{"id":17331,"date":"2017-03-28T00:00:00","date_gmt":"2017-03-27T16:00:00","guid":{"rendered":"https:\/\/fass.nus.edu.sg\/srn\/2017\/03\/28\/capital-flows-and-exchange-rate-volatility-singapores-experience\/"},"modified":"2021-02-03T16:44:21","modified_gmt":"2021-02-03T08:44:21","slug":"capital-flows-and-exchange-rate-volatility-singapores-experience","status":"publish","type":"post","link":"https:\/\/fass.nus.edu.sg\/srn\/2017\/03\/28\/capital-flows-and-exchange-rate-volatility-singapores-experience\/","title":{"rendered":"Capital Flows and Exchange Rate Volatility: Singapore&#8217;s Experience"},"content":{"rendered":"<figure id=\"attachment_17332\" aria-describedby=\"caption-attachment-17332\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-17332\" src=\"https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/atm.jpg\" alt=\"\" width=\"1024\" height=\"1024\" srcset=\"https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/atm.jpg 1024w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/atm-300x300.jpg 300w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/atm-150x150.jpg 150w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/atm-768x768.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-17332\" class=\"wp-caption-text\">Photo: &#8220;ATM&#8221; from SRN&#8217;s SG Photobank<\/figcaption><\/figure>\n<p>Singapore\u2019s strong and well-conceived economic policies have kept it safe from the wrath of unbridled international capital flows in the past few decades. In Capital Flows and Exchange Rate Volatility: Singapore&#8217;s Experience (published by University of Chicago Press for National Bureau of Economic Research, 2007) Prof Basant Kapur (Department of Economics) first discusses the 1998 experience of Hong Kong, another city-state with a well-developed banking system and equities market, operating on a Currency Board system just like Singapore although with some differences. Prof Kapur identifies some vulnerable areas\u00a0in Hong Kong&#8217;s set-up and discusses Singapore\u2019s policy background and early experiences. In light of Hong Kong\u2019s experience Prof Kapur highlights how Singapore\u2019s policy framework served to circumvent or minimise important vulnerabilities. Particular attention is paid to Singapore\u2019s exchange-rate policy and its policy of non-internationalisation of the Singapore dollar along with equity-market and currency-market interactions. Prof Kapur also examines how Singapore emerged relatively unscathed from the 1997 Asian Crisis.<\/p>\n<p>To learn more, click <a href=\"http:\/\/www.nber.org\/papers\/w11369\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore\u2019s strong and well-conceived economic policies have kept it safe from the wrath of unbridled international capital flows in the past few decades. In Capital Flows and Exchange Rate Volatility: Singapore&#8217;s Experience (published by University of Chicago Press for National Bureau of Economic Research, 2007) Prof Basant Kapur (Department of Economics) first discusses the 1998 [&hellip;]<\/p>\n","protected":false},"author":247,"featured_media":17332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4529],"tags":[],"class_list":["post-17331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/users\/247"}],"replies":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/comments?post=17331"}],"version-history":[{"count":3,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17331\/revisions"}],"predecessor-version":[{"id":28103,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17331\/revisions\/28103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/media\/17332"}],"wp:attachment":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/media?parent=17331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/categories?post=17331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/tags?post=17331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}