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1. The Social and Economic Impacts of COVID-19 Mitigation Measures on Citizens and Permanent Residents During the Circuit Breaker Period in Singapore

Author:
Patrick Daly, Caroline Brassard, Jamie McCaughey, Reuben Ng, Laavanya Kathiravelu, and Benjamin Horton
Publication Date:
08-2021
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
The Singapore government instituted a set of ‘Circuit Breaker’ (CB) measures in April 2020 to combat the COVID-19 pandemic. These included restricting international travel, closing non-essential businesses, telecommuting, home-based learning, wearing faces masks in public spaces, temperature screening, rigorous contract tracing, and isolating infected and exposed persons. The COVID-19 CB measures helped the government control COVID-19 transmission in Singapore but disrupted economic and social life. This NTS Insight presents data from a representative survey on the social and economic impacts of Singapore’s COVID-19 mitigation measures during the CB period on Singaporean citizens and permanent residents from 7 May to 16 July 2020. Our results show that the top three cited disruptions caused by the CB were all social in nature. However, just under half of all respondents reported some form of direct economic disruption – while up to 80% of respondents expressed concerns about their longer-term financial situation. Finally, our disaggregated analysis shows that some of the negative impacts of the CB period disproportionately impacted potentially vulnerable segments of the population.
Topic:
Economics, Public Health, Pandemic, and COVID-19
Political Geography:
Asia and Singapore

2. Worldwide Cost of Living 2014: Which city is the most expensive to live in? Which city is the cheapest?

Publication Date:
03-2014
Content Type:
Working Paper
Abstract:
Despite Abenomics driving consumer confidence and price inflation, a weaker yen has pushed Osaka and Tokyo away from the top of the cost of living ranking. This has paved the way for Singapore, which has been steadily moving up the ranking over the last decade, to claim the unenviable title of world's most expensive city. Singapore's rising price prominence has been steady rather than spectacular. The city-state was 18th most expensive ten years ago and has actually seen the cost of living compared with New York City decline over the last 12 months. However, over the last decade a 40% currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking.
Topic:
Economics, Energy Policy, International Trade and Finance, Natural Resources, Food, and Infrastructure
Political Geography:
New York, Tokyo, and Singapore

3. The Effect of Index Futures Trading on Volatility: Three Markets for Chinese Stocks

Author:
Pierre Siklos, Martin T. Bohl, and Jeanne Diesteldorf
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
This paper examines whether the introduction of Chinese stock index futures had an impact on the volatility of the underlying spot market. To this end, we estimate several Generalized Auto-Regressive Conditional Heteroscedasticity (GARCH) models and compare our findings for mainland China with Chinese index futures traded in Singapore and Hong Kong. Our results indicate that Chinese index futures decrease spot market volatility with all three spot markets considered. In contrast, we do not obtain the same results for the companion index futures markets in Hong Kong and Singapore. China's stock market is relatively young and largely dominated by private retail investors. Nevertheless, our evidence is favourable to the stabilization hypothesis usually confirmed in mature markets.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
China and Singapore

4. Alternatives to Currency Manipulation: What Switzerland, Singapore, and Hong Kong Can Do

Author:
Joseph E. Gagnon
Publication Date:
06-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
For the major advanced economies and the world as a whole, insufficient aggregate demand—that is, too little spending—impeded recovery from the Great Recession of 2008-09. By manipulating their currencies to boost their net exports, many countries made a bad situation worse for their trading partners, which saw demand shifted away. The world needs policies that increase total demand rather than policies that fight over the allocation of the existing amount of demand.
Topic:
Economics, International Trade and Finance, and International Monetary Fund
Political Geography:
Europe, Asia, Switzerland, and Singapore

5. US-Southeast Asia Relations: Philippines - An Exemplar of the US Rebalance

Author:
Sheldon Simon
Publication Date:
10-2013
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The Philippines under President Benigno Aquino III has linked its military modernization and overall external defense to the US rebalance. Washington has raised its annual military assistance by two-thirds to $50 million and is providing surplus military equipment. To further cement the relationship, Philippine and US defense officials announced that the two countries would negotiate a new “framework agreement” under the 1951 Mutual Defense Treaty providing for greater access by US forces to Philippine bases and the positioning of equipment at these facilities. Washington is also stepping up participation in ASEAN-based security organizations, sending forces in June to an 18-nation ASEAN Defense Ministers Plus exercise covering military medicine and humanitarian assistance in Brunei. A July visit to Washington by Vietnam's President Truong Tan Sang resulted in a US-Vietnam Comprehensive Partnership, actually seen as a step below the Strategic Partnerships Hanoi has negotiated with several other countries. Myanmar's president came to Washington in May, the first visit by the country's head of state since 1966. An economic agreement was the chief deliverable. While President Obama praised Myanmar's democratic progress, he also expressed concern about increased sectarian violence that the government seems unable (or unwilling) to bring under control.
Topic:
Economics
Political Geography:
Washington, Asia, and Singapore

6. A new economic nationalism? Lessons from the PotashCorp decision in Canada

Author:
Sandy Walker
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
In its World Investment Report 2011, UNCTAD reported that liberalizing investment policy measures taken globally in 2010 outnumbered restrictive measures. Without the benefit of statistics, investors might have drawn the opposite conclusion, witnessing what appears to be a rising tide of national resistance to foreign takeovers: the Australian Foreign Investment Review Board's rejection of a takeover of the Australian Securities Exchange by the Singapore Exchange, Italian concern over a French company's takeover of dairy giant Parmalat and the US Government's requirement that Chinese company Huawei divest certain assets it had acquired from 3Leaf.
Topic:
Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:
United States, China, Canada, Australia, and Singapore

7. The Trans-Pacific Partnership Agreement (TPP) Negotiations: Overview and Prospects

Author:
Deborah Elms and C. L. Lim
Publication Date:
02-2012
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
The Trans-Pacific Partnership (TPP) is a trade agreement currently under negotiation between nine countries in three continents, including Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam. In late 2011 three additional countries--Japan, Canada and Mexico--announced their intention to join as well. The TPP has always been called a "high quality, 21st century" agreement that covers a range of topics not always found in free trade agreements. This includes not just trade in goods, services and investment, but also intellectual property rights, government procurement, labor, environment, regulations, and small and medium enterprises. This paper traces the complex negotiations and evolution of the talks since the early 2000s to the present.
Topic:
Economics, Environment, International Trade and Finance, Treaties and Agreements, Labor Issues, and Intellectual Property/Copyright
Political Geography:
United States, Japan, Malaysia, Canada, Israel, Vietnam, Latin America, Australia, Australia/Pacific, Mexico, Singapore, Chile, Peru, New Zealand, and Brunei

8. The Future of Convergence

Author:
Dani Rodrik
Publication Date:
10-2011
Content Type:
Working Paper
Institution:
Weatherhead Center for International Affairs, Harvard University
Abstract:
Novelists have a better track record than economists at foretelling the future. Consider then Gary Shteyngart's timely comic novel “Super Sad True Love Story” (Random House, 2010), which provides a rather graphic vision of what lies in store for the world economy. The novel takes place in the near future and is set against the backdrop of a United States that lies in economic and political ruin. The country's bankrupt economy is ruled with a firm hand by the IMF from its new Parthenon-shaped headquarters in Singapore. China and sovereign wealth funds have parceled America's most desirable real estate among themselves. Poor people are designated as LNWI (“low net worth individual s”) and are being pushed into ghettoes. Even skilled Americans are desperate to acquire residency status in foreign lands. (A degree in econometrics helps a lot, as it turns out). Ivy League colleges have adopted the names of their Asian partners and yuan-backed dollars are the only safe currency.
Topic:
Debt, Economics, Emerging Markets, Sovereign Wealth Funds, and Financial Crisis
Political Geography:
United States, China, America, and Singapore

9. China-Southeast Asia Relations

Author:
Robert Sutter and Chin-Hao Huang
Publication Date:
01-2010
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The last quarter of 2009 featured high-level Chinese leadership diplomacy with individual Southeast Asian countries, ASEAN, and Asian regional multilateral groups. Salient meetings involved the ASEAN Plus 1 and Asian leadership summits in Thailand in October, a presidential visit to Malaysia and Singapore, including the APEC leaders meeting in Singapore in November, and high-level visits to Australia in late October, and Myanmar and Cambodia in December. Chinese official media commentary showed some concern over recently heightened US and Japanese diplomatic activism in the region. The South China Sea disputes and military tensions along the China-Myanmar border were much less prominent than earlier in the year.
Topic:
Development and Economics
Political Geography:
China, Australia, Singapore, and Southeast Asia

10. Growth Oriented Macroeconomic Policies for Small Islands Economies: Lessons from Singapore

Author:
Anis Chowdhury
Publication Date:
04-2008
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Most small island economies or 'microstates' have distinctly different characteristics from larger developing economies. They are more open and vulnerable to external and environmental shocks, resulting in high output volatility. Most of them also suffer from locational disadvantages. Although a few small island economies have succeeded in generating sustained rapid growth and reducing poverty, most have dismal growth performance, resulting in high unemployment and poverty. Although macroeconomic policies play an important role in growth and poverty reduction, there has been very little work on the issue for small island economies or microstates. Most work follows the conventional framework and finds no or very little effectiveness of macroeconomic policies in stabilization. They also concentrate on short-run macroeconomic management with a focus almost entirely on either price stability or external balance. The presumption is that price stability and external balance are prerequisite for sustained rapid growth. This paper aims to provide a critical survey of the extant literature on macroeconomic policies for small island economies in light of the available evidence on their growth performance. Given the high output volatility and its impact on poverty, this paper will argue for a balance between price and output stabilization goals of macroeconomic policy mix. Drawing on the highly successful experience of Singapore, it will also outline a framework for growth promoting, pro-poor macroeconomic policies for small island economies/microstates.
Topic:
Development, Economics, and Government
Political Geography:
Asia, Australia/Pacific, Caribbean, and Singapore