The impact of monetary policy on promoting industrial growth In Singapore for the period (1985-2020)
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Abstract
The economic development in Singapore requires an effective government mechanism in all economic policies, including monetary and taking measures commensurate with Singapore's economy in order to promote industrial growth. This study attempts to clarify the relationship between monetary variables represented by the broad money supply, the exchange rate and the real interest rate as independent variables, and industrial growth as a dependent variable. The research was based on the hypothesis that monetary policy has a positive impact on industrial growth, the results indicated that the full logarithmic function is the best among other models, The aim of the study was to measure and analyze the impact of monetary variables on industrial growth in Singapore during the period (1985-2020) using the statistical software (Eviwes10), to analyze these variables, and through the results of joint integration using the ARDAL test, the research found that there is a long-term equilibrium relationship between monetary policy variables and industrial growth, and this means that monetary variables affect industrial growth in the long term and that there is a short-term response to these variables in growth, and that there is a significant effect of the exchange rate and the real interest rate on industrial growth, and an insignificant effect of the broad money supply variable on growth The research presented a set of recommendations, the most important of which were: It is possible to take a set of measures by the monetary authority in monetary policy tools and harmonize them, and then integrate those measures in the short and long term in order to promote industrial growth, and follow active industrial development strategies such as encouraging foreign investment and achieving employment Complete reduction of taxes and the elimination of financial corruption.
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