Hopf, Gregor
(2009)
Saving and investment: the economic development of Singapore 1965-99.
In:
Saving and Investment: the Economic Development of Singapore 1965-99.
VDM Verlag, Saarbrücken, pp. 241-318.
ISBN 9783639151220
Abstract
At the centre of understanding Singapore’s phenomenally successful growth story lies the country’s saving performance. From 1965-99 the country managed to save an unprecedented 46% of its GNP. Quite a few studies have investigated this seemingly unbelievable saving performance and its resulting growth success. The bridge between the two - namely investment allocation and the central role of the government - has rarely been studied. This publication aims to fill these gaps in Singapore’s economic history and therefore help the assessment of its potential application to other country’s development plans. An in-depth econometrical time-series analysis gets to the source of the drivers behind the saving performance. A benchmarking exercise using cross-sectional regression techniques evaluates how special this performance was. Finally, through an accounting exercise based on a newly accumulated database it is able to offer for the first time quantitative evidence for a number of general speculations about Singapore’s economic history. Not least because of the included database, this book is a must-read for all researchers interested in Singapore’s recent history.
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