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The Monetary Authority of Singapore, instead of relying on short-term interest rates or monetary aggregates as its … Singapore is controlling inflation. The estimated changes in the TWI track the actual change relatively well, and the estimated … parameters are as expected. Accordingly, they support the hypothesis that monetary policy in Singapore can be described by a …
Persistent link: https://www.econbiz.de/10014404129
multilateral exchange rates, deflated using CPIs, producer price indices (PPIs), and price indices of export goods. The second …
Persistent link: https://www.econbiz.de/10014401020
This paper investigates exchange rate pass-through in Singapore using band-pass spectral regression techniques … Singapore. Asymmetric pass-through effects over the business cycle are also detected, with importers passing on a smaller share … of exchange rate movements during boom periods as compared to recessions. This result suggest that Singapore’s exchange …
Persistent link: https://www.econbiz.de/10014399253
This paper discusses the unique aspects of Singapore’s financial, exchange rate, and wage policies during the period … appropriate wage policy is complementary to exchange rate policy in maintaining external competitiveness in Singapore …
Persistent link: https://www.econbiz.de/10014395760
, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the …
Persistent link: https://www.econbiz.de/10014403342
Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...
Persistent link: https://www.econbiz.de/10012301949
Devaluation is an integral part of adjustment in many developing countries, particularly relied upon by countries facing large external imbalances. A devaluation can only reduce trade imbalances if it translates to a real devaluation and if trade flows respond to relative prices in a significant...
Persistent link: https://www.econbiz.de/10014395932
Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce...
Persistent link: https://www.econbiz.de/10012613705
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity...
Persistent link: https://www.econbiz.de/10012155213
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying...
Persistent link: https://www.econbiz.de/10011445365