Crisis Management and Public Policy: Singapore's Approach to Economic Resilience

CONTENTS
FOREWORD
CONTRIBUTORS
PART 1 ECONOMIC CRISIS MANAGEMENT
	Chapter 1 THE NATIONAL WAGES COUNCIL (NWC) AND MACROECONOMIC MANAGEMENT IN SINGAPORE
		FIVE CRISES
		NATIONAL WAGES COUNCIL
		TRIPARTISM AND FLEXIBLE WAGE SYSTEM
		INDUSTRIAL HARMONY
		TRAINING AND RETRAINING
		THE FIRST CRISIS
		NWC RESPONSE
		THE THIRD CRISIS
		REFERENCES
		APPENDIX
	Chapter 2 UNPREPAREDNESS IN THE GREAT RECESSION
		FISCAL FINANCE
		DIFFERENT METHODS OF FINANCING DEFICITS
		THE US METHOD OF DEFICIT FINANCING
		FISCAL SPENDING
		JAPAN AND USA COMPARISON
		THE LEADING INDICATOR
		THE FURTHER ROAD AHEAD
		REFERENCES
		APPENDICES
			Appendix 1: Global Stock Market Indices % Change from 31 December 2008 (in US$ terms, 1 July 2009)
			Appendix 2: Global Budget Balances % of GDP 2009
			Appendix 3: Global Interest Rates (three-month latest)
	Chapter 3 WHY ARE FINANCIAL CRISES SO COSTLY?
		INTRODUCTION
		BANKS AS FINANCIAL INTERMEDIARIES
		BANK FAILURE AND BANK RUNS
		BANKING CRISIS
		IMPACT OF BANKING CRISIS ON ECONOMIC ACTIVITY
		CURRENCY OR EXCHANGE-RATE CRISIS
		CONCLUDING REMARKS
		REFERENCES
	Chapter 4 A CASE FOR SELECTIVE CAPITAL CONTROL
		BALANCE OF PAYMENTS
			Balance of Visible Trade
			Balance of Invisible Trade
			Current Account Balance
		CAPITAL CONTROL ITEMS
		CAPITAL CONTROL PREPAREDNESS
		TWO MONEY VALUES
		INTERNATIONAL GOLD STANDARD
		GOLD EXCHANGE STANDARD
		THE THREE CRISES
		CAPITAL CONTROL AND GDP GROWTH
		CHINA, INDIA, AND VIETNAM
		USA AND CAPITAL CONTROL
		FINANCIAL CENTRES
		RESERVES AND SWAPS
		FINAL JUDGEMENT
		REFERENCES
PART 2 PUBLIC POLICIES AND OTHER ECONOMIC ISSUES
	Chapter 5 COMPETITION POLICY AND LAW IN SINGAPORE
		INTRODUCTION
		COMPETITION LAW IN SINGAPORE
			Scope of the Act
		MAIN FEATURES OF SINGAPORE’S COMPETITION ACT
			Anti-Competitive Agreements
			Abuse of a Dominant Position
		REGULATORY PHILOSOPHY
			Focus on Anti-Competitive Behaviour with Appreciable Adverse Effect
			Due Consideration Given to Whether Anti-Competitive Activity Generates NEB
			Emphasis on Self-Assessment
			Balancing Advocacy with Strict Enforcement
			Independent Appeal Mechanism
			Cross-Sectoral Cooperation
		CONCLUSION
	Chapter 6 HEALTHCARE: CONTAINING COST WITHOUT COMPROMISING QUALITY
		INTRODUCTION
		GOVERNMENT INTERVENTION IN THEORY AND PRACTICE
		HEALTHCARE DELIVERY IN SINGAPORE
			Restructuring of Government Hospitals
			Polyclinics
			Community Hospitals
			Role of CPF and Healthcare Insurance
			Role of Employers via Employee Medical Benefits
			Government Medical Subsidies for the Poor
			How Doctors and Hospitals are Assessed and Remunerated
			E-Health Record System
			Healthy Lifestyle
			Economic Healthcare Strategy
		CONCLUSION
		REFERENCES
		APPENDIX 1
	Chapter 7 ECONOMICS OF TRAINING: MARKET FAILURE AND GOVERNMENT INTERVENTION
		MARKET FAILURE
		SOLVING THE PROBLEM OF MARKET FAILURE
		THE SDF
		TRAINING OF OLDER WORKERS IN THE INFORMAL SECTOR
		TRAINING OF YOUTH WORKERS
		INSTITUTE OF TECHNICAL EDUCATION, ITE
		CONCLUSION
		REFERENCES
	Chapter 8 A REVIEW OF THE US-SINGAPORE FREE TRADE AGREEMENT
		INTRODUCTION
		RATIONALE AND DEVELOPMENT OF USSFTA
		SINGAPORE-US FTA — FIVE YEARS ON
			Trade in Goods and Services
			Trade in Services
			Investment
			Intellectual Property Rights
		CONCLUSION
		REFERENCES
	Chapter 9 STATE CAPITALISM IN SINGAPORE
		INTRODUCTION
		THE BEGINNING OF STATE CAPITALISM IN SINGAPORE
		TEMASEK HOLDINGS — THE HOLDING COMPANY
		CRITICISMS OF STATE CAPITALISM
			Inefficiency of SOEs
			Competition Between SOEs and POEs
		EMPIRICAL STUDIES ON SOEs
			Profitability and Efficiency
			Market Valuation
			Ease of Access to Credit
		WHY DOES STATE CAPITALISM WORK IN SINGAPORE?
		EVOLUTION OF GLCs IN SINGAPORE
			Corporatisation, Privatisation, and Divestment
			Regionalisation and Globalisation
		NEW FACE OF STATE CAPITALISM
		REFERENCES
	Chapter 10 GROWTH, OPPORTUNITY, AND INEQUALITY: SOME EMPIRICS FROM SINGAPORE
		INTRODUCTION
		CAUSES OF INCOME INEQUALITY IN SINGAPORE
		PAST STUDIES ON SOCIAL MOBILITY IN SINGAPORE
		NEW EMPIRICS ON SINGAPORE
		DEMAND AND SUPPLY OF SOCIAL MOBILITY
		THEORETICAL IMPACT OF POLICIES AND TRENDS
			Liberalisation of the Education Industry
			Population Expansion via Skill-Biased Immigration
			Damage of Family Disruption
		CONCLUSION
		REFERENCES
	Chapter 11 ARE FINES COMPATIBLE WITH BUILDING A TRULY FINE COUNTRY?
		THE NEOCLASSICAL VIEW: A FINE IS A PRICE, AND EVERYTHING HAS A PRICE
		THE BEHAVIOURAL VIEW: A FINE IS A PRICE, BUT PRICES HAVE UNINTENDED EFFECTS ON BEHAVIOUR
		THE SINGAPORE CONTEXT: COULD FINES ERODE THE SOCIAL BASIS FOR A FINE CITY?
		CONCLUSION
		REFERENCES
INDEX