Abstract
In colonial times, Malaya and Singapore were one country. Singapore was the international port for the hinterland of Malaya. Hence the monetary and banking frameworks of Malaysia and Singapore were very much related, as they were originally of the same historical development. Banks operated in both countries; and many banking laws and regulations in Singapore have been the ‘follow-up’ of the common tradition.
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Notes and References
For a discussion of the causes and effects, see Lee Sheng-yi, The Monetary and Banking Development of Malaysia and Singapore (Singapore University Press, 1974), Chapter 10, pp. 222–2.
See Lee Sheng-yi, Pulic Finance and Public Investment in Singapore (Institute of Banking and Finance, 1978), Chapter 6.
For a list of financial institutions as in May 1980, see MAS, The Financial Structure of Singapore, 1980 (revised edition) pp. 85–94; and also Lee Sheng-yi, ‘Financial Structure and Recent Development of Banking in Singapore’, The Credit Journal, December 1978.
See Singapore Currency Board Annual Reports, 1968 and 1969; and Lee Sheng-yi, The Monetary and Banking Development of Malaysia and Singapore pp. 237–10.
The percentages are derived from the assets and liabilities of finance companies, as stated in the Monetary Authority of Singapore, Annual Reports, 1972–1979/80.
For the main application of deposit funds, the number of savings accounts and the progress of POSB, see Post Office Savings Bank, Annual Report, 1979–80
and Monetary Authority of Singapore, Annual Report, 1979–80, pp. 38–40.
See Central Provident Fund Annual Reports, 1967–79;
and Monetary Authority of Singapore, Annual Report, 1979–80, pp. 40–2.
See MAS, Financial Structure of Singapore, 1980 (revised edition), pp. 45–8;
MAS, Annual Report 1979–80, pp. 40–2;
and Lee Sheng-yi, Public Finance and Public Investment in Singapore (Institute of Banking and Finance, 1978), p. 158.
Monetary Authority of Singapore, Annual Report, 1976–7, pp. 33.
The net funds raised by the public sector had a rising trend from $641 million in 1973 to $1,540 million in 1979, and, moreover, their share of the total funds raised in the capital market was increased from 60 per cent to 92 per cent in the respective years. In contrast, the demand for capital funds by the private sector fluctuated in the business cycle from 40 per cent of the total funds in 1973 (the height of the boom) to 2 per cent in 1977 (when the stock market was very dull). See Monetary Authority of Singapore, Annual Report, 1975–1979/80, p. 46.
See Census of Services, 1974, Vol. II, Department of Statistics, (Singapore, October 1977), p. 55; and Lee Sheng-yi, ‘The Role of Financial Institutions in the Singapore Economy’, Nanyang University Local Committee of AIESEC, Yearbook, 1977–8.
Outstanding Government securities were increased from $2,796 million at end 1974 to $3,822 million at end 1975 and to $9,720 million at end 1979. See Lee Sheng-yi, ‘Major Issues in Public Debt Management in Singapore’, a paper presented in the Symposium in March 1979 and published in Mukul Asher and Susan Osborne (eds), Issues in Public Finance in Singapore (Singapore University Press, 1980).
See MAS Annual Report, 1979, p. 47, and Quarterly Bulletin 1st Qr. 1980, p. 40.
Important writings of the modern ‘monetarist’ school include Milton Friedman, ‘The Quantity Theory of Money — a Restatement’, in Milton Friedman (ed.), Studies in the Quantity Theory of Money, (University of Chicago Press, 1956);
Don Patinkin, Money, Interest and Prices (New York: Harper and Row, 1965) (2nd ed.);
and H. G. Johnson, Essays in Monetary Economics (Harvard University Press, 1967).
See Federal Reserve Bank of San Francisco, Pacific Basin Economic Indicators, June 1980.
In theoretical concept, this is the Marshallian K, which is equal to M/Y. In his analysis of demand for money he postulated that people kept a portion of income in money form for transaction purpose. See A Marshall, Money, Credit and Commerce (London: Macmillan. 1923).
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© 1982 S.Y. Lee and Y.C. Jao
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Lee, S.Y., Jao, Y.C. (1982). Financial Structure and Monetary Policy in Singapore. In: Financial Structures and Monetary Policies in Southeast Asia. Palgrave, London. https://doi.org/10.1007/978-1-349-16454-7_3
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DOI: https://doi.org/10.1007/978-1-349-16454-7_3
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