Singapore and Asia : Impact of the Global Financial Tsunami and Other Economic Issues.
Title:
Singapore and Asia : Impact of the Global Financial Tsunami and Other Economic Issues.
Author:
Sng, Hui Ying.
ISBN:
9789814280464
Personal Author:
Physical Description:
1 online resource (222 pages)
Contents:
Contents -- Foreword -- Contributors -- PART I: ECONOMIC ANALYSIS OF THE GLOBAL FINANCIAL TSUNAMI -- 1 The Deepening Global Recession and the Great Depression Fear Lim Chong Yah -- Road to Depression -- Cheap Money Policy -- Ninja Housing Loans -- Early Attempts at Fighting the Crisis -- The "Change" Strategy -- Comparison with China -- The Singapore Scenario -- Global Silver Linings -- References -- 2 The Surprising Resurgence of Fiscal Policy Steven Mark Sheffrin -- From Enthusiasm to Skepticism: A Capsule Intellectual History -- What Were the Politicians Up To? -- The Key Role of the Japanese Experience -- Pump-Priming: An Alternative Model of Fiscal Policy -- A Disappearing Consensus -- References -- 3 The Global Financial Tsunami: Implications for East Asian Economies Tan Kong Yam -- Introduction -- Causes of the Global Financial Crisis -- Collapse of the Housing Bubble and Trigger of the Crisis -- Impact on Asian Economies -- Future Trends -- References -- 4 Global Financial Tsunami: Can the Industrial Relations Mechanism Save Singapore This Time Around? Rosalind Chew -- Overview -- Converting a Retirement Scheme into a Housing Scheme -- Using the CPF to Restructure the Manufacturing Sector -- The Regional Recession in 1985 -- East Asian Currency Crisis, 1997, and SARS, 2003 -- New Way to Use Singapore's Political Capital -- 2009 Global Financial Tsunami -- Budget 2009 -- Can the Old Mechanism Work? -- Conclusion -- References -- 5 The On-going Global Financial Crisis and Asian Regionalism Pradumna B. Rana -- I. Introduction -- II. Causes of the SMC and the GFC -- Similarities Between the SMC/GFC, the Asian Financial Crisis (AFC), and the Latin American Crisis -- III. The Impact of the SMC/GFC on Asia -- IV. Individual Country Responses -- V. The Case for Asian Regionalism and Possible Regional Actions.
(1) Expand the Membership of ASEAN+3 to Include India and Eventually Establish an Integrated Pan-Asia -- (2) Strengthen the ASEAN+3 Economic Review and Policy Dialogue (ERPD) -- (3) Establish an Asian Financial Stability Dialogue (AFSD) -- (4) Establish the Self-managed Reserve Pool -- (5) Establish an Asian Infrastructure Investment Fund and a Pan-Asian Infrastructure Forum -- (6) China Could Consider Lending to the IMF If It Gets a Higher Quota -- (7) Expanded ASEAN+3 Should Coordinate and Play an Active Role in the G20. -- References -- 6 Global Economic Crisis and Energy Security: Integrated Energy Market Youngho Chang -- Introduction -- Lessons Learned from Integrated Energy Markets -- Efforts for Launching an Integrated Energy Market in ASEAN -- Quantification of Effects from Integrated Energy Market in the Region -- Concluding Remarks -- References -- PART II: ECONOMIC AND POLICY ISSUES -- 7 Singapore Growth Model: Its Strengths and Its Weaknesses Lim Chong Yah -- The Development Model -- (1) Market Orientation -- (2) Foreign Trade Orientation -- (3) High Savings and High Investment Strategy -- (4) Macroeconomic Stability -- (5) Stable and Sound Public Administration -- Strengths of the Model -- The Achilles' Heels in the Model -- (1) Deterioration in Gini Coefficient -- (2) Vulnerability to External Shocks -- (3) De-population Problem -- References -- 8 The Role of Competition in Singapore: A Complexity Point of View Lam Chuan Leong -- Background -- The Price Mechanism -- The Complexity View -- Thinking Ahead of Time -- Regulation is Necessary to Set the Boundary Conditions for Complex Systems -- 9 Inflation, Exchange Rate and the Singapore Economy: A Policy Simulation Choy Keen Meng and Tilak Abeysinghe -- Introduction -- The ESU01 Model of the Singapore Economy -- Scenarios -- Simulation Results -- Conclusions.
10 Workfare, Not Welfare: An Exploration of International Experiences and Policy Implications for Singapore Kampon Adireksombat -- History of In-Work Benefit (IWB) Programs -- The IWB Structure -- Labor Supply Response to the EITC -- A. Theoretical Predictions -- B. Empirical Evidence -- Effective Anti-Poverty Instrument -- Workfare Income Supplement (WIS) Scheme -- Prediction for Labor Supply Response to the WIS -- Suggestion -- References -- 11 What is Human Life Worth? Euston Quah, Chia Wai-Mun and Sng Hui Ying -- Introduction -- Different Approaches to Value a Statistical Life -- Benefit Transfer -- Indigenous Value of a Statistical Life in Singapore -- Cross-Country Comparison -- Conclusion -- References -- 12 Is the Environment a Game? Game Theoretical Analysis of the Kyoto Protocol Ernie G. S. Teo -- Introduction -- The United Nations Framework Convention on Climate Change (UFCCC) and the Kyoto Protocol -- Game Theoretical Analysis and Environmental Cooperation -- The Participation Problem -- The Reduced Form Game -- Discussion -- The Stability and Enforcement Problem -- Infinite Repeated Games -- Discussion -- Europe -- US -- Developing World -- Conclusion -- Appendix 1 - UFCCC Member Countries -- References -- Index.
Abstract:
This book is an annual effort by the economists at the Nanyang Technological University to provide analysis, interpretations and insights of contemporary economic issues affecting Singapore and Asia. It covers two key themes: (1) Global Financial Tsunami and (2) other economic issues affecting Singapore and Asia. The Global Financial Tsunami is currently ravaging the world financial systems and the world economy. The authors brilliantly tackle pertinent issues such as fiscal and monetary management of the current crisis, impacts of the crisis on the Singapore and Asian economies, policy measures implemented by Singapore and other countries to combat the crisis, and regional efforts to mitigate the adverse impacts of the crisis. A wide range of important economic issues affecting Singapore and Asia, including inflation, exchange rate, workfare, environmental economics, population and worth of human life in Singapore are addressed competently. The chapters build on economic and analytical frameworks to help readers better understand the economic and policy issues discussed. Sample Chapter(s). Foreword (53 KB). Chapter 1: The Deepening Global Recession and the Great Depression Fear (252 KB). Contents: Economic Analysis of the Global Financial Tsunami: The Deepening Global Recession and the Great Depression Fear (C Y Lim); The Surprising Resurgence of Fiscal Policy (S M Sheffrin); The Global Financial Tsunami: Implications for East Asian Economics (K Y Tan); Global Financial Tsunami: Can the Industrial Relations Mechanism Save Singapore This Time Around? (R Chew); The On-going Global Financial Crisis and Asian Regionalism (P B Rana); Global Economic Crisis and Energy Security: Integrated Energy Market (Y-H Chang); Economic and Policy Issues: Singapore Growth Model: Its Strengths and Its Weaknesses (C Y Lim); The Role of Competition in Singapore: A
Complexity Point of View (C L Lam); Inflation, Exchange Rate and the Singapore Economy: A Policy Simulation (K M Choy & T Abeysinghe); Workfare, Not Welfare: An Exploration of International Experiences and Policy Implications for Singapore (K Adireksombat); What is Human Life Worth? (E Quah et al.); Is the Environment a Game? Game Theoretical Analysis of the Kyoto Protocol (E G S Teo). Readership: Undergraduates and general public interested in economic issues affecting Singapore and Asian Economies.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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