Cover

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Title Page, Copyright

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Contents

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pp. vii-viii

List of Tables

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p. ix

List of Figures

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pp. xi-xii

List of Boxes

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p. xiii

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Foreword

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pp. xv-xvi

When I received the manuscript of this book from Ms Sanchita Basu Das, Lead Researcher for Economic Affairs in the ASEAN Studies Centre at the Institute of Southeast Asian Studies, I was, for a brief moment, reminded of the thoughts that ran through my head when I first heard the ...

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Acknowledgements

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pp. xvii-xviii

Writing this book has been a wonderful and enriching experience for me, which would not have been possible without the help, support, and advice of my colleagues and family. The Institute of Southeast Asian Studies (ISEAS), Singapore provided me with the platform to write a book on Singapore and the global economic crisis. ...

Abbreviations

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pp. xix-xxi

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1. Introduction

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pp. 1-15

From 2004 to the middle of 2007, the world economy was growing strongly, world trade was burgeoning, inflation was low, liquidity in capital markets was abundant, the financial sector was providing remarkable returns, profitability was high, and asset prices were rising. ...

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2. Global Financial and Economic Crisis: Causes, Impact, and Policy Response

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pp. 16-43

The global financial turmoil surfaced in the middle of 2007 as a result of defaults of sub-prime mortgage loans in the United States. It was blown into an unprecedented financial crisis in 2008 when a series of major financial institutions in the United States and Europe started to fail. ...

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3. Impact of Global Economic Crisis on Singapore

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pp. 44-69

After the onset of the global economic crisis in 2008, Singapore had become the first East Asian nation to fall into recession. The year-on-year growth rate had plunged from 7.7 per cent in 2007 to 4.5 per cent in H1-2008 (first half of 2008) and further to –9.5 per cent in Q1- 2009 (first quarter of 2009). Although the exposure of ...

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4. Singapore's Policy Responses to the Global Economic Crisis

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pp. 70-96

For Singapore, the recession came mainly through the fall in non-oil exports and output. The monetary and financial systems for the city state largely remained unscathed. The financial shocks were mostly felt through drying up of credit and capital flows due to heightened risk aversion. ...

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5. Singapore's Economic Perspective and Future Policy Directions

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pp. 97-127

Being a small and open economy, Singapore is susceptible to external shocks, but by the same measure, the city state tends to bounce back faster and stronger than many other regional economies. Thus, following the global economic recovery, Singapore also catapulted itself out of recession ...

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6. Lessons Learnt

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pp. 128-136

... Prior to the crisis, there were a lot of discussions on decoupling of emerging and developing economies from the West. In other words, it was believed that even if the advanced economies went into recession, Asia would be affected very marginally and would largely continue ...

APPENDIX I: MAS Monetary Policy Statements

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pp. 137-149

APPENDIX II: Key Budget FY2009 Initiatives

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pp. 150-180

APPENDIX III: Summary of the Economic Stategies Committee (ESC) Key Recommendations 1 February 2010

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pp. 181-189

APPENDIX IV: Key Budget FY2010 Initiatives

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pp. 190-216

References

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pp. 217-219

Index

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pp. 221-227

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About the Author

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p. 228

Sanchita Basu Das is the Lead Researcher for Economic Affairs in the ASEAN Studies Centre at the Institute of Southeast Asian Studies, Singapore. Prior to that, she worked in the private sector as an economist at Consulting Engineering Services, India, ABN AMRO Bank, India and ...