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The Role for Counter-Cyclical Fiscal Policy in Singapore

Author/Editor: Eskesen, Leif Lybecker
Authorized for Distribution: January 1, 2009
Electronic Access: Free Full Text (PDF file size is 765KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Singapore's policymakers have often used fiscal policy as a counter-cyclical tool. Empirical results based on a structural autoregression framework suggest that fiscal policy can be used for demand management, although the impact may be somewhat short lived. The short-lived impact could reflect a number of factors, including the absence of credit-constrained economic agents, a high propensity to save among households, monetary focus on price stability, and leakages due to economic openness. Notwithstanding, fiscal policy should still play a key stabilizing role in the current downturn given the downside risks to growth and the vast fiscal space.
 
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Series: Working Paper No. 09/8
Subject(s): Fiscal policy | Singapore | External shocks | Economic stabilization | Price stabilization | Cross country analysis | Economic models
Author's keyword(s): Fiscal policy | SVAR
 
English  
    Published:   January 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009008   Pages:   16
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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