Exchange Rate Determination: The Case of Singapore

Duc-Tho Nguyen and Yao Chiang
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Duc-Tho Nguyen: Department of Economics, University of Adelaide
Yao Chiang: Department of Economics, University of Adelaide

No 1989-01, School of Economics and Public Policy Working Papers from University of Adelaide, School of Economics and Public Policy

Abstract: In this paper; several models of exchange rate determination are applied to the Singapore-US exchange rate. A composite model, synthesising elements of the portfolio-balance and monetary models, is found to yield more satisfactory estimates and better out-of-sample forecasts than the conventional models. The results suggest that it is a fairly good approximation to model the exchange rate determination process in Singapore as though official intervention played a relatively minor role (compared to prevailing market forces).

Keywords: exchange rate; economic models; international trade (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:adl:wpaper:1989-01

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