FACULTY OF ADMINISTRATIVE SCIENCE AND POLICY STUDIES (AM110)

PRINCIPLES OF ECONOMICS (ECO 120)

TOPIC:
“THE IMPLEMENTATION OF PUBLIC POLICIES IN SINGAPORE”

PREPARED BY:

NAME NO MATRIX

DANISH PUTRA BIN NOMAIRA 2023104183

MUHAMMAD AIMAN BIN AZHAR 2023168047

NATASHA ADIRA BINTI ANUAR 2023147697

NUR NADHIRA SOFEA BINTI SUHAIMI 2023135441

ABDUL HADIFF HAIQAL BIN ABDUL HALIM 2023103691

GROUP: AM1103A

PREPARED FOR: INA MURNI BINTI HASHIM

DUE DATE: 21 JUNE 2024

 TABLE OF CONTENT

1.0 INTRODUCTION..................................................................................................................... 1
2.0 DEFINITION OF THE MONETARY AND FISCAL POLICIES................................................ 2
2.1 Monetary Policy..................................................................................................................... 2
2.2 Fiscal Policy........................................................................................................................... 2
3.0 TYPES OF MONETARY AND FISCAL POLICIES IN SINGAPORE...................................... 3
3.1 Monetary Policy : Inflation and Exchange Rates................................................................3
3.2 Fiscal Policy : Contractionary And Expansionary..............................................................3
4.0 TOOLS OF MONETARY AND FISCAL POLICIES.................................................................4
4.1 Monetary Policy: Managing the Exchange Rate................................................................4
4.2 Fiscal Policy: Balancing the Budget and Targeted Spending............................................ 6
5.0 IMPLEMENTATION OF THE MONETARY AND FISCAL POLICIES IN SINGAPORE..........8
5.1.1 The Exchange Rate as the Anchor........................................................................... 8
5.1.2 The Rationale for Exchange Rate Management:......................................................9
5.1.3 Tools of the Trade..................................................................................................... 9
5.1.4 More than just Exchange Rates:...............................................................................9
5.2.1 Balancing the Budget for Long Term Stability......................................................... 10
5.2.2 Investing in the Future.............................................................................................11
5.2.3 Infrastructure........................................................................................................... 11
5.2.4 Education................................................................................................................ 11
5.2.5 Social Programs......................................................................................................11
5.2.6 Flexibility in Response to Economic Cycles............................................................11
6.0 CONCLUSION.......................................................................................................................14
7.0 REFERENCES...................................................................................................................... 15

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1.0 INTRODUCTION

Singapore's notable economic success and social stability can be attributed to its adept and
efficient execution of public policy, which is highly acknowledged. Moreover, the bureaucracy of
Singapore has become known for its effectiveness and lack of corruption. The efficient
execution of policies is made possible by civil officials' strict adherence to the law and high level
of professionalism. Public policy has a significant impact on how a country is governed and
develops. Hence, A defining characteristic of Singapore's policy implementation is strategic
long-term planning. The government makes precise plans and establishes long-term objectives.
So, the economic, environmental, technological, and socio-political facets of society are
becoming more and more interdependent, making it harder to forecast what will happen in the
future and more difficult to understand the motivations behind and effects of human behavior.
Furthermore, the bureaucracy of Singapore is renowned for its effectiveness and lack of
corruption. The efficient execution of policies is made possible by civil officials' strict adherence
to the law and high level of professionalism. From my source, it says that the nation has
received a high percentage ranking from the world bank in five categories, including political
stability, the effectiveness of its governance, and the lack of terrirosm.

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2.0 DEFINITION OF THE MONETARY AND FISCAL POLICIES

2.1 Monetary Policy

Monetary policy involves the actions taken by a central bank to influence the supply of money
and credit within an economy (CFA Institute, 2023). It is being used either to stimulate or check
the economic growth of a country. Monetary policy encourages borrowing and spending of
individuals and businesses, aiming to boost economic activity. Conversely, by limiting spending
and promoting savings, monetary policy can help control inflation and address issues related to
an overheated economy (Segal, 2023).

2.2 Fiscal Policy

Fiscal policy refers to the direction of the economy, which was influenced by the choices of the
government regarding taxation and spending. However, the target goal of fiscal policy is the
total composition of spending, the total level of spending, or both in an economy, rather than
restricting or encouraging spending by businesses and consumers (Segal, 2023). Additionally,
the government usually uses the influence of fiscal policy to reduce poverty and promote strong
and sustainable growth (Horton, n.d.) by redistributing income and wealth (CFA Institute, 2023).

The primary objective of both monetary and fiscal policy is to create an economic environment
characterized by stable growth and low inflation. Crucially, this involves steering the economy
away from excessive booms that could lead to prolonged periods of negative growth and high
levels of unemployment. In such a stable economic environment, households can confidently
make consumption and saving choices, while corporations can focus on investment decisions,
bond payments, and shareholder profits (CFA Institute, 2023).

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3.0 TYPES OF MONETARY AND FISCAL POLICIES IN SINGAPORE

3.1 Monetary Policy : Inflation and Exchange Rates

Monetary Policy is under custody of the nation's central banks which is the Federal Reserve.
The Federal Reserve has absolute authority in adjusting the supply of money and credit
conditions more widely to manage the Monetary policy. Singapore has a good record of inflation
control, with an average annual rate of increase in consumer prices of four percent over the
three decades since independence. Since 1980, Singapore's annual average of two percent
compares with average four percent in the industrial countries and six percent in Hong Kong,
Indonesia, Korea, Malaysia, and Thailand. The Singapore objective in the Monetary policy is to
become a major international Financial Center. To achieve this objective Singapore has
proposed to change the exchange rate of its dollar instead of changing domestic interest rates
like most other economies. Singapore has used this method because Singapore is a small and
trade- reliant economy. Gross exports and imports of goods and services in the city state are
more than three times its gross domestic product. Meanwhile, the outflow of Singaporean
money for every dollar has been spent on imports only. It shows that the exchange rate has a
much stronger influence on inflation than domestic interest rates (CFA Institute, 2023).

3.2 Fiscal Policy : Contractionary And Expansionary

Fiscal policy shows how the government adjusts their spending levels and taxes rates and at
the same time will influence the economy of the state. It is very contrast with the monetary policy
which only focuses on what is typically set up by the nation's central banks or MAS in Singapore
to put intention towards the rate of the interest, exchange rate and the supply of money. The
government needs to understand and adjust the tax spending and policies. We can see that
both government spending and tax cuts can improve the quantity of demand. Fiscal policy
according to the economy can also be divided into two, namely expansionary fiscal policy and
contractionary fiscal policy.

In principle, expanding fiscal policy will be done when there is an economic recession due to the
increase in the cost of living of the people, so the purchasing power of consumers also
decreases and firms cannot increase the production of goods or services which causes another

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problem which is unemployment. To overcome this problem the government has implemented
this expanding fiscal policy. By lowering the tax rate to increase the people's income and at the
same time increase the purchasing power of the people and be able to overcome the issue of
unemployment because firms can increase the amount of goods or services produced.

In addition, another fiscal policy is a contractionary fiscal policy. It is quite different from an
expansionary fiscal policy because the purpose of an expanding fiscal policy is to increase the
purchasing power of the people while a contractionary fiscal policy aims to decrease the
purchasing power of the people. In this contractionary fiscal policy, the government will act to
raise tax rates to lower the purchasing power of the people. In addition, in general, fiscal policy
can be divided into two, namely tax or expenditure (Segal, 2023).

4.0 TOOLS OF MONETARY AND FISCAL POLICIES

Singapore's remarkable economic journey is a testament to its prudent use of policy

instruments. This essay explores the distinct tools of monetary and fiscal policy employed by the
Monetary Authority of Singapore (MAS) and the Ministry of Finance (MOF) respectively, to
navigate Singapore's unique position as a small, open economy.

4.1 Monetary Policy: Managing the Exchange Rate

Unlike many countries that focus on interest rates, Singapore's monetary policy revolves around
managing the exchange rate of its currency, the Singapore dollar (SGD). The cornerstone of this
approach is the Singapore Dollar Nominal Effective Exchange Rate (S$NEER), a
trade-weighted index reflecting the SGD's value against a basket of currencies of its major
trading partners. The MAS utilizes foreign exchange intervention to keep the S$NEER within a
predetermined policy band. By buying or selling Singapore dollars in the foreign exchange
market, the MAS influences its value and consequently, the price of imported goods. This
approach prioritizes price stability, a critical factor for a nation heavily reliant on imports.

A stable exchange rate prevents imported inflation from spiraling out of control and protects the
purchasing power of Singaporeans. (Monetary Authority of Singapore, n.d.). Imagine a basket
filled with currencies of Singapore's major trading partners, weighted by their importance in
trade. The S$NEER reflects the average value of the Singapore dollar against all these

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currencies in the basket. So, if the S$NEER goes up, it means the Singapore dollar has
strengthened compared to the average currency in the basket. Conversely, a lower S$NEER
indicates a weaker Singapore dollar. (Monetary Authority of Singapore, n.d).

Benefits of Exchange Rate Management

Singapore's monetary policy stands out for its focus on managing the exchange rate of its
currency, the Singapore dollar (SGD), rather than typical interest rate adjustments. This unique
approach offers a compelling set of benefits that contribute to Singapore's economic stability
and prosperity.

One of the most crucial advantages is the promotion of price stability. By influencing the
Singapore Dollar Nominal Effective Exchange Rate (S$NEER), the Monetary Authority of
Singapore (MAS) can effectively control inflationary pressures, particularly those stemming from
imports. A strong S$NEER translates to cheaper imported goods, a boon for consumers as it
keeps the overall price level in check. This stability fosters a predictable economic environment,
encouraging investment and long-term planning for businesses and individuals alike.

Furthermore, exchange rate management can enhance the competitiveness of Singapore's

export sector. A strategically weakened S$NEER can make Singaporean exports more
attractive to foreign buyers. This is because a weaker currency translates to lower prices for
foreign consumers, potentially boosting export volumes and generating valuable foreign income.
This benefit, however, needs to be carefully balanced against the primary goal of price stability.
Excessive weakening of the S$NEER could lead to higher import costs and inflationary
pressures, negating the initial advantage.

The effectiveness of exchange rate management hinges on the MAS's ability to maintain the
S$NEER within a predetermined policy band. This band allows for some flexibility,
accommodating short-term fluctuations in the foreign exchange market. By intervening
strategically through buying or selling Singapore dollars, the MAS can keep the S$NEER within
the desired range. This targeted approach fosters stability while acknowledging the dynamic
nature of global financial markets. (Monetary Authority of Singapore, n.d.).

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4.2 Fiscal Policy: Balancing the Budget and Targeted Spending

The MOF, on the other hand, wields the tools of fiscal policy, government spending and taxation
to achieve economic and social objectives. Singapore adheres to a philosophy of balanced
budgets over the medium term. During economic booms, surpluses are generated, acting as a
buffer for downturns when increased spending might be necessary. This prudent approach
ensures long-term fiscal sustainability and prevents excessive debt accumulation. (Ministry of
Finance Singapore, n.d.).

However, fiscal policy extends beyond mere budgeting. The MOF strategically allocates
government spending to promote economic growth and social equity. Investments in
infrastructure, education, and healthcare create an environment conducive to business activity
and future prosperity. Social programs address income inequality and ensure a minimum
standard of living for all citizens.

The Singaporean tax system also plays a role. A progressive tax structure ensures a fairer
distribution of the tax burden, with higher income earners contributing a larger share. This not
only raises revenue for government spending but also incentivizes economic participation and
discourages excessive income concentration.

The benefits of balancing the Budget and Targeted Spending

Singapore's remarkable economic success can be attributed in part to its prudent use of fiscal
policy. This essay will explore how the Ministry of Finance (MOF) wields government spending
and taxation to achieve a multitude of benefits, fostering economic stability, promoting growth,
ensuring social equity, and establishing a fair tax system.

Central to Singapore's fiscal philosophy is the concept of balanced budgets over the medium
term. By generating surpluses during economic booms, the government creates a buffer for
downturns. This allows for increased spending during recessions, mitigating negative economic
impacts and preventing excessive debt accumulation. This prudent approach ensures long-term
fiscal sustainability, a cornerstone of Singapore's economic well-being. (Ministry of Finance
Singapore, n.d.; World Bank, 2021).

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However, fiscal policy extends beyond mere budgeting. The MOF strategically allocates
government spending to promote economic growth and social equity. Investments in
infrastructure, education, and healthcare create a fertile ground for business activity (Ministry of
Finance Singapore, n.d.; Tan, 2022). Improved transportation networks, a skilled workforce, and
a healthy population all contribute to a more attractive investment environment, leading to
long-term economic prosperity.

Social programs funded through fiscal policy play a crucial role in promoting social equity. By
addressing income inequality and ensuring a minimum standard of living for all citizens,
Singapore fosters a more inclusive society (Ministry of Finance Singapore, n.d.; Monetary
Authority of Singapore, n.d.). This not only contributes to social stability but also creates a larger
pool of talent and fosters a more cohesive national identity.

Singapore's tax system also plays a vital role in achieving these goals. A progressive tax
structure ensures a fairer distribution of the tax burden. Higher income earners contribute a
larger share, promoting a more equitable society. This system not only raises revenue for
essential government programs but also incentivizes economic participation and discourages
wealth concentration. By ensuring everyone contributes proportionally, the tax system fosters a
sense of shared responsibility for the nation's well-being. (Ministry of Finance Singapore, n.d.;
World Bank, 2021).

Singapore's monetary and fiscal policies operate in a complementary fashion. The MAS,
through exchange rate management, fosters price stability, while the MOF, through balanced
budgets and targeted spending, promotes economic growth and social equity. This
well-coordinated approach has been instrumental in Singapore's economic success. By
understanding the distinct tools employed by the MAS and the MOF, we gain valuable insights
into how Singapore steers its economic course, navigating the global economic landscape with
a keen eye on long-term stability and prosperity.

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5.0 IMPLEMENTATION OF THE MONETARY AND FISCAL POLICIES IN SINGAPORE

Singapore's economic growth trajectory is a remarkable narrative of a nation's growth of

success than most countries in the world, stability, and prosperity. This achievement can be
divided into many different forms and ways, in no small part, to the country's clever plans that
are crafted and diligently implemented monetary and fiscal policies.

5.1 Monetary Policy: A Delicate Dance for Price Stability

Unlike many other countries that primarily utilise interest rates as a pillar and headstone of their
monetary policy framework, Singapore on the other hand adopts a unique approach and
different ways that is centred on managing the exchange rate of its strong economy and
currency of the Singapore Dollar. The Monetary Authority of Singapore (MAS), invest in with the
responsibility of formulating and implementing a policy called the monetary policy, efficiently
monitors the trade weighted the exchange rate of the Singapore dollar (S$) within a well out
plan of the policy band (Monetary Authority of Singapore, n.d.). This strategy that has been
made by the Singaporean government at the time has prioritised price stability, aiming to keep
inflation low and predictable over the medium term (International Monetary Fund, 2023).

5.1.1 The Exchange Rate as the Anchor

At the heart of Singapore's monetary policy lies the concept of a managed currency exchange
rate for the Singapore Dollar. The MAS focuses on the trade weighted exchange rate of the S$,
reflecting and gaining its value relative to a basket of currencies of Singapore's major trading
partners. This basket usually includes a few other currencies of developed economies from a
few nations with significant trade ties to Singapore, such as the US dollar, Euro, and Japanese
Yen (The Straits Times, n.d.). By investing in this basket concept to manage the exchange rate
to be stable, the MAS aims to achieve a critical objective: price stability.

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5.1.2 The Rationale for Exchange Rate Management:

Singapore's choice of an exchange rate-centered and as a pillar stone approach stems from the
unique characteristics of its economy. As a small nation that Singapore has to face with little
natural resources to survive, Singapore's open economy is heavily reliant on international trade
and exportation of goods towards many countries around the world significantly towards China
and as a resting place for cargo ships before continuing their journey to designated locations. A
significant portion of its essential goods and services are imported, making it highly open to
external price fluctuations. By managing the exchange rate, the MAS protects and shields the
Singaporean economy from these external shocks by (Bank for International Settlements, n.d.).
For example, Here's how it works: If the prices of imported goods begin to rise due to global
factors and woes, the MAS can intervene in the foreign exchange market. They can purchase
foreign currencies such as the US Dollar, effectively weakening the Singapore dollar (S$)
through depreciation. This depreciation makes imports relatively cheaper, reducing the
inflationary impact on domestic essential goods prices. To add on, if global conditions lead to a
potential deflationary scenario, the MAS can strengthen the Singapore dollar through foreign
exchange interventions, ensuring imported goods retain affordability (International Monetary
Fund, n.d.).

5.1.3 Tools of the Trade

The MAS employs many types of an approach to manage the exchange rate of the Singapore
Dollar. The primary tool is foreign exchange intervention. The MAS strategically buys and sells
foreign currencies (like the stock exchange when at its peak to sell and its low to buy), primarily
US dollars, to make a difference in the value of the S$ within a specific policy borderline. This
band acts as a shield and assurance, allowing for some level of increases while maintaining a
degree of stability of the Singapore Dollar (Monetary Authority of Singapore, n.d.).

5.1.4 More than just Exchange Rates:

Managing the exchange rate is the pillar stone of Singapore's monetary policy. The MAS also
conducts money market operations. These operations that are being handled by MAS involve
injecting or withdrawing liquidity from the banking system to maintain and ensure smooth
financial transactions. By managing liquidity, the MAS could indirectly influence interest rates,
complementing the exchange rate management strategy (Bank for International Settlements,
n.d.).

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Benefits of Stability

Singapore's government and MAS commitment to a stable exchange rate offers a new type of
positive benefits. It emphasises a predictable price environment for businesses and consumers
to enjoy. Businesses can plan out for the future with greater efficiency and save up on import
costs, which can allow them to make informed investment decisions. Consumers are able to
benefit from stable prices, allowing them to budget effectively and save their monthly income
from using it too much. This stability that MAS created creates a fertile ground for economic
growth and investment, attracting foreign direct investment and includes domestic business
activity (International Monetary Fund, 2023).

5.2 Fiscal Policy: Long Term Vision of Sustainable Growth of the Nation

Singapore's fiscal policy acts as a critical pinpoint and effective part to its monetary policy,
working with collaboration to promote long term economic well being. The Ministry of Finance
always and consistently prioritises a balanced budget, aiming for over excess in the long term
(Ministry of Finance Singapore, n.d.). This wise and well thought approach ensures the nation
has the resources to invest in essential to the public such as infrastructure, education, and
social programs that underpin future growth and societal well-being of Singapore. However,
Singapore's fiscal policy is rigid. The government demonstrates flexibility by adjusting tax rates
to a certain amount or expenditure levels in response to economic cycles happening
(International Monetary Fund, 2023).

5.2.1 Balancing the Budget for Long Term Stability

The foundation and pillar's tone of Singapore's fiscal policy is its commitment to fiscal
sustainability. In other words it is a balanced budget, where the government expenses are
usually being used through tax revenue, with minimal dependency on borrowing. Over the long
term period, the government aims to achieve overflowing with accumulating reserves that can
be used during economic downturns or unforeseen circumstances (International Monetary
Fund, n.d.). The approach helps economic stability and shields the nation from external shocks
such as war, sanctions, pandemic and many other related factors to the economy.

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5.2.2 Investing in the Future

The oversupply generated by Singapore's fiscal policy is not simply stockpiled. These resources
are strategically planned out for and invested in key areas that underpinned future economic
growth and social development for its people and citizens. There are a few areas of some
crucial investment areas:

5.2.3 Infrastructure

Singapore continuously upgrades and improves its physical infrastructure for the public to use
and maintain a healthy relationship with the people who are the body of the country. This
includes infrastructures development like transportation networks (Mrt, Lrt, roads),
communication systems, and utilities. This ensures efficient movement of goods and people,
facilitates business activity, and enhances the overall quality of life (Bank for International
Settlements, n.d.).

5.2.4 Education

Investing in education is essential for Singapore's future where to build and to maintain the
economy and prosperous society for the future of singapore to hold on to. The government
allocates a huge amount of its funds and significant resources to develop a highly skilled
workforce, equipping citizens of the future with the necessary knowledge and expertise to thrive
in the knowledge based economy that is being injected to each children in Singapore to create a
pool of many possibilities(International Monetary Fund, 2023).

5.2.5 Social Programs

The Singapore Government recognises the importance and benefits of social safety nets. Fiscal
resources are used to fund social programs such as healthcare programs, public housing for the
needy or elderly, and social security for the safety of its citizens, ensuring a basic standard of
living for all citizens and injecting social togetherness (International Monetary Fund, n.d.).

5.2.6 Flexibility in Response to Economic Cycles

While prioritising a balanced budget, Singapore's fiscal policy isn't inflexible. The government
emphasizes its adaptability by adjusting tax rates to a much more logical rate or expenditure
levels in response to economic cycles (International Monetary Fund, 2023). During economic

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downturns, the government might implement stimulus packages for its people to enjoy during
the recession and economic downturn, such as tax cuts for essential items or increase the
spending on social programs like healthcare during the pandemic of covid on the early of 2020,
to make the economic activity stronger and reduce the impact of recessions (International
Monetary Fund, 2023). To add on, during periods of strong growth, the government might raise
taxes or reduce expenditure to accumulate reserves of money for future usage during economic
challenges that the nation will face. This countercyclical fiscal policy helps to decrease the
economic fluctuations and promote long term stability.

Singapore's monetary and fiscal policies, working together to create a much better Singapore,
have played an important and crucial role in the nation's remarkable economic success story
that till this day proves that no country can be nothing despite its limited resources and sizes of
the country. By prioritising and managing the exchange rate stability and a balanced budget,
Singapore holds a much more predictable and stable economic environment for businesses and
individuals to thrive on with endless possibilities and potential that the public of Singapore
Holds.

Graph: Exchange Rate Management in Singapore

To visualise the Singapore Dollar exchange rates, this represents how MAS manages the
control over exchange rate within a policy band, the following graph illustrates the trade
weighted exchange rate index of the Singapore dollar (S$) within its policy band over time from
2010 to 2023. The shaded area shows the upper and lower policy bands and shows the buffer
zone. MAS allows the exchange rate to remain free and experienced a sum amount of currency
downfall but experienced a significant incline within the chart. This shows the maintaining the
stability while providing flexibility that the Government Of Singapore and MAS are able to do.

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13
6.0 CONCLUSION

In conclusion, the way governmental policies are implemented in Singapore is evidence of the
nation's methodical and deliberate approach to governing. Long-term planning, efficient
resource management, and a commitment to ongoing development have all helped Singapore
achieve notable economic growth, social stability, and a high standard of life for its people. The
key to the government's success has been its capacity to modify policies in response to shifting
domestic and international conditions while upholding a strong commitment to efficiency. Lastly,
an independent group of experts pinpointed the country's strong points and offered concrete
suggestions for significantly enhancing Singapore's food landscape to promote better eating.

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Data Sources for Graph

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des-2023-article-iv-consultation-with-singapore

3. The Straits Times

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4. Bank for International Settlements (BIS) Information on monetary policy operating

procedures in Singapore. Retrieved from: https://www.bis.org/country/SG.htm

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