Front Matter Page
IMF Country Report No. 17/241
SINGAPORE
SELECTED ISSUES
July 2017
This Selected Issues paper on Singapore was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on June 27, 2017.
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© 2017 International Monetary Fund
Front Matter Page
SINGAPORE
SELECTED ISSUES
June 27, 2017
Approved By
Asia and Pacific Department
Prepared by Gerard Almekinders, David Grigorian, Souvik Gupta, and Umang Rawat (all APD); Mahvash S. Qureshi (RES); and Adeline Yeo (Resident Representative Office)
Contents
ASSESSING BANKING SECTOR PERFORMANCE
A. Banking Sector Trends
B. The Wealth Management Sector
FIGURES
1. Banking System Trends
2. Local Banking Groups: Trends
MANAGING THE PROPERTY MARKET
References
EMBRACING THE FUTURE ECONOMY: STRIVING FOR INNOVATION, AUTOMATION, AND INCLUSION
A. Background
B. The Singaporean Innovation Ecosystem
C. Automation and Artificial Intelligence: Opportunities and Challenges
D. A Future of Inclusion
BOX
1. At the Forefront of Fintech
References
WHAT DRIVES PRIVATE SAVINGS IN SINGAPORE?
A. Background
B. Analytical Framework
C. Estimation Results
D. Conclusions
FIGURES
1. Current Account Balance and National Savings
2. Public and Private Saving
3. Labor Income and Corporate Profit
4. Corporate Profits and Retained Earnings
TABLES
1. Private Saving Function, 1980-2016
2. Private Saving Function in Other Advanced Countries, 1980-2016
3. Private Saving Function in Other Advanced Countries Including Singapore, 19802016
4. Private Saving Function in Advanced Countries: Sub-samples
References
APPENDIX
I. Data and Additional Results
CAPITAL FLOWS TO SINGAPORE: MACROECONOMIC IMPLICATIONS AND POLICY RESPONSES
A. Introduction
B. Changes and Policy Response
C. Conclusion and Policy Implications
FIGURES
1. Stock of External Assets and Liabilities in Singapore and Other Selected Countries
2. Net Financial, Asset, and Liability Flows to Singapore
3. Volatility of Net Financial Flows to Singapore
4. Real GDP Growth in Singapore and Selected Countries, 1990-2016
5. Financial Flows, Inflation, and Financial Vulnerabilities
6. Liability Flows and Macroeconomic Policy Response, 1995-2016
7. NEER and Monetary Policy Stance
8. Macroprudential Measures and House Prices
9. Real House Prices in Regional Peers
TABLES
1. Financial Flows and Global Factors, 1995-2016
2. Financial Flows by Type and Global Factors, 1995-2016
References