Economics Project: Monetary Policy and Economic Analysis of Singapore

This report analyzes the monetary policy of Singapore, focusing on the role of the Monetary Authority of Singapore (MAS) in managing the exchange rate to promote price stability and sustainable economic growth. The report examines the current economic situation, highlighting the complexities of monetary policy in a small, open economy, and the challenges policymakers face. It explores the tools and strategies employed by MAS, including the trade-weighted nominal exchange rate index (TWI) and intervention in the foreign exchange market. The report assesses the likelihood of high inflation, the trends in Singapore's currency, and provides an analysis of the economic outlook using variance decomposition and the New Phillips Curve. It concludes with recommendations for monetary policy, emphasizing the importance of maintaining a low inflation environment for continued economic growth.

Running head: ECONOMICS
ECONOMICS
Name of the Student
Name of the University
Author Note

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Table of Contents
Abstract......................................................................................................................................2
1. What is the economic situation?.........................................................................................2
2. Which institution is in charge of monetary policy?............................................................4
3. How likely is high inflation?..............................................................................................5
4. What is the trend for that country’s currency?...................................................................6
5. Arguments supporting trouble ahead..................................................................................9
6. Arguments supporting the economy is doing well...............................................................10
7. Your Monetary Policy recommendations (be specific).......................................................11
Bibliography.............................................................................................................................12

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Abstract
The monetary policy of Singapore is based on the management of the exchange rate.
The motive of monetary policy does helps in promoting the price stability, which is on the
sound basis for the sustainable economic growth. One of the effective tool of monetary policy
is the exchange rate, which helps in maintaining price stability. The monetary policy of
Singapore is conducted by the Monetary Authority of Singapore (MAS), which is also the
Central Bank of the country.
1. What is the economic situation?
With the increasing globalization and a rise in the international cash flows, it is very
much more complex to make the monetary policy based on the current situation as it a small
complex economy. It is very much challenging for the policy makers to have access in the
different tradeoffs which is among the policy objectives1. It is also important to make changes
in the economic developments, which is usually likely in the midterm in that operating period
and there is a necessary degree of the transparency of the monetary policy. The monetary
policy which the Singapore has adopted is centered and is based upon the exchange rate.
There have been certain changes, which has been done in the trade-weighted nominal
exchange rate index (TWI) that act a proxy for the actual policy instrument2. There are
changes in the macroeconomic variables which does have a significant impact upon the
objectives of monetary policy and thus it has influenced upon the stance of monetary policy.
1 Kesler, Sarah. "Monetary Policy Implications of Cash, Other Money Supplies, and Cryptocurrencies in
Singapore: A Growing Cashless Society." (2018).
2 Mester, Loretta J. A Serenity Prayer for Monetary Policymakers: Loretta J. Mester, President and Chief
Executive Officer, Federal Reserve Bank of Cleveland-The Global Interdependence Center, Central Banking
Series, Singapore-February 20, 2017. No. 79. 2017.

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An analysis has to be done for understanding the current situation, it has three steps.
The first will be related to the variance decomposition exercise that will have access to the
factors related to the macroeconomic factors, which has the economic activity upon the short
to medium run. Secondly, there is a forward looking reaction function, which will be
specified and does have estimated on the historical changes of trade weighted nominal
exchange rate, where there is a deviation of the output from the inflation to their respective
rights3. Lastly, there is New Phillips Curve that has been computed with the objective which
does established in the relationship in forecasting the inflation. For the explanation of CPI
inflation, the output does play a major role in which the output grows in the short to medium
term that will influence more in the third quarter. In the variance decomposition analysis, the
function suggested that there is there is computer reaction which has been provided some
support to the Singapore’s monetary policy. The forecast which is in the future inflation, is
through the New Philips Curve, that acts as the useful instrument upon setting the monetary
policy.
The results that has been attempted, has shown that it does provides a better
understanding of the unique monetary policy, that is been done through the supporting of
monetary policy that has been made in the improvement of the transparency of monetary
framework and economic condition of economy. Monetary Authority of Singapore (MAS)
does implemented the exchange rate policy, which is through the direct sale or purchase of
the United States dollar in the foreign exchange market4. There is supplementing operations
in the foreign exchange intervention operations, where there are money market operations
which do serve as the offset in the short term fluctuations upon the banking liquidity5. There
are money market tools, that are available in the market, which includes the foreign exchange
3 Chow, H. K. (2017). Domestic liquidity conditions and monetary policy in Singapore. In Cash in East Asia
(pp. 65-76). Springer, Cham
4 Chen, Qianying, et al. "Financial crisis, US unconventional monetary policy and international spillovers."
Journal of International Money and Finance 67 (2016): 62-81.
5 Xiao, Nancy. "A BDSGE Model of Singapore for Policy Experiments and Analysis." (2017).

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swaps, interbank lending/borrowing, and sales/purchases or repurchase agreements upon the
government securities.
2. Which institution is in charge of monetary policy?
In the formulation of the monetary policy, Monetary Authority of Singapore (MAS) is
the one that makes and implements the monetary and exchange rate policies in the Singapore.
The monetary management does rest in the exchange rate, which is in centerpiece with the
monetary policy and it does makes a main role in there6. The policy does emphasize upon the
exchange rate, which has been stems from the openness and due to the small size of the
economy. There is a vast network which has been linked with the authority, that has an
overlaid with the large external trade and with the service sector. Thus, the capital mobility is
much higher, so that the trend in the domestic interest rates is been largely determined
through the external interest rates7. Thus, there is a very little scope which is completely for
the independent monetary policy and in that Singapore does not have the scope for the
targeted money supply or the interest rates.
The Monetary Authority of Singapore (MAS) does intervene in market so that it
helps in smoothing out the volatility in the exchange rate. Sometimes, it is necessary so that it
helps in keeping a balance in the economy, which does helps in the long term and helps in the
credibility of the Singapore’s exchange rate policy, which influenced the significant exchange
through the short term fluctuations in the exchange rate8. In case of the extreme short
volatility in the exchange rate, it has been left unchecked and it can cause more market
attention that is upon the focusing on the currency and in impairing the confidence in
6 Clark, Alexander, Aurobindo Ghosh, and Samuel Hanes. "Inflation expectations in Singapore: A behavioural
approach." Macroeconomic Review 17.1 (2018): 89.c
7 Yan, Fangli, and Sau Leung Yip. "Nonlinear adjustment of exchange rate and exchange rate policy: Lessons
from Singapore." International Journal of Finance & Economics (2019).
8 Habibullah, Muzafar Shah. Divisia monetary aggregates and economic activities in Asian developing
economies. Routledge, 2019.

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currency which is in the long term, that can be done through the possible adverse
consequences for the economy.
3. How likely is high inflation?
Monetary Authority of Singapore (MAS) has made the monetary policy, keeping in
mind the inflationary factor. The authorities do follows the trade-weighted exchange rate
index (TWI), so that it does helps in stabilizing the inflation which has been expected and
through this it helps in maintaining the output at potential9. Through the estimates, it does
helps in confirming the major focus upon the monetary policy that has been made in
controlling the inflation. The inflation is bene taken into account in which it is considered as
the key macroeconomic factors, which is taken in the short run to the medium run. The New
Philips Curve is being used for the computation of objective, that help in establishing a stable
relationship which helps in forecasting the inflation10. Through the variance decomposition, it
does help in suggesting the numerous factors which affects the inflation. The output growth
does play a main role in which it does explains the CPI inflation forecast which is in the
period of the short term to the medium term11. The policy that has been implemented does
helps in the looking forward of the orientation and does helps in aiming the at the stabilizing
the inflation.
The current monetary framework which has been made is based on the primary
objective in ensuring a low inflation which is for the sustained economic growth12. The
exchange rate is being set in a way through which it will not affect the economy of Singapore
9 Rogoff, Kenneth S. The curse of cash: How large-denomination bills aid crime and tax evasion and constrain
monetary policy. Princeton University Press, 2017.
10 Fry, Maxwell J. "Singapore, Taiwan, and South Korea." Export-oriented Development Strategies: The
Success Of Five Newly Industrializing Countries (2019): 275.
11 Meaning, Jack, et al. "Broadening narrow money: monetary policy with a central bank digital currency."
(2018).
12 Ahn, Young Bin, and Yoichi Tsuchiya. "Asymmetric Loss of Macroeconomic Forecasts in South Asia:
Evidence from the SPF Survey of India, Indonesia, and Singapore." Emerging Markets Finance and Trade
(2019): 1-19.

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and there will be no inflationary pressure. Upon the implementation of the exchange rate
monetary policy framework, it does helps in achieving a low record of location with a stable
economic growth13. There are several factors that will help in guiding the exchange rate,
which does include the fiscal policy, foreign reserves and monetary policy. From the data of
the past years, it can be seen that there has been a stable rate of inflation which has been seen,
that has been possible for the appreciation of exchange rate. The economy does face some
fear in the early 90s, but with the policy that has been implemented do have some changes in
the inflationary rate. There has an impact upon the direct effects of exchange rate of inflation
which does have the direct effects and it is through the changes that has been done in the
output. Recently, Singapore has been considered as the low inflation economy, in which there
has been a huge emphasis upon the monetary authority in controlling inflation, which have
been reduced through the ability of firms that can be passed on the changes in the cost, which
does have a small impact in the short run.
4. What is the trend for that country’s currency?
As Singapore is a small domestic economy, it is usually dependent upon the external
sector in which the exchange rate that is considered is one of the most important instrument
which is been used for achieving the policy of objective. The Singapore does have the total
merchandise trade which is as per the percentage of the Gross Domestic Product, which can
exceed 200 %, which is in a virtual level without parallel in the world14. The import of goods
and services is upon the context of the exports and expenditure which is also high at 60 – 70
%. This has given the Singapore in the price taker which helps in the global trade, and it is
highly important that it does changes the world prices or the exchange rate will be powerful
13 Ashraf, Ali, M. Kabir Hassan, and WILLIAM J. HIPPLER III. "Monetary shocks, policy tools and financial
firm stock returns: evidence from the 2008 us quantitative easing." The Singapore Economic Review 62.01
(2017): 27-56.
14 McGann, James G. "Singapore: An Overview." Think Tanks, Foreign Policy and the Emerging Powers.
Palgrave Macmillan, Cham, 2019. 219-224.

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as it does have a direct influence on the price level in the economy. Thus, there is a trend
appreciation upon the Singapore Dollar (S $), which is over the last decade that has helped to
limit the import inflation in Singapore.
The domestic cost pressure does have a reflection upon the stance of fiscal and
monetary policies. There are also other influences which is on the domestic inflation that has
been the labor supply15. The economy of Singapore does enjoy the full employment which
can be seen over the last decade, that does tightness the labor market that can be alleviated
through the immigration policies. The exchange rate does have to be regulated and can be
upon the aggregate demand, which do have affected the wage inflation. The money supply
and interest rates, does have been relatively have a modest impact upon the inflation and
there is a level of economic activity which is in Singapore, which is one of the greater
contributor upon the external growth compared to the domestic demand. As the economy of
Singapore is usually dominated by the multinational organizations, which do have the foreign
sources that does limits the importance in the domestic cost of borrowing16. Thus, as it has a
small economic base, also absence in the exchange controls, and a large and rapid movements
that has been occurred when there is a change in the differential between the interest rates and
foreign rates or the rate of return. Sometimes, it does makes difficult in targeting wither the
money supply or the interest rates.
The domestic markets are usually determined by market expectations and in
strengthening the future of the Singapore dollar (S $), through which there is a change in
money supply that are mainly accounted for the net flow of funds which is from the abroad.
There are implications that are on the exchange rare, in which the Singapore Dollar (S $) has
been monitored in the terms of basket of currencies of the Singapore’s major trading partners,
15 Georgiadis, Georgios. "Determinants of global spillovers from US monetary policy." Journal of International
Money and Finance 67 (2016): 41-61.
16 Chung, Ming-Lun. "Managing Chineseness: Identity and Ethnic Management in Singapore." Asian Education
and Development Studies (2019).

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which will be allowed to float within the band. The long term objective does have the
influence in the trade weighted exchange rate which is of the Singapore Dollar (S $) within
the band, so that it helps in achieving the low and stable rate upon the consumer price
inflation17. There is basket of exchange rates, which is being monitored in reflecting the range
of sources for the imported inflation, also of the competitors in the export markets. Thus, with
the floating exchange rate, the Monetary Authority of Singapore (MAS) does influence the
value of Singapore dollar (S $) through the intervening in the market itself. It does helps in
the large foreign reserves and the readiness which is been used upon the intervention which
are necessary. In having such large reserves, there is for the speculators which makes it less
significant amounts that will be needed in defending the currency. In the short term, the
Monetary Authority of Singapore (MAS) does help in smoothing out the volatility in
exchange rate18. So, it is necessary as there is the long term credibility of the Singapore
exchange rate policy which has been influenced by the significant extent by the short term
fluctuations upon the exchange rate, and it has been unchecked that can be caused with the
more market attention which has been focused on the currency and there is the impair
confidence upon the currency in the long term, with a potential adverse consequence for the
economy.
At the time of regulating the level of liquidity in the banking system, there is need in
fostering the stable money market conditions and in promoting the stability and a non-
inflationary growth19. The Monetary Authority of Singapore (MAS) uses the interest rates, so
that it helps in the support of the foreign exchange intervention. Thus, the interest rate was
17 Choi, Dong Beom, and Hyun-Soo Choi. "The effect of monetary policy on bank wholesale funding."
Available at SSRN 2713538 (2019).
18 Song, Jiyoung, ed. A History of Human Rights Society in Singapore: 1965-2015. Taylor & Francis, 2017.
19 Hui, Hon Chung. "What Do Foreign Exchange Markets Say About Election Outcomes? A Comparison
Between Malaysia, Singapore and Philippines." A Comparison Between Malaysia, Singapore and Philippines
(December 17, 2019) (2019).

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allowed to fall and dampen the strength of the Singapore dollar (S $) at the time of strong
capital inflows.
5. Arguments supporting trouble ahead
In the early 90s, the Monetary Authority of Singapore (MAS) do have a large extent
upon the varying of the minimum ratio, that was revised in the several times, that helps in
managing the economy and in curbing inflation20. Through the use of cartel system, the
interest rates are being increased so that it will help in the minimum lending rates which is
been faced by the Monetary Authority of Singapore (MAS)21. In that time the financial
market was still immature in Singapore, so these measures were effective enough which
reined in the credit growth and inflation22. The quantum jumps are irregular and infrequent,
with the instruments which is not really flexible enough in changing the market conditions
very frequently. Thus, the money and foreign exchange markets are developed, so that the
Monetary Authority of Singapore (MAS) can reply more on the market operations which is
through conducting the monetary policy.
There is a pool of liquidity which can be seen between the banks and monetary policy,
that does helps in the effects of interest rate effects of the oversupply or in excess demand. In
the early times, there were passive instruments of monetary policies, that was the burden of
the banks in which there is shortage of funds in the banking system. Thus, there are several
shortcomings that does affects the money markets that become more active23. There are need
of more proactive stance that will help in deciding and the timing of money market
operations that has been stated as overtime. The market does offer the instruments that do
20 Keen Meng, Choy. "The inflation process and expectations in Singapore." BIS Paper 89w (2016).
21 Corbo, Vittorio. Export-Oriented Development Strategies: The Success of Five Newly Industrializing
Countries. Routledge, 2019.
22 Needham, Duncan J. "The Evolution of Monetary Policy (Goals and Targets) in Western Europe." Handbook
of the History of Money and Currency (2020): 857-882.
23 Hetzel, Robert L. The evolution of US monetary policy. Springer Singapore, 2020.

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offer in developing the market and meeting the demand. As the Singapore Government
securities market is very small, it is because of it is run by the Government and it does not to
be borrowed from the market. Though the monetary policy is being implemented through the
money market operations. This measures have slowed down the growth of the property prices
and it also prevented the formation of a property asset bubble.
6. Arguments supporting the economy is doing well
As Singapore is a small and open economy, from the data it has been seen that the
gross exports and imports of goods and services are usually more than 300 per cent, also the
domestic expenditure does have a high import content. Thus, the exchange rate does have a
high influence on the inflation compared to the interest rate24. As per the monetary policy
which is been presented by the Monetary Authority of Singapore (MAS), it is being centered
upon managing the Singapore dollar, that is against the trade weighted basket of currencies.
Thus, it is also termed as the Singapore dollar nominal effective exchange rate (S$NEER).
Though the capital flows have a chance to generate the asset bubble, there was an
opportunity to threaten the financial and economic stability, through the implication of
monetary policy it does helped in addressing the issues of capital flow and inflation related to
the asset price25. With the help of tighter monetary policy, it has helped in the aggressive
impact upon the specific assets markets26. The monetary policy has helped in the formulation
upon the growth and considering the inflation which is through the Monetary Authority of
Singapore (MAS) that is been cognizant upon the impact of the monetary policy which do
24 Sandhu, Kernial Singh, and Paul Wheatley. The management of success: the moulding of modern Singapore.
Routledge, 2019.
25 Soong, Hannah. "International mobility and educational desire: Chinese foreign talent students in Singapore."
(2018): 269-272.
26 Le Queux, Stephane, Adrian Kuah, and Chris Leggett. "Manpower under Tripartism in Singapore." 36th
International Labour Process Conference, 2018.

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have the monetary policy27. Thus, there has been a dealing of the destabilizing effects upon
the cash flows through the targeted macro prudential and administrative measures28. The
Singapore Government do have the stability, which has introduced seven rounds of the
cooling measures between the year 2009 and 2013, in which there is a response in rising the
property prices. There are measures that are been sought so that it helps in ensuring a stable
sustainable property market that helps in encouraging the financial prudence among the
purchasers.
7. Your Monetary Policy recommendations (be specific)
Along with the exchange rate-centred monetary policy, Monetary Authority of
Singapore (MAS)’s actions in the budget market are intended at confirming certain amount
but not enormous liquidity in the banking management. Instead of warning Monetary
Authority of Singapore (MAS)’s actions towards the rate of interest policy in the market.
During acute exchange rate pressure period, Monetary Authority of Singapore (MAS) is
prepared to allow rate of interests to move promptly with response to the market flows. The
Singapore Government’s cautious fiscal policies and commitment to restoring low inflation
have implemented Monetary Authority of Singapore (MAS) to focus on price stability and
the quest of uninterrupted and sustained non- inflationary growth. While putting forward the
exchange rate and monetary policies, Monetary Authority of Singapore (MAS) was allowed
to read thoroughly the economic and financial developments during the progressive shift
from administrative means to the market actions. This is to escort or drive the economy is the
aimed direction. Provided the potential nullified effects of abrupt huge capital flows as
demonstrated by the latest history, it is almost impossible for one to over focus on the
27 Landa, Janet Tai, and Janet W. Salaff. "The Socio-Economic Functions of Kinship and Ethnic Ties in the
Establishment and Growth of the Tan Kah Kee Family Firm in Singapore: A Transaction Costs Approach."
Economic Success of Chinese Merchants in Southeast Asia. Springer, Berlin, Heidelberg, 2016. 249-276.
28 Taylor, Robert H. "Kent E. Calder. Singapore: Smart City Smart State." (2017): 572-574.

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importance of having the latitude to act swiftly and on a adequately larger scale, together with
a prompt banking management system.
For various open economies, the exchange rate is mostly needed to support persistent
stocks from foreign exchange markets because of the progressively volatile capital flows. A
main challenge for Singapore’s exchange rate-cantered monetary policy structure is to assure
that market notion of monetary policy changes are not showcased by market noise arising
from the operation of progressively complex financial and foreign exchange markets. A
monetary policy structure with more accurate reference to the attitude of economic basics
could support the public and market shareholders to understand the monetary policy better
and in a proper way, with less accurate focus to slow down changes in the exchange rate.
Singapore’s choice of the exchange rates instead of the interest rates as the main tool
of monetary policy is implied on its small scale and prioritizing more in openness to trade and
capital flows. A fundamental philosophy highlighting Singapore’s exchange rate policy is to
restore the purchase power of the Singapore dollar so to maintain certainty in the currency
and retain the value of worker’s savings. Whilst present financial crisis has created the
strategy of monetary policy to be more challenging, Monetary Authority of Singapore (MAS)
had not taken any extraordinary monetary policy measures.
Likewise, few Singapore’s particular attributes constrain a unique monetary policy
structure, several facts are there allowing the exchange rate to function adequately as a
transitional target of monetary policy.
First of all, the country’s high savings in the public sector because of the
government’s monetary leftovers, along with the addition of companies and households to the
compulsory CPF, have driven towards the continual retirement of liquidity from the banking
system. Hence, Monetary Authority of Singapore (MAS) implants liquidity into the market

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by trading Singaporean dollars and buying US dollars to balance the government and CPF
flows.
Secondly, Monetary Authority of Singapore (MAS) has achieved credibility through
its effective and notable measures and policy decisions. It’s solo mindedness and regulation
in targeting medium-term expansion trends, jotted with its hearty reserves, have gained the
trust of the public in the market. It embraces a medium-long term orientation in developing
monetary policy, counting on a six- to nine month lag between application and the impact.
This medium-term orientation has assisted to reduce the volatility of the exchange rate, fixing
the economy and handing over certainty for business and households.
Last but not the least, the efficiency of Singapore’s exchange rate policy is because of
the broader structure that its monetary policy is a part of. It doesn’t work in desolation.
Rather, it is located within a wider structure of sound and dependable policies, which
includes flexible rates, an efficient financial market, a booming corporate sector and prudent
fiscal policy. In Singapore, the intimate coordination between these two policies has
successfully assured macro-economic stability in the past decades, which also includes the
recent financial crisis.
Hence, it can hereby be concluded having said that the current macro-economic
environment, where expansion is low-key, offers an opportunity for the betterment of anchor
expansion by conducting how much medium-term trends and recent initiatives can affect
price rates. Monetary Authority of Singapore (MAS) also commenced on this road. So,
further steps on these lines would assure the effective functioning of monetary policy in
Singapore.

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Bibliography
Ahn, Young Bin, and Yoichi Tsuchiya. "Asymmetric Loss of Macroeconomic Forecasts in
South Asia: Evidence from the SPF Survey of India, Indonesia, and
Singapore." Emerging Markets Finance and Trade (2019): 1-19.
Ashraf, Ali, M. Kabir Hassan, and WILLIAM J. HIPPLER III. "Monetary shocks, policy
tools and financial firm stock returns: evidence from the 2008 us quantitative
easing." The Singapore Economic Review 62.01 (2017): 27-56.
Chen, Qianying, et al. "Financial crisis, US unconventional monetary policy and international
spillovers." Journal of International Money and Finance 67 (2016): 62-81.
Choi, Dong Beom, and Hyun-Soo Choi. "The effect of monetary policy on bank wholesale
funding." Available at SSRN 2713538 (2019).
Chow, H. K. (2017). Domestic liquidity conditions and monetary policy in Singapore.
In Cash in East Asia (pp. 65-76). Springer, Cham.
Chung, Ming-Lun. "Managing Chineseness: Identity and Ethnic Management in
Singapore." Asian Education and Development Studies (2019).
Clark, Alexander, Aurobindo Ghosh, and Samuel Hanes. "Inflation expectations in
Singapore: A behavioural approach." Macroeconomic Review 17.1 (2018): 89.c
Corbo, Vittorio. Export-Oriented Development Strategies: The Success of Five Newly
Industrializing Countries. Routledge, 2019.
Fry, Maxwell J. "Singapore, Taiwan, and South Korea." Export-oriented Development
Strategies: The Success Of Five Newly Industrializing Countries (2019): 275.

15
ECONOMICS
Georgiadis, Georgios. "Determinants of global spillovers from US monetary policy." Journal
of International Money and Finance 67 (2016): 41-61.
Habibullah, Muzafar Shah. Divisia monetary aggregates and economic activities in Asian
developing economies. Routledge, 2019.
Hetzel, Robert L. The evolution of US monetary policy. Springer Singapore, 2020.
Hui, Hon Chung. "What Do Foreign Exchange Markets Say About Election Outcomes? A
Comparison Between Malaysia, Singapore and Philippines." A Comparison Between
Malaysia, Singapore and Philippines (December 17, 2019) (2019).
Keen Meng, Choy. "The inflation process and expectations in Singapore." BIS Paper 89w
(2016).
Kesler, Sarah. "Monetary Policy Implications of Cash, Other Money Supplies, and
Cryptocurrencies in Singapore: A Growing Cashless Society." (2018).
Landa, Janet Tai, and Janet W. Salaff. "The Socio-Economic Functions of Kinship and Ethnic
Ties in the Establishment and Growth of the Tan Kah Kee Family Firm in Singapore:
A Transaction Costs Approach." Economic Success of Chinese Merchants in
Southeast Asia. Springer, Berlin, Heidelberg, 2016. 249-276.
Le Queux, Stephane, Adrian Kuah, and Chris Leggett. "Manpower under Tripartism in
Singapore." 36th International Labour Process Conference, 2018.
McGann, James G. "Singapore: An Overview." Think Tanks, Foreign Policy and the
Emerging Powers. Palgrave Macmillan, Cham, 2019. 219-224.
Meaning, Jack, et al. "Broadening narrow money: monetary policy with a central bank digital
currency." (2018).

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ECONOMICS
Mester, Loretta J. A Serenity Prayer for Monetary Policymakers: Loretta J. Mester, President
and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Global
Interdependence Center, Central Banking Series, Singapore-February 20, 2017. No.
79. 2017.
Needham, Duncan J. "The Evolution of Monetary Policy (Goals and Targets) in Western
Europe." Handbook of the History of Money and Currency (2020): 857-882.
Rogoff, Kenneth S. The curse of cash: How large-denomination bills aid crime and tax
evasion and constrain monetary policy. Princeton University Press, 2017.
Sandhu, Kernial Singh, and Paul Wheatley. The management of success: the moulding of
modern Singapore. Routledge, 2019.
Song, Jiyoung, ed. A History of Human Rights Society in Singapore: 1965-2015. Taylor &
Francis, 2017.
Soong, Hannah. "International mobility and educational desire: Chinese foreign talent
students in Singapore." (2018): 269-272.
Taylor, Robert H. "Kent E. Calder. Singapore: Smart City Smart State." (2017): 572-574.
Xiao, Nancy. "A BDSGE Model of Singapore for Policy Experiments and Analysis." (2017).
Yan, Fangli, and Sau Leung Yip. "Nonlinear adjustment of exchange rate and exchange rate
policy: Lessons from Singapore." International Journal of Finance &
Economics (2019).