"Few gave tiny Singapore much chance of survival when it was granted independence in 1965. How is it, then, that today the former British colonial trading post is a thriving Asian metropolis?" "The story of that transformation is told here by Lee Kuan Yew. Rising from a legacy of divisive colonialism, the devastation of the Second World War, and general poverty and disorder following the withdr…
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 …