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SINGAPORE AND ASIA Impact of the Global Financial Tsunami and Other Economic Issues CONTENTS FRONT MATTER Sng Hui Ying and Wai Mun Chia i PART I: ECONOMIC ANALYSIS OF THE GLOBAL FINANCIAL TSUNAMI The Deepening Global Recession and the Great Depression Fear CHONG YAH LIM 3 The Surprising Resurgence of Fiscal Policy STEVEN MARK SHEFFRIN 15 The Global Financial Tsunami: Implications for East Asian Economies KONG YAM TAN 37 Global Financial Tsunami: Can the Industrial Relations Mechanism Save Singapore This Time Around? ROSALIND CHEW 67 The On-going Global Financial Crisis and Asian Regionalism PRADUMNA B. RANA 81 Global Economic Crisis and Energy Security: Integrated Energy Market YOUNGHO CHANG 97 PART II: ECONOMIC AND POLICY ISSUES Singapore Growth Model: Its Strengths and Its Weaknesses CHONG YAH LIM 123 The Role of Competition in Singapore: A Complexity Point of View CHUAN LEONG LAM 133 Inflation, Exchange Rate and the Singapore Economy: A Policy Simulation KEEN MENG CHOY and TILAK ABEYSINGHE 145 Workfare, Not Welfare: An Exploration on International Experiences and Policy Implications for Singapore KAMPON ADIREKSOMBAT 159 What is Human Life Worth? EUSTON QUAH, WAI–MUN CHIA and HUI YING SNG 173 Is the Environment a Game? Game Theoretical Analysis of the Kyoto Protocol ERNIE G. S. TEO 185 BACK MATTER Sng Hui Ying and Wai Mun Chia 201 Back

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