Publications

ARTICLES IN JOURNALS

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  ‘Another Look at Price Instability and Consumer Well-Being: Nondurable and Durable (Housing) Markets,’ Singapore Economic Review (Special Issue in Memory and Honour of Professor Ronald McKinnon), 61(2), June 2016, 1640022-01 – 1640022-9 (Erratum published in issue 61(4), 1692001-01 – 1692001-2)  

  'A Symmetric Heckscher-Ohlin Model of Endogenous Growth', Journal of Economics, 116(3), Nov 2015, 183-209

  'Progressive Services, Asymptotically Stagnant Services, and Manufacturing: Growth and Structural Change', Journal of Economic Dynamics and Control, 36(9), Sept 2012, 1322-1339

  ‘Financial Liberalization and Short-Run Housing Price Dynamics’, Economic Theory, 29(3), Nov 2006, 649-675

  ‘Can Faster Income Growth Reduce Well-Being?’, Social Choice and Welfare, 25(1), Oct 2005, 155-171

  ‘Precautionary Savings and CPF Contributions in the Presence of a Borrowing Constraint’ (with C.W. Lam), Singapore Economic Review, 47(1), April 2002, 129-152

  ‘A Communitarian Utility Function and Its Social and Economic Implications’, Economics and Philosophy, 15(1), April 1999, 43-62

  ‘Harmonization between Communitarian Ethics and Market Economics’, Journal of Markets and Morality, 2(1), Spring 1999, 35-52

  ‘An Analytical Growth Model of the Singapore Economy’ (with R. Findlay), Asian Economic Journal, VI(1), March 1992, 43-57

  ‘Formal and Informal Financial Markets and the Neo-Structuralist Critique of the Financial Liberalization Strategy in Less Developed Countries’, Journal of Development Economics, 38(1), Feb 1992, 63-77

  ‘Interest Rates in a Semiopen Economy: Comment’, Journal of Money, Credit and Banking, 23(4), Nov 1991, 764-766

  ‘The J-Curve and Short-Run Exchange-Rate Dynamics’, International Economic Journal, 3(3), Autumn 1989, 85-104

  ‘Inflation and Financial Deepening: Comment’, Journal of Development Economics, 31(2), Oct 1989, 379-396

  ‘Capital Mobility and Exchange-Rate Overshooting: Comment’, European Economic Review, 32(1), Jan 1988, 199-202

  ‘Open-Economy Response to a Terms-of-Trade Shock in a Growth Context’, Journal of International Economic Integration, 1(1), Spring 1986, 59-70

  ‘A Model of “Singapore-Type” Financial and Foreign-Exchange Systems’, Singapore Economic Review, XXX(2), Oct 1985, 91-102

  ‘Money in Development: Comment’, Southern Economic Journal, 51(4), April 1985, 1230-1239

  ‘A Short-Term Analytical Model of the Singapore Economy’, Journal of Development Economics, 12(3), July 1983, 355-376

  ‘Optimal Financial and Foreign-Exchange Liberalization of Less-Developed Economies’, Quarterly Journal of Economics, 97(1), Feb 1983, 41-62

  ‘Optimal Stabilization Policies for Less Developed Economies with Rational Expectations’, Pakistan Journal of Applied Economics, 1(1), Summer 1982, 23-46

  ‘Problems of Indexation in Financially Liberalized Less Developed Economies’, World Development, 10(3), March 1982, 199-209

  ‘Traded Goods, Nontraded Goods, and the Balance of Payments: Further Comment’, International Economic Review, 22(2), June 1981, 349-356

  ‘Monetary Policy in an Inside-Money Open Economy: Comment’, Quarterly Journal of Economics, 95(3), May 1981, 349-356

  ‘Traded Goods, Nontraded Goods, and the Balance of Payment: A Steady-State Analysis’, International Economic Review, 22(1), Feb 1981, 167-178

  ‘Traded Goods, Nontraded Goods, and the Balance of Payments: Comment’, International Economic Review, 19(2), June 1978, 521-525

  ‘On the Role of the Money Supply in a Flexible Exchange Rate Economy’, Malayan Economic Review, XXII(1), April 1977, 40-46

  ‘Alternative Stabilization Policies for Less Developed Economies’, Journal of Political Economy, 84(4), Aug 1976, 777-796

  ‘Money as a Medium-of-Exchange and Monetary Growth in an Underdevelopment Context’, Journal of Development Economics, 2(1), March 1975, 33-48

  ‘A Note on Professor McKinnon's Model of Foreign Exchange Constraints in Economic Development’, Economic Journal, 83(329), March 1973, 221-234

BOOKS/MONOGRAPHS AUTHORED

• Communitarian Ethics and Economics, Aldershot: Avebury, 1995

  Policy Options for the Singapore Economy, jointly with Lim Chong Yah et. al., Singapore: McGraw-Hill, 1988

  Studies in Inflationary Dynamics: Financial Repression and Financial Liberalization in Less Developed Countries, Singapore: Singapore University Press, 1986
  

EDITORIAL WORK ON BOOKS

• Altruistic Reveries: Perspectives from the Humanities and Social Sciences (edited jointly with Chong Kim-Chong), Boston : Kluwer Academic Publishers, 2002

  Development,Trade and the Asia-Pacific: Essays in Honour of Professor Lim Chong Yah (edited jointly with Euston T.E. Quah and Hoon Hian Teck), Singapore: Prentice Hall, 1996

   

  Singapore Studies:Critical Surveys of the Humanities and Social Sciences, Singapore: Singapore University Press, 1986

   

CHAPTERS IN BOOKS

• 'Singapore 2065 - Economics and Beyond,' in E. Quah (ed.), Singapore 2065: Leading Insights on Economy and Environment from 50 Singapore Icons and Beyond, Singapore: World Scientific, 2015, 108-112

   

  'Capital Flows and Exchange Rate Volatility: Singapore’s Experience', in S. Edwards (ed.), Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, Chicago: University of Chicago Press for National Bureau of Economic Research, 2007, 575-603 

  ‘Conclusion’, in Altruistic Reveries (op. cit.), 171-182

  ‘The Asian Crisis’, in Mercer-Melbourne Institute Quarterly Bulletin of Economic Trends (Special Supplementary Issue on the Asian Crisis), Oct 1998, 42-45

  ‘Comment’ on D Cole and B F Slade, ‘Speeding Up By Slowing Down: A Market-Building Approach to Financial Sector Reform’, in Deepening Structural Reform In Africa: Lessons From East Asia, edited by L Wallace, International Monetary Fund and Ministry of Finance of Japan, 1997, 73-76

  ‘Ethics, Values, and Economic Development’, in M.G. Quibria and J.M. Dowling (eds.), Current Issues in Economic Development: An Asian Perspective, Oxford University Press, 1996, 132-163

  ‘Money Markets in Singapore’, jointly with M. Ariff and A. Tyabji, in D.C. Cole, H.S. Scott and P.A. Wellons (eds.), Asian Money Markets, New York, Oxford University Press, 1995, 349-87

  ‘Introduction: Summary of Chapters and Discussion’, jointly with A Tan, in A Tan and B K Kapur (eds), Pacific Growth and Financial Interdependence, Sydney: Allen and Unwin, 1986, 19-35

  ‘The Role of Financial Institutions in Economic Development - A Theoretical Analysis’, in A. Gutowski, A.A. Arnaudo, and H.E. Scharrer (eds.), Financing Problems of Developing Countries, London: Macmillan Press, 1985, 83-97

  ‘Exchange-Rate Flexibility and Monetary Policy’, in Papers in Monetary Economics, published by the Singapore University Press for the Monetary Authority of Singapore, 1981, 102-111

  ‘Two Approaches to Ending Inflation’, in R.I. McKinnon (ed), Money and Finance in Economic Growth and Development, New York: Marcel Dekker, 1976, 199-221

CONFERENCE PAPERS

• (Recent:-)

  ‘Endogenous Growth of the Share of Southern Product Varieties in the Global Economy: A Paradox and Its Resolution,’ presented at Econometric Society meetings in Hong Kong and Wuhan, June 2017

  ‘Global Financial Imbalances and Endogenous Growth in a North-South Context,’ invited seminar presentation at the Centre for New Structural Economics, Peking University, Oct 28 2016

   

PUBLISHED REPORTS

• Report of the Central Provident Fund Study Group, jointly with eleven other staff members of the Department of Economics and Statistics, published as a Special Issue of the Singapore Economic Review, XXXI (1), April 1986, 1-108

UNPUBLISHED REPORTS

• ‘A Short-Run Econometric Analysis of the Indonesian Monetary System’ (with S. Ahmed), study prepared for World Bank Office in Jakarta, 1989

  ‘Payments Disequilibria - Implications for the International Monetary System’, background paper prepared for a Conference on the Role of the International Monetary Fund in the International Monetary System, held at the I.M.F. in April 1983