Singapore Model

Abstract

This chapter presents a model of the Singapore economy usable in the international linkage system for East and Southeast Asian countries, Japan and the United States. This model is basically a successor of the Monetary Authority of Singapore model (MAS model).¹⁾ It has naturally many common features with the MAS model for the specifications not only in the monetary sector but also in the real and government sectors. It deviates, however, from the MAS model in some important equations like exports, imports, price determination, employment, wages and so on. The sample period is 1969–1981 in principle, though several early years and latest years during the period have sometimes been omitted for some equations due to the lack of available data. Most of the data are obtained from Yearbook of Statistics, Department of Statistics, Singapore, but supplementary statistics are also taken from those collected by international organizations like IMF’s International Financial Statistics if necessary.