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Singapore: Selected Issues

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2013. "Singapore: Selected Issues," IMF Staff Country Reports 2013/327, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/327
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=41053
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    Cited by:

    1. International Monetary Fund, 2016. "Singapore: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore," IMF Staff Country Reports 2016/263, International Monetary Fund.
    2. International Monetary Fund, 2015. "Singapore: Staff Report for 2015 Article IV Consultation," IMF Staff Country Reports 2015/199, International Monetary Fund.
    3. International Monetary Fund, 2016. "Singapore: Selected Issues," IMF Staff Country Reports 2016/264, International Monetary Fund.

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