This book is an annual effort by the economists from the Nanyang Technological University to provide analysis, interpretations and insights on contemporary economic issues affecting Singapore. In 2010, Singapore's economy is just recovering from the sharp economic downturn in 2008/09 caused by the Global Financial Crisis. The global economic outlook in the short and medium term remains uncertain and the risk of another economic or financial crisis remains high. Thus, one of the key themes of this book is to study economic crises and financial crises, and the policy measures that are available to manage them. Looking ahead, in order to ensure long term growth and prosperity for Singapore's economy, microeconomic policy adjustments and fine-tuning is still needed to build a competitive and resilient nation. Therefore, the second key theme of the book is to review several public policies in Singapore, such as competition, healthcare, training, free trade agreements, state capitalism and inequality.

This book is an annual effort by the economists at the Nanyang Technological University to provide analysis, interpretations and insights of contemporary economic issues affecting Singapore and Asia. It covers two key themes: (1) Global Financial Tsunami and (2) other economic issues affecting Singapore and Asia.The Global Financial Tsunami is currently ravaging the world financial systems and the world economy. The authors brilliantly tackle pertinent issues such as fiscal and monetary management of the current crisis, impacts of the crisis on the Singapore and Asian economies, policy measures implemented by Singapore and other countries to combat the crisis, and regional efforts to mitigate the adverse impacts of the crisis.A wide range of important economic issues affecting Singapore and Asia, including inflation, exchange rate, workfare, environmental economics, population and worth of human life in Singapore are addressed competently. The chapters build on economic and analytical frameworks to help readers better understand the economic and policy issues discussed.

Economic reforms implemented by the South Asian countries in the 1980s and 1990s had positive impacts on growth, and the region's share of world GDP had started to increase. But, more recently, economic growth in South Asia has softened somewhat due to a number of reasons. This book focuses on the slowing pace of economic reforms and makes the case for a two-pronged strategy to jumpstart South Asian economies. First, South Asian countries should complete the economic reform process that they had begun and implement the more microeconomic reforms, namely, the sectoral, and governance and institutional reforms to enhance competition and improve the operation of markets. Second, they should implement the second round of 'Look East' policies or LEP2 to (i) link themselves to production networks in East Asia, their fastest growing markets, and (ii) develop production networks in manufacturing and services within their region. The book argues that the proposed strategy will lead to a win-win situation for all countries in South Asia and East Asia, and reinvigorate economic integration within South Asia, one of the least integrated regions of the world. The book also identifies the unfinished policy reform agenda for each South Asian country and the components of the LEP2 that they should implement.

This book is a spin-off from a highly successful seminar series jointly organized by the Division of Economics of the Nanyang Technological University (NTU) and the Ministry of Education (MOE) of Singapore. The seminars discuss contemporary domestic and regional economic issues and public policies that are relevant to the everyday lives of Singaporeans. The wish to introduce these economic issues to a broader audience outside the confinement of a lecture theatre, came to fruition, with the completion of this book.This book contains 13 chapters that are grouped under three sections. Under the section, "Public Policies and Economic Issues of Singapore", Singapore's public policies in the areas of healthcare, Central Provident Fund, and monetary policy are explored, as well as issues concerning Singapore's economic development, such as economic transformation, innovation and capital accumulation are discussed. The second section, "Singapore and the Region in a Globalized World", looks at the challenges and opportunities presented to Singapore and the region in an increasingly globalized world. Current issues on the sub-prime crisis and Asian monetary integration are also discussed. The last section, "Other Economic Issues", consists of papers in specific areas such as economics of medical decisions, economics of love, and the role of exchange rates in foreign direct investment.