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This important new book is the first general overview of the macroeconomic nature and recent history of the Singapore economy. After discussing general features of modern Singapore's economy, government and development strategy, the authors analyse its macroeconomic history over the past three decades, as well as reviewing current macroeconomic theory regarding small, open economies. Singapore's monetary system, trade patterns, balance of payments and the nature of its exchange rate mechanism and policy are all described and analysed in the subsequent chapters which also look at its growth and cyclical experiences and provide a review of the ways economists have attempted to model the economy. The Singapore Economy integrates much previous research scattered in many sources as well as containing an extensive bibliography of references about the economy and the statistical sources used. It will be suitable for students of macroeconomics and economic development in Asia, and the general reader interested in the nature, structure and recent growth of the Singapore economy.
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What Reviewers Are Saying
'This text provides an objective and analytically robust treatment of the Singaporean economy. It shows clearly how basic macroeconomic analysis can be used to interpret the growth and development experience of Singapore and offers a novel approach by discussing current policy issues.' -- Colin Kirkpatrick, University of Manchester, UK 'Peebles and Wilson have produced one of the most analytically sophisticated surveys of Singapore's economy over the last three decades. An excellent addition to a growing literature examining the causes of the spectacular development of East Asian economies in the postwar period.' -- K.B. Lee, Choice 'Besides its obvious value to students in Singapore, this book could be read with profit by anyone wanting to understand the macroeconmics of a highly trade-dependent economy.' -- John Thoburn, The Economic Journal '... it allows the reader to acquire a deeper understanding of the strengths, and indeed the weaknesses, of macroeconomic theory, which students generally find exceedingly difficult to grasp, while at the same time gaining a good knowledge of the Singapore economy ... Primarily intended as a student textbook, its format is clean and straightforward. A brief introduction to each chapter clearly defines its objectives, while a conclusion and suggestions for further reading leave the reader in no doubt that nothing is cut and dried in economics and that controversy and differences of opinion prevail.' -- John Walton, Asian Affairs