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Coping with the Asian financial crisis: The Singapore experience

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Singapore has weathered the Asian financial crisis better than most Asian economies. This paper examines the roots of Singapore's resilience and assesses Singapore's policy responses to the crisis. It argues that Singapore has used the exchange rate and wage instruments effectively during the crisis. Singapore's managed exchange rate system allowed it to quickly depreciate the Singapore dollar in response to the loss of its export competitiveness arising from the collapse of the regional currencies. As the crisis dragged on into 1998, Singapore decides not to tinker with the nominal exchange rate but instead worked toward direct cost-cutting measures such as wage and operating cost reductions to maintain its competitiveness. Despite the crisis, Singapore has pressed ahead with financial reforms including liberalising the Singapore dollar, pressed ahead with financial reforms including liberalising the Singapore dollar, to ensure the long-term competitiveness of its economy. Lessons from the Singapore experience on containing the contagion effects of the crisis are drawn.

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Ketersediaan

2024-1738

330.95957 Jin c

Perpustakaan Diplomasi

Tersedia

Informasi Detail

Judul Seri

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No. Panggil

330.95957 Jin c

Penerbit

Singapore : Institute of Southeast Asian Studies (ISEAS)., 2000

Deskripsi Fisik

35 pages: illustrations ; 29 cm

Bahasa

English

ISBN/ISSN

0219-3582

Klasifikasi

330.95957

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

Singapore--Economic conditions
Economic Asia

Info Detail Spesifik

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Pernyataan Tanggungjawab

Ngiam Kee Jin

Versi lain/terkait

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