Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 44 , 10 November 2023
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Navigating the Pandemic: An Analysis of the Monetary Policy Response in Singapore
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Abstract
The COVID-19 pandemic substantially impacted the worldwide economy, and Singapore was not immune to its effects. In response to the outbreak, to sustain the economy and ensure price stability, the Monetary Authority of Singapore (MAS) implemented various monetary policy measures. This paper analyzes a series of timely and effective measures taken by the Monetary Authority of Singapore, including specific actions and their impacts, by combining qualitative and quantitative methods with specific economic activity data over the years. This paper demonstrates the effectiveness of most policies adopted by the Monetary Authority of Singapore, including an evaluation of their impact and potential future implications, as well as their contribution to monetary policy and its response to crises.
Keywords
monetary policy, Singapore, crisis management, COVID-19, central bank
References
1. Steven B. Kamin, John Kearns, Joseph Gagnon, The Impact of the COVID-19 Pandemic on Global GDP Growth, June 27, 2022, p1
2. Monetary Authority Singapore, Reserve Management and Motivations for FX Interventions (October 31, 2019). BIS Paper No. 104v, p244
3. Eric Parrado, Singapore's Unique Monetary Policy: How Does it Work? January 1, 2004,p4
4. Bhaskaran, Manu. “Getting Singapore in Shape: Economic Challenges and How to Meet Them.” Lowy Institute for International Policy, p2
5. The World Bank, https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=SG
6. Economic Survey of Singapore First Quarter 2020, Impact of the COVID-19 Pandemic on the Singapore Economy, 26 MAY 2020
7. Chow, Hwee Kwan and Kong Weng Ho. “The case of Singapore.” Economic Policy and the Covid-19 Crisis (2021): p7
8. US Dollar to Singapore Dollar Exchange Rate Chart, Xe Historical Currency Exchange Rates Chart, https://www.xe.com/currencycharts/?from=USD&to=SGD&view=5Y
9. Joshua Aizenman, Hiro Ito & Gurnain Kaur Pasricha, Central Bank Swap Arrangements in the COVID-19 Crisis,2021,p9
10. A global database on central banks' monetary responses to Covid-19, Carlos Cantú, Paolo Cavallino, Fiorella De Fiore and James Yetman, BIS Working Papers, p11
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 7th International Conference on Economic Management and Green Development
- ISBN (Print)
- 978-1-83558-109-4
- ISBN (Online)
- 978-1-83558-110-0
- Published Date
- 10 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/44/20232188
- Copyright
- 10 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited