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Singapore’s Export Elasticities

Author: Ms.Elif Arbatli

Publisher: International Monetary Fund

Published: 2016-03-07

Total Pages: 19

ISBN-13: 151355722X

Singapore is one of the world’s most open economies, with the size of its trade reaching about 350 percent of its GDP. With the rise of highly diversified cross-border production networks, Singapore has come to play an integral role in the global supply chain with heavy reliance on foreign contents in its exports and production. It has also successfully moved up the value chain, exporting goods with high sophistication and economic complexity. Against this backdrop, in this paper, using disaggregate industry/product level trade data, we revisit Singapore’s export elasticities and find that growing participation in global production chains and rising export complexity are important determinants.

Singapore

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2015-07-22

Total Pages: 18

ISBN-13: 1513501526

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External trade plays an important role in Singapore’s economy, providing an important share of total value added. Singapore’s exports have a relatively large import share; however, they also have a high level of complexity. As emphasized in previous studies, value-added in exports plays an important role in trade elasticities. The paper finds evidence that this is indeed the case for Singapore’s export products. Products that have higher domestic value-added share also tend to have higher export price elasticity. Economic complexity is also related to export price elasticities: higher economic complexity is associated with lower price elasticity of exports. This relationship is stronger within certain product segments such as the machinery, mechanical appliances and computers as well as the pharmaceuticals segments. Trade elasticities are important to understand Singapore’s exchange rate based monetary policy transmission. Exchange rate changes can affect profits and trade volumes differently, depending upon the price pass-through to import and export prices and the price elasticity of exports and imports. The import and export price pass-through can in return depend on trade elasticities. The paper also shows that there is important product heterogeneity with respect to trade elasticities; both across different product groups but also within individual product groups. This implies that structural changes in the product composition of trade can lead to sizeable changes in Singapore’s trade elasticities.

Singapore's Export Elasticities

Author: Elif Arbatli (Ms)

Publisher:

Published: 2016

Total Pages:

ISBN-13: 9781513558271

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Singapore is one of the world's most open economies, with the size of its trade reachingabout 350 percent of its GDP. With the rise of highly diversified cross-border productionnetworks, Singapore has come to play an integral role in the global supply chain with heavyreliance on foreign contents in its exports and production. It has also successfully moved upthe value chain, exporting goods with high sophistication and economic complexity. Againstthis backdrop, in this paper, using disaggregate industry/product level trade data, we revisitSingapore's export elasticities and find that growing p.

Estimating Trade Elasticities

Author: Jaime Marquez

Publisher: Springer Science & Business Media

Published: 2013-03-14

Total Pages: 147

ISBN-13: 1475735367

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One cannot exaggerate the importance of estimating how international trade responds to changes in income and prices. But there is a tension between whether one should use models that fit the data but that contradict certain aspects of the underlying theory or models that fit the theory but contradict certain aspects of the data. The essays in Estimating Trade Elasticities book offer one practical approach to deal with this tension. The analysis starts with the practical implications of optimising behaviour for estimation and it follows with a re-examination of the puzzling income elasticity for US imports that three decades of studies have not resolved. The analysis then turns to the study of the role of income and prices in determining the expansion in Asian trade, a study largely neglected in fifty years of research. With the new estimates of trade elasticities, the book examines how they assist in restoring the consistency between elasticity estimates and the world trade identity.

Changing Patterns of Global Trade

Author: Nagwa Riad

Publisher: International Monetary Fund

Published: 2012-01-15

Total Pages: 87

ISBN-13: 1463973101

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Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.

Price Elasticities in International Trade

Author: Robert M. Stern

Publisher: Springer

Published: 1976-06-18

Total Pages: 373

ISBN-13: 1349031372

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The Singapore Economy

Author: Tilak Abeysinghe

Publisher: Routledge

Published: 2007-03-12

Total Pages: 180

ISBN-13: 1134113579

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Singapore's phenomenal transformation from Third World to First World status has been of great interest to economists around the world yet there has been little quantitative research done on its economy and institutions. This innovative new research monograph fills the lacunae by presenting the Singapore economy through a macroeconometric model and laying the foundations for further research. Using formal econometric analysis and novel modelling techniques, Abeysinghe and Choy offer rare insights into how the Singapore economy works. Each of the major chapters discusses the implications of the empirical findings for current policy and an entire chapter has been devoted to macroeconomic policy simulations. This book is a unique introduction to the Singapore economy and would be of interest to econometric modellers and policy makers in Singapore as well as advanced undergraduates and graduate researchers interested in modelling small open economies.

International Business in a VUCA World

Author: Rob van Tulder

Publisher: Emerald Group Publishing

Published: 2019-10-21

Total Pages: 536

ISBN-13: 1838672559

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Dedicated to Professor Peter Buckley, OBE, this volume of Progress in International Business Research explores the new challenges for MNEs, SMEs (small and medium sized enterprises) and INVs (International New Ventures) emerging from this changing and increasingly unpredictable political, economic, social and technological VUCA world.

China After the Subprime Crisis

Author: C. Lo

Publisher: Springer

Published: 2010-10-27

Total Pages: 197

ISBN-13: 0230298966

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This book analyzes the post-subprime crisis world from the global, Asian and Chinese perspectives. It dispels some of the myths about the crisis's effects on Asia and China; and exposes the ugly truth of bailout policies and their distortion and hindering of the world's economic rebalancing effort in the post-subprime era.

World Economic Outlook, October 2015

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2015-10-06

Total Pages: 228

ISBN-13: 1513520733

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This issue discusses a number of factors affecting global growth, as well as growth prospects across the world’s main countries and regions. It assesses the ongoing recovery from the global financial crisis in advanced and emerging market economies and evaluates risks, both upside and downside, including those associated with commodity prices, currency fluctuations, and financial market volatility. A special feature examines in detail causes and implications of the recent commodity price downturn; analytical chapters look at the effects of commodity windfalls on potential output and of exchange rate movements on trade.