Financial, Exchange Rate, and Wage Policies in Singapore, 1979-1886

International Monetary Fund

No 1988/012, IMF Working Papers from International Monetary Fund

Abstract: This paper discusses the unique aspects of Singapore’s financial, exchange rate, and wage policies during the period 1979-86, and attempts to quantify the impact of alternative policies on major macroeconomic variables. For this purpose, a simple short-term model is formulated and estimated, and various policy simulations conducted. 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.

Keywords: WP; exchange rate; exchange rate policy; economic activity; exchange rate movement; Singapore dollar; wholesale price index; money supply; Exchange rates; Exchange rate policy; International reserves; Labor costs; Exchange rate adjustments (search for similar items in EconPapers)
Pages: 28
Date: 1988-01-01
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