Exchange rate depreciation and exports: the case of Singapore revisited

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This article revisits the weak relationship between exchange rate depreciation and exports for Singapore, using a bivariate generalized autoregressive conditional heteroscedasticity in mean model that simultaneously estimates time-varying risk. The evidence shows that depreciation does not significantly improve exports, but that exchange rate risk significantly impedes exports. In sum, Singaporean policy makers can better promote export growth by stabilizing the exchange rate rather than generating its depreciation.

Document Type: Research Article


Affiliations: 1: Department of Economics, Feng Chia University, Taichung, Taiwan 2: Department of Economics, University of Nevada, Las Vegas, Nevada, USA

Publication date: February 1, 2007

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