No abstract.

Evans (1991) demonstrates that the unit root tests recommended by Hamilton and Whiteman (1985) and Diba and Grossman (1988) will fail to detect periodically collapsing rational bubbles. Hall et al. (1999) however show that the power of this test procedure can be improved by incorporating a...

Since Flood and Garber (1980), the debate surrounding speculative bubbles has never subsided. A key obstacle to resolve this issue is the identification problem. A bubble is usually inferred from some assumed fundamental determinants of a price. These assumptions could be over-simplified....

A nonparametric technique is employed, data envelopment analysis, to derive estimates of technical efficiency change in Singapore manufacturing industries for 1975 to 1998 using the Malmquist index. The results show that on average, there have been improvements in technical efficiency over the...

In the folklore of emerging markets, there is a popular belief that bubbles are inevitable. In this paper, our objective is to estimate a state-space model for rational bubbles in selected Asian economies with the aid of the Kalman Filter. For each economy, we derive a possible picture of the...

Since its formation in 1972 under the leadership of its founding chairman, Professor Lim Chong Yah, the NWC has been a major force in ensuring the stability of the labor market. A key recommendation which the NWC pushed for as a means of saving jobs in the recessions has been the reduction of...

We study the effects of free trade areas on bilateral trade flows. We review and extend the previous empirical literature by embarking on the modelling of unobserved heterogeneity. We apply our preferred model to the case of the Asean Free Trade Area (AFTA). The estimation results suggest that...

Long memory models have been successfully used to investigate the dynamic time-series behavior of inflation rates based on the CPI and WPI. However, almost no attention has been paid to import and export price inflation, nor to the terms of trade which they make up. This article investigates the...

This paper examines the pattern and persistence of changes in price indexes of Singapore private housing, office space, shop space and industrial properties. Unit root tests find convincing evidence of non‐stationarity in all four sectors' quarterly prices. However, more detailed analysis of...