained. We next examine the prerequisite public policies for successful government interventions so that the optimal strategy profiles which correct this market failure could materialize. For empirical verification we used the UNODC dataset containing TIP at the national level, number of police offenses to assess whether OECD1 nations’ stronger compliance to and enforcement of the Protocol of the Palermo Convention led to lower incidences of TIP. We noted that the development status as measured by the GDP per capita, and the openness of the economy 2 as measured by the ratio of import to GDP have relatively strong influence on the human trafficking rates. The empirical exercise indicates that good institution does play a role in reducing the human trafficking rate in spite of rising openness exacerbated by globalization and rising affluence proxied by increasing GDP per capita.
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The Leontief inverse is a very useful and powerful tool in input-output analysis. It features in the computation of various kind of multipliers such income and employment multiplier and play an important role in economic impact studies,... more
The Leontief inverse is a very useful and powerful tool in input-output analysis. It features in the computation of various kind of multipliers such income and employment multiplier and play an important role in economic impact studies, analysis of structural change and identification of key sectors for development planning. For policy and planning purposes, direct projection of the Leontief inverse become desirable and the RAS method is proposed as a means to do that. This method has some advantages over the conventional method of updating the technical coefficient matrix in order to derive the Leontief inverse. Firstly, it deals with a matrix which more “dense” and hence rounding errors in computation of the R’s and S’s are reduced. Secondly, the technical coefficient matrix derived from the projected Leontief inverse has a functional form which is more general than the bi-proportional representation. Furthermore, this approach does not require more information than the conventional RAS used to project the technical coefficient matrix.
Research Interests: Mathematics and Inverse
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The following sections are included:IntroductionUsage of Self-service TechnologyCase Studies on SST Adoption by Restaurants in SingaporeConsumer Opinions on the Use of SST in RestaurantsRecommendationsConclusionAppendix
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... Magasin 11, rue Lavoisier 75008 PARIS Tél.: +33(0)1 42 65 39 95 Fax: +33 (0)1 42 65 02 46. Horaires d'ouverture du magasin: Du mardi au vendredi, de 09h30 à 18h30 sans interruption Le Samedi, de 10h00 à 18h00 sans interruption. ...
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Measuring productivity is often considered a difficult task for industries in the services sectors. This book offers a solution in the form of the 8M approach — Management, Manpower, Method, Money, Market, Make, Material and Message. This... more
Measuring productivity is often considered a difficult task for industries in the services sectors. This book offers a solution in the form of the 8M approach — Management, Manpower, Method, Money, Market, Make, Material and Message. This 8M framework is used to analyze the many facets of productivity and make pertinent solutions and suggestions to lift productivity in enterprises, especially those in the retail and food services sectors.
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This paper is organised in four parts. The first charts the scope of the creative cluster, comprising both ‘upstream ’ arts and ‘downstream’ applications. The second part of the paper assesses the economic impact of the creative cluster,... more
This paper is organised in four parts. The first charts the scope of the creative cluster, comprising both ‘upstream ’ arts and ‘downstream’ applications. The second part of the paper assesses the economic impact of the creative cluster, outlining both its tangible and intangible contributions to the economy. The third part benchmarks Singapore’s creative industries against those of leading countries, to give an idea of Singapore’s current position and scope for advancement. The final part discusses policy implications for Singapore arising from this study. (1) THE SCOPE OF THE CREATIVE CLUSTER The creative cluster can be defined as “those industries which have their origin in individual creativity, skill and talent and which have a potential for wealth and job creation through the generation and exploitation of intellectual property”1. This cluster is fuelled by ideas at the intersection of the arts, business and technology. It leverages on the multi-dimensional creativity of indiv...
Research Interests: Business and The Internet
This paper provides empirical estimates for the impact of R&D on economic growth in Singapore. The Cobb–Douglas based analysis found that R&D investment had a significant impact on total factor productivity performance in the last 20... more
This paper provides empirical estimates for the impact of R&D on economic growth in Singapore. The Cobb–Douglas based analysis found that R&D investment had a significant impact on total factor productivity performance in the last 20 years and established a long-term equilibrium relationship between R&D investments and TFP. However, compared to OECD countries, the impact of R&D on growth in Singapore is not as strong. To catch up with the developed nations in terms of R&D productivity not only requires increasing R&D intensity in Singapore but also more efficient exploitation of domestic R&D activity.
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In this paper, the rates of return to education in Singapore are computed by the cost- benefit approach covering the period 1980-1994. The results indicate that the rates of return to education increase with the level of education.... more
In this paper, the rates of return to education in Singapore are computed by the cost- benefit approach covering the period 1980-1994. The results indicate that the rates of return to education increase with the level of education. Although remaining higher than the rates of return to secondary education, the rates of return for tertiary education are found to be
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The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical... more
The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables. This enables the computation of asymptotic standard errors for the factors and the relative
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... It was common political fear that brought the Association of South East Asian Nations ... what similar to those carried out extensively in Korea and Taiwan between 1960-65 ... 1987); Hong Kong Trade Statistics (1987); Statistical... more
... It was common political fear that brought the Association of South East Asian Nations ... what similar to those carried out extensively in Korea and Taiwan between 1960-65 ... 1987); Hong Kong Trade Statistics (1987); Statistical Yearbook of Foreign Trade, Korea (1987); Krause ...
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ii Projecting the Leontief inverse directly by the RAS method The Leontief inverse is a very useful and powerful tool in input-output analysis. It features in the computation of various kind of multipliers such income and employment... more
ii Projecting the Leontief inverse directly by the RAS method The Leontief inverse is a very useful and powerful tool in input-output analysis. It features in the computation of various kind of multipliers such income and employment multiplier and play an important role in economic impact studies, analysis of structural change and identification of key sectors for development planning. For policy and planning purposes, direct projection of the Leontief inverse become desirable and the RAS method is proposed as a means to do that. This method has some advantages over the conventional method of updating the technical coefficient matrix in order to derive the Leontief inverse. Firstly, it deals with a matrix which more “dense ” and hence rounding errors in computation of the R’s and S’s are reduced. Secondly, the technical coefficient matrix derived from the projected Leontief inverse has a functional form which is more general than the bi-proportional representation. Furthermore, this...
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The following sections are included:IntroductionReview of Literature on Loyalty Cards and Customers RetentionThe Loyalty Card Situation in SingaporeResearch Methodology and FindingsPolicy RecommendationsConclusion
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The following sections are included:IntroductionLiterature ReviewTrends in Mobile CommerceObjectives and Research MethodologySurvey FindingsConsumer SurveyRecommendationsConclusion, Limitations and Future Research
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... The elected presidency as a safeguard for official reserves: What is at stake? Post a Comment. CONTRIBUTORS: Author: Low, Linda. Author: Toh, Mun Heng. PUBLISHER: Institute of Policy Studies (Singapore). SERIES TITLE: YEAR: 1989. PUB... more
... The elected presidency as a safeguard for official reserves: What is at stake? Post a Comment. CONTRIBUTORS: Author: Low, Linda. Author: Toh, Mun Heng. PUBLISHER: Institute of Policy Studies (Singapore). SERIES TITLE: YEAR: 1989. PUB TYPE: Book (ISBN 9810010141 ...
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The following sections are included:IntroductionOverview of the Cash Management Process and Cash Management TechnologiesResearch ResultsRecommendations and ConclusionConclusionEndnotes
This paper reviews the cluster-based development strategy adopted in Singapore. That strategy has enabled Singapore to be plugged into global value chains (GVAs) to benefit from inflows of foreign investment and participation in... more
This paper reviews the cluster-based development strategy adopted in Singapore. That strategy has enabled Singapore to be plugged into global value chains (GVAs) to benefit from inflows of foreign investment and participation in international trade. The OECD-WTO Trade in Value-Added (TiVA) database was made public recently and has been mostly used in studies relating to trade policies and GVCs. This paper makes use of information and indicators of GVC participation from the TiVA database with specific reference to Singapore. New concepts and the implications of trade in value-added are appraised to provide new perspectives of, and prospects for, continued sustainable growth of Singapore’s economy.
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... Over the last decade, he has extended his research to coastal tourism in Southeast Asia, Taiwan and Reunion Island. He initiated and taught a course on Geography of Tourism for nearly 20 years and currently offers a new course on... more
... Over the last decade, he has extended his research to coastal tourism in Southeast Asia, Taiwan and Reunion Island. He initiated and taught a course on Geography of Tourism for nearly 20 years and currently offers a new course on Tourism in Southeast Asia. ...
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The economic impact of e-commerce in Singapore is measured via three channels: (1) aggregate demand stimulative effect of capital investment, (2) the productivity effect resulting from capital investment, and (3) of the price and cost... more
The economic impact of e-commerce in Singapore is measured via three channels: (1) aggregate demand stimulative effect of capital investment, (2) the productivity effect resulting from capital investment, and (3) of the price and cost reduction effect associated with the productive use of e-commerce transactions. Using input-output technique pioneered by Nobel laureate W. Leontief, and econometric analysis, it finds that e-commerce in Singapore accounts for S$35.5 billion of output (or sales revenue) and S$7.9 billion of value-added in 2018. These are respectively equivalent to 2.8% of the nation gross output and 1.7% of the annual GDP. E-commerce has supported more than 68,500 jobs and stimulated the formation of about 758 new company formation in the year. The value-added contribution by e-commerce is projected to grow from S$7.9 billion in 2018 to S$10.1 billion in 2020 and further to S$28.1 billion in 2030. As a percentage of GDP, e-commerce accounts for about 1.7% of GDP in 201...
The Retail and Food Services sectors play an important role in Singapore. They add to the vibrancy of the economy and contribute to the social well-being of Singaporeans. At the same time, they are often highlighted and scrutinised for... more
The Retail and Food Services sectors play an important role in Singapore. They add to the vibrancy of the economy and contribute to the social well-being of Singaporeans. At the same time, they are often highlighted and scrutinised for their low productivity performance and high reliance on manpower. There is to date a lack of local literature that addresses the issues faced by the two sectors at the enterprise and worker levels.
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A case-control study among Singapore Armed Forces' newly enlisted Servicemen was conducted to examine factors associated with male obesity. Four hundred and fifty-nine individuals from the Obese Basic Military Training program were... more
A case-control study among Singapore Armed Forces' newly enlisted Servicemen was conducted to examine factors associated with male obesity. Four hundred and fifty-nine individuals from the Obese Basic Military Training program were selected as "cases" (average age: 19.5, body mass index: 30.4) and another 340 individuals were selected from the Normal Basic Military Training program as "controls" (average age: 19.3, body mass index: 21.4). Information such as family background, socioeconomic factors, and lifestyle practices were captured using facilitator-led questionnaires. Several variables were significantly associated with obesity after adjustments for possible confounders. These include childhood obesity (odds ratio [OR] = 2.06), less than an hour of exercise per day (OR = 2.97), Indian ethnicity (OR = 2.22), specific education backgrounds (especially that of Institute of Technical Education-OR = 2.75), father's employment at nonmanagerial/professiona...
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This paper introduces a concept of a latent resource to explain the seemingly low total factor productivity estimated for Singapore. It found that total factor productivity growth in the economy is not as dismal as estimated in other... more
This paper introduces a concept of a latent resource to explain the seemingly low total factor productivity estimated for Singapore. It found that total factor productivity growth in the economy is not as dismal as estimated in other studies if the factor shares used in the computation are nearer to those of developed industrialized economies. The existence of a latent