The Evolution of Central Banking and Monetary Policy in the Asia-Pacific
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The Evolution of Central Banking and Monetary Policy in the Asia-Pacific

Akhand Akhtar Hossain

This book of case studies is a contribution to monetary macroeconomics in which country-specific experience and issues in inflation and monetary policy are reviewed and analysed in an historical context. In doing so, the key ideas and views on the sources and dynamics of inflation and monetary-policy behaviour are investigated after taking into account institutional arrangements for the conduct of fiscal and monetary policies. This book selects for study twelve diverse countries from the Asia-Pacific region including the US, China, Australia, India, Japan, Hong Kong SAR (China), South Korea, the Philippines, Singapore, Sri Lanka, Thailand and New Zealand.
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Chapter 10: Singapore

Akhand Akhtar Hossain


Singapore is a geographically small city-state of 710 square kilometres located across the narrow Johor Strait off the southernmost coast of the eastern edge of the Asian continent. It comprises 63 islands, having a multi-ethnic, multi-religious population size of about 5.3 million. The dominant ethnic groups are Chinese, Malay and Indian; while the dominant ‘religions’ or philosophies are Buddhist, Christian, Muslim, Tao and ‘secularism’. Singapore has four official languages: Mandarin, English, Malay and Tamil. Mainly an immigrant society, Singapore’s core population comprises 3.3 million citizens; the remainder are permanent residents and temporary foreign workers. From its beginning as a British crown colony in the early nineteenth century, Singapore has evolved as a prominent international port and trade centre. Early immigrants to Singapore came from southern China to work in British rubber plantations across the various states of what is present-day Malaysia, and in the shipping services and trading activities in the port city of Singapore. By the end of the 1880s, Singapore was an international rubber-exporting centre. Singapore’s political and strategic importance became evident during World War II.

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