Housing Policy, Wealth Formation and the Singapore Economy

This paper evaluates the contribution of housing policy in Singapore to financial sector development, housing wealth formation and macro-economic performance, both retrospectively and prospectively. It provides an overview of past housing policies and traces the linkages to the financial sector. Hou...

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Main Author: PHANG, Sock-Yong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2001
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Online Access:https://ink.library.smu.edu.sg/soe_research/257
https://ink.library.smu.edu.sg/context/soe_research/article/1256/viewcontent/HousingPolicyWealthSingapore_2001.pdf
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Institution: Singapore Management University
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spelling sg-smu-ink.soe_research-12562021-02-17T02:16:51Z Housing Policy, Wealth Formation and the Singapore Economy PHANG, Sock-Yong This paper evaluates the contribution of housing policy in Singapore to financial sector development, housing wealth formation and macro-economic performance, both retrospectively and prospectively. It provides an overview of past housing policies and traces the linkages to the financial sector. Housing policy as effected through the Housing and Development Board and the Central Provident Fund (CPF) hampered the development of the commercial housing loans sector and domestic financial markets, but contributed to the overall growth and stability of the housing loans market and associated financial institutions. Housing policy and the trend of housing asset inflation contributed significantly to the formation of both gross and net housing wealth. Economic growth has not suffered from the heavy emphasis on housing investment although various policies that resulted in exogenous shifts in housing demand contributed to increased housing price volatility in the short term. The structure of the housing loans market has also allowed the CPF contribution rate to be more effectively used as an instrument for macro-economic stabilisation. 2001-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/257 info:doi/10.1080/02673030120066545 https://ink.library.smu.edu.sg/context/soe_research/article/1256/viewcontent/HousingPolicyWealthSingapore_2001.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University housing policy wealth Singapore Asian Studies Public Economics Real Estate
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic housing
policy
wealth
Singapore
Asian Studies
Public Economics
Real Estate
spellingShingle housing
policy
wealth
Singapore
Asian Studies
Public Economics
Real Estate
PHANG, Sock-Yong
Housing Policy, Wealth Formation and the Singapore Economy
description This paper evaluates the contribution of housing policy in Singapore to financial sector development, housing wealth formation and macro-economic performance, both retrospectively and prospectively. It provides an overview of past housing policies and traces the linkages to the financial sector. Housing policy as effected through the Housing and Development Board and the Central Provident Fund (CPF) hampered the development of the commercial housing loans sector and domestic financial markets, but contributed to the overall growth and stability of the housing loans market and associated financial institutions. Housing policy and the trend of housing asset inflation contributed significantly to the formation of both gross and net housing wealth. Economic growth has not suffered from the heavy emphasis on housing investment although various policies that resulted in exogenous shifts in housing demand contributed to increased housing price volatility in the short term. The structure of the housing loans market has also allowed the CPF contribution rate to be more effectively used as an instrument for macro-economic stabilisation.
format text
author PHANG, Sock-Yong
author_facet PHANG, Sock-Yong
author_sort PHANG, Sock-Yong
title Housing Policy, Wealth Formation and the Singapore Economy
title_short Housing Policy, Wealth Formation and the Singapore Economy
title_full Housing Policy, Wealth Formation and the Singapore Economy
title_fullStr Housing Policy, Wealth Formation and the Singapore Economy
title_full_unstemmed Housing Policy, Wealth Formation and the Singapore Economy
title_sort housing policy, wealth formation and the singapore economy
publisher Institutional Knowledge at Singapore Management University
publishDate 2001
url https://ink.library.smu.edu.sg/soe_research/257
https://ink.library.smu.edu.sg/context/soe_research/article/1256/viewcontent/HousingPolicyWealthSingapore_2001.pdf
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