Article2009

What is the extent of exchange rate pass-through in Singapore? Has it changed over time?

19 citations0/0 files storedJournal of the Asia Pacific Economy

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Monetary Policy and Economic Impact Global trade and economics Global Financial Crisis and Policies

Abstract

This paper estimates the extent and evolution of exchange rate pass-through into import prices in Singapore for the period 1980 to 2005. Our results indicate that exchange rate pass-through into Singapore's import prices is 25% in the short-run and slightly higher at 29% for the long-run. There is evidence to suggest that the pass-through elasticity has trended downwards from 0.4 in 1983 to around 0.3 by 1987, after which it has remained fairly stable. The paper also examines the macroeconomic determinants of Singapore's exchange rate pass-through.

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References

1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1993A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems 1996Goods Prices and Exchange Rates: What Have We Learned?2000Low inflation, pass-through, and the pricing power of firms 2005Exchange Rate Pass-Through into Import Prices 1992International Comparisons of Pricing-to-Market Behavior 1990Pricing to market in Japanese manufacturing 1988Exchange Rate Pass-Through When Market Share Matters

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