Financial, Exchange Rate, and Wage Policies in Singapore, 1979-86

Ichiro Otani and Cyrus Sassanpour
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Ichiro Otani: International Monetary Fund
Cyrus Sassanpour: International Monetary Fund

IMF Staff Papers, 1988, vol. 35, issue 3, 474-495

Abstract: The unique aspects of Singapore's financial, exchange rate, and wage policies during the period 1979-86 are discussed. A simple short-term model is formulated and estimated, and various policy simulations conducted, to quantify the impact of alternative policies on major macroeconomic variables. It is found that the wage policy pursued by the authorities in the early 1980s played a significant role in influencing output and prices and that an appropriate wage policy is complementary to exchange rate policy in maintaining external competitiveness in Singapore.

Date: 1988
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