Financial Liberalization and Its Impact on Domestic Stabilization Policies: Singapore and Malaysia
Full convertibility on the capital account brings with it the danger of real appreciation of the domestic currency as a consequence of additonal net capital imports. The real appreciation, in its turn, disfavours exports. At the end of the 1970s, Singapore and Malaysia had liberalized almost complet...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Singapore
ISEAS Publishing
[1992]
|
| Online-Zugang: | FHA01 FKE01 FLA01 UPA01 UBG01 FAW01 FAB01 FCO01 Volltext |
| Zusammenfassung: | Full convertibility on the capital account brings with it the danger of real appreciation of the domestic currency as a consequence of additonal net capital imports. The real appreciation, in its turn, disfavours exports. At the end of the 1970s, Singapore and Malaysia had liberalized almost completely their international capital flows. Both countries experienced approximately the same growth and inflation rate. During the first hald of the 1980s, both currencies went through a considerable appreciation of their real efective exchange rates, since at that particular period both pegged their currencies to the U.S. dollar. In 1985, both were "an island of recession" when industrialized Asian and other developing countries passed through an economic boom. The recession was an outcome of their domestic stabilization policies. Singapore, which developed towards an international financial centre, had to assure the "quality" of its domestic currency in order to overcome the regualtory and fiscal advantages of Asian dollar deposits. The Singapore dollar became misaligned since financial priorities overruled commercial considerations. In contrast, Malaysia's real effective appreciation was the outcome of its huge government expenditures since it fell into the trap of the Dutch disease after the commodity price boom of 1979/80 |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 22. Jun 2018) |
| Beschreibung: | 1 online resource |
| ISBN: | 9789814414289 |
| DOI: | 10.1355/9789814414289 |
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Datensatz im Suchindex
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| author | Claassen, Emil-Maria |
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| spelling | Claassen, Emil-Maria Verfasser aut Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia Emil-Maria Claassen Singapore ISEAS Publishing [1992] © 1992 1 online resource txt rdacontent c rdamedia cr rdacarrier Description based on online resource; title from PDF title page (publisher's Web site, viewed 22. Jun 2018) Full convertibility on the capital account brings with it the danger of real appreciation of the domestic currency as a consequence of additonal net capital imports. The real appreciation, in its turn, disfavours exports. At the end of the 1970s, Singapore and Malaysia had liberalized almost completely their international capital flows. Both countries experienced approximately the same growth and inflation rate. During the first hald of the 1980s, both currencies went through a considerable appreciation of their real efective exchange rates, since at that particular period both pegged their currencies to the U.S. dollar. In 1985, both were "an island of recession" when industrialized Asian and other developing countries passed through an economic boom. The recession was an outcome of their domestic stabilization policies. Singapore, which developed towards an international financial centre, had to assure the "quality" of its domestic currency in order to overcome the regualtory and fiscal advantages of Asian dollar deposits. The Singapore dollar became misaligned since financial priorities overruled commercial considerations. In contrast, Malaysia's real effective appreciation was the outcome of its huge government expenditures since it fell into the trap of the Dutch disease after the commodity price boom of 1979/80 In English https://doi.org/10.1355/9789814414289 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Claassen, Emil-Maria Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia |
| title | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia |
| title_auth | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia |
| title_exact_search | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia |
| title_full | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia Emil-Maria Claassen |
| title_fullStr | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia Emil-Maria Claassen |
| title_full_unstemmed | Financial Liberalization and Its Impact on Domestic Stabilization Policies Singapore and Malaysia Emil-Maria Claassen |
| title_short | Financial Liberalization and Its Impact on Domestic Stabilization Policies |
| title_sort | financial liberalization and its impact on domestic stabilization policies singapore and malaysia |
| title_sub | Singapore and Malaysia |
| url | https://doi.org/10.1355/9789814414289 |
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