The Singapore Economic Review Volume 47 Issue 01

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NEW EDITOR'S MESSAGE

2002 The Singapore Economic Review

doi:10.1142/S0217590802000444

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ON THE CONCEPTUAL UNDERPINNING OF A COST-BENEFIT ANALYSIS

MISHAN, E. J.

2002 The Singapore Economic Review

doi:10.1142/S0217590802000468

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TESTING ALTERNATIVE MODELS OF LABOUR SUPPLY: EVIDENCE FROM TAXI DRIVERS IN SINGAPORE

CHOU, YUAN K.

2002 The Singapore Economic Review

doi:10.1142/S0217590802000389

In this paper, we use data from a survey of taxi drivers in Singapore to test twocompeting labour supply hypotheses: the standard intertemporal model and theincome targeting model, where workers set an earnings target over some short timehorizon. The former predicts positive wage elasticities of...

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THE WELFARE EFFECTS OF THE AUSTRALIAN GOODS AND SERVICES TAX

ASAFU-ADJAYE, JOHN; MAHADEVAN, RENUKA

2002 The Singapore Economic Review

doi:10.1142/S0217590802000407

This paper analyses the effect of the Australian goods and services tax. First, we compute the social marginal cost per dollar revenue raised for nine broad commodity groups to determine whether a uniform flat rate is efficient. Second, we evaluate the welfare effects of the tax on the...

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CROSS-BORDER TOURISM FROM BRUNEI DARUSSALAM TO EASTERN MALAYSIA: AN EMPIRICAL ANALYSIS

ANAMAN, KWABENA A.; ISMAIL, ROSE AMINAH

2002 The Singapore Economic Review

doi:10.1142/S0217590802000419

We analysed the factors influencing the level of cross-border tourism from BruneiDarussalam to Eastern Malaysia based on a random survey of 675 Bruneian residentsreturning from land and sea trips to Eastern Malaysia and using simple statistical andmultiple regression analysis. The results...

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TESTING DIFFERENT CLASSES OF ENDOGENOUS GROWTH MODELS: INDUSTRY EVIDENCE FOR THE NEW ZEALAND ECONOMY

ENGELBRECHT, HANS-JÜRGEN; MCLELLAN, NATHAN

2002 The Singapore Economic Review

doi:10.1142/S0217590802000390

The endogenous growth literature can be broadly separated into two classes of growthmodels: Rival human capital models and non-rival "idea" models.Both classes differ in their positive and normative implications for growth. FollowingKlenow's (1998) approach, this paper uses industry panel data to...

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PROFESSIONAL BETTORS, ODDS-ARBITRAGE COMPETITION, AND BETTING MARKET EQUILIBRIUM

ADAMS, BRIAN R.; RUSCO, FRANK W.; WALLS, W. DAVID

2002 The Singapore Economic Review

doi:10.1142/S021759080200033X

A slew of empirical evidence on horse racetrack betting markets points to betting biasesand market inefficiency. More recent empirical work has documented the absence of bettingbiases in racetrack betting markets characterized by a high volume of betting. This paperoffers a competition-based...

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PRECAUTIONARY SAVINGS AND CPF CONTRIBUTIONS IN THE PRESENCE OF A BORROWING CONSTRAINT

LAM, CHERN WOON; KAPUR, BASANT K.

2002 The Singapore Economic Review

doi:10.1142/S0217590802000432

The neutrality result that total private savings (voluntary and compulsory) are invariantto a change in the employee's CPF contribution rate has been derived by Hoon (1991)and Liew (2000), both of whom assumed perfect capital markets. It was shown by Lim (1994)to hold in a model with borrowing...

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AN EVALUATION OF HEDGE FUNDS: RISK, RETURN AND PITFALLS

KOH, FRANCIS; LEE, DAVID K. C.; PHOON, KOK FAI

2002 The Singapore Economic Review

doi:10.1142/S0217590802000493

Hedge funds are collective investment vehicles fast becoming popular with high net worthindividuals as well as institutional investors. These are funds that are often establishedwith a special legal status that allows their investment managers a free hand to usederivatives, short sell and exploit...

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SINGAPORE'S EXCHANGE RATE POLICY: EMPIRICAL FOUNDATIONS, PAST PERFORMANCE AND OUTLOOK

YIP, PAUL S. L.

2002 The Singapore Economic Review

doi:10.1142/S0217590802000420

Singapore's exchange rate policy in practice is a policy mix somewhat morecomplicated than the simple "strong Singapore dollar policy". This paperdiscusses the theoretical and empirical foundations of this policy mix. It then proceedsto evaluate the past performance of Singapore's exchange rate...

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