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Title: The aggregate consumption puzzle in Singapore
Authors: Abeysinghe, T. 
Choy, K.M. 
Keywords: Average propensity to consume
Cointegrating relation
Consumption function
House prices
Issue Date: 2004
Citation: Abeysinghe, T.,Choy, K.M. (2004). The aggregate consumption puzzle in Singapore. Journal of Asian Economics 15 (3) : 563-578. ScholarBank@NUS Repository.
Abstract: We draw attention to an apparent puzzle in the aggregate consumption behavior of Singaporeans. In stark contrast to the rest of the world, the average propensity to consume (APC) has plummeted to just two-fifths of national income by the year 2003, leaving the Singapore economy without a dependable built-in stabilizer. This phenomenon represents a notable departure from the stable long-run equilibrium relationship between consumption, disposable income, and wealth observed elsewhere. The explanation of this puzzle is the main focus of the paper but we also suggest some policy measures that may reverse the process.©2004 Elsevier Inc. All rights reserved.
Source Title: Journal of Asian Economics
ISSN: 10490078
DOI: 10.1016/j.asieco.2004.05.007
Appears in Collections:Staff Publications

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