Singapore : Selected Issues

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Singapore : Selected Issues
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Volume/Issue:
2013/327
Series:
IMF Staff Country Reports
Author(s):
International Monetary Fund. Asia and Pacific Dept
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
November 2013
DOI:
http://dx.doi.org/10.5089/9781475520743.002
ISBN:
9781475520743
ISSN:
1934-7685
Page:
11
This Selected Issues Paper discusses some observations on Singapore's monetary policy framework. Singapore's monetary policy uses the nominal effective exchange rate (NEER) as the instrument in a basket-band-crawl framework. The paper finds that under some conditions an exchange rate-based monetary policy may not be detrimental to external competitiveness. A key parameter is the weight of imports in the consumer basket or production function. Tightening monetary policy through a nominal appreciation helps to dampen imported cost pressures. In addition, nominal appreciation can reduce domestic sources of inflation by lowering demand for local factors of production.
Article

Singapore

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
November 2013
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