A VAR Analysis of Singapore’s Monetary Transmission Mechanism

Hwee Kwan Chow

No 19-2004, Working Papers from Singapore Management University, School of Economics

Abstract: The Singapore economy has experienced greater business cycle fluctuations in recent years, being subject to recurrent shocks from the external environment. Given the extreme openness of the economy—Singapore’s export share of GDP is approximately 180%—it is not surprising that the main cause of the increase in economic volatility is a rise in the frequency and magnitude of exogenous shocks. These include the downswing in the global electronics industry in 1996–97, the Asian financial crisis in 1997–98, the burst of the information technology bubble in 2001, and the outbreak of the SARS respiratory disease in 2003. Such a close sequence of external shocks no doubt induced turbulences in the economy.

Pages: 27 pages
Date: 2004-09
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Citations: View citations in EconPapers (6)

Published in SMU Economics and Statistics Working Paper Series

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