The reversal of capital flows from the banking sector, rather than portfolio equity investment, has long been considered a main reason for the severity of the East Asian financial crisis of the late 1990s. This study analyzes the factors behind the boom and bust of bank lending, focusing on...

No abstract received.

This paper is an empirical exercise that seeks to reveal the nature of economic fluctuations in the archetypal small open economy of Singapore. We assess the extent to which local business cycles are influenced by their foreign counterparts with regards to cyclicality, co-movement and volatility...

This article uses econometric methods to test the hypothesis that Singapore is a ‘re-export economy’. If the hypothesis is true, merchandize exports and imports would co-move together over the course of trade cycles while exports would be insensitive to the exchange rate due to their high...