Was Singapore extraordinary? A comparative view of Singapore's saving performance 1965-99

Although the mere observation of saving aggregates might have us believe differently, this article argues that Singapore's sustained high saving performance was far from extraordinary once the country's particular circumstances are econometrically controlled for. Singapore's saving performance should therefore not be regarded as a mere blip in economic history. As a matter of fact, not the high saving rates in the late 1980s and 1990s, which usually attract the most attention, but rather the speed of transformation of the country's saving behaviour in the first years of independence is shown to be indeed extraordinary. Singapore was able to overcome its low initial saving performance much faster and much more strongly than could have been expected given its circumstances. --Asia,Singapore,saving rate,economic growth

Saving and investment: the economic development of Singapore 1965-99

The first chapter of the dissertation removes Singapore's saving performance from its pedestal as an outlier in economic history, with the reputation of being hardly transferable and possibly not even desirable. Instead, the results of the benchmarking exercise clearly show the transferability of at least the saving aspects of Singapore's economic history. Moreover, the particular econometric approach applied highlights those circumstances, which are not directly related to saving policies but must be taken into consideration if transferability is assessed, particularly the demographic structure and external position. The exercise shows that Singapore's saving performance between 1965-99 was far from extraordinary once the country's circumstances are controlled for, even though a mere comparison of averages of saving rates across countries would have us believe differently. Given Singapore's purely non-policy environment, it could have been expected of the country to achieve at least world average saving levels, substantially higher than its savings at time of independence. Above world average levels could have been expected if we also take into consideration the country's very successful external situation. Finally, if we also allow for potential peer-group mechanisms by placing Singapore within a group of successful Asian countries, the average benchmark saving ratio comes very close to the country's actual saving rate. What is indeed extraordinary about Singapore's saving performance, is not the high saving rates in the late 1980s and 1990s, which usually attract the most attention, but rather the speed of transformation of the country's saving behaviour in the first half of the period, when Singapore was able to overcome its initial low saving performance much faster and much more strongly than could have been expected given her circumstances. The key to understanding Singapore's saving behaviour must he in the turnaround achieved during the first decade of the country's independence. Therefore, looking merely at the country's more recent saving performance will not be able to answer how Singapore was able to achieve its world-record saving ratios. Chapter Two investigates the country's saving ratios in a time-series regression analysis. It is able to show that strong income developments are the main force behind Singapore's saving behaviour, while the demographic transition seems to have been the initial catalyst and also the enabling factor for the important compulsory saving scheme. However, the exercise also shows that the different subaggregates of gross national saving have very different driving factors and that contrary to parts of the past literature all main influences, which theory generally suggests, can be shown to have had a significant impact on the country's savings. Income, particularly its dynamic, i.e. transitory, component is the single strongest factor followed by the CPF, whose dynamic effects were offset by lower voluntary and public savings but its long-term effects more than compensated. Falling dependency is shown to have had opposite effects, positively adding to voluntary savings particularly during the early years but reducing public savings for the whole period. The lowering of borrowing constraints over time has led to more consumption and thus lower savings among the private sector, which was however compensated by a positive impact on public savings. Full Ricardian Equivalence has not been present, so that public saving has had a positive net effect on the country's gross national savings. Since voluntary savings was the driving force behind the early saving transition and voluntary saving in the early years was itself largely driven by the rising labour force ratio, the favourable demographic environment must be considered as having been central to Singapore's saving 'take-off'. Moreover, the fact that the positive effect of the CPF was largely due to positive net-contributions to the fund, shows how important this demographic change was even outside of voluntary savings. Singapore used the chance to exploit this demographic dividend very well, by both kick-starting a changed voluntary saving pattern and by using the demographic window for the creation of a CPF 'hump-saving'

Allograft rejection is associated with development of functional IgE specific for donor MHC antigens.

BACKGROUND: Donor-specific antibodies of the IgG isotype are measured routinely for diagnostic purposes in renal transplant recipients and are associated with antibody-mediated rejection and long-term graft loss. OBJECTIVE: This study aimed to investigate whether MHC-specific antibodies of the IgE isotype are induced during allograft rejection. METHODS: Anti-MHC/HLA IgE levels were measured in sera of mice grafted with skin or heart transplants from various donor strains and in sera of kidney transplant patients with high levels of HLA IgG. Mediator release was triggered in vitro by stimulating basophils that were coated with murine or human IgE-positive serum, respectively, with specific recombinant MHC/HLA antigens. Kidney tissue samples obtained from organ donors were analyzed by using flow cytometry for cells expressing the high-affinity receptor for IgE (FcεRI). RESULTS: Donor MHC class I- and MHC class II-specific IgE was found on acute rejection of skin and heart grafts in several murine strain combinations, as well as during chronic antibody-mediated heart graft rejection. Anti-HLA IgE, including donor HLA class I and II specificities, was identified in a group of sensitized transplant recipients. Murine and human anti-MHC/HLA IgE triggered mediator release in coated basophils on stimulation with specific MHC/HLA antigens. HLA-specific IgE was not linked to atopy, and allergen-specific IgE present in allergic patients did not cross-react with HLA antigens. FcεRI+ cells were found in the human renal cortex and medulla and provide targets for HLA-specific IgE. CONCLUSION: These results demonstrate that MHC/HLA-specific IgE develops during an alloresponse and is functional in mediating effector mechanisms

Autoantibodies to muscarinic acetylcholine receptors found in patients with primary biliary cirrhosis

<p>Abstract</p> <p>Background</p> <p>Autoantibodies to the human muscarinic acetylcholine receptor of the M3 type (hmAchR M3) have been suggested to play an etiopathogenic role in Sjögren's syndrome. Primary biliary cirrhosis (PBC) often is associated with this syndrome. Therefore, we studied the co-presence of hmAchR M3 autoantibodies in patients with PBC.</p> <p>Methods</p> <p>Frequency of hmAchR M3 autoantibodies was assessed by Western blotting analysis as well as by an ELISA using a 25-mer peptide of the 2^ndextracellular loop of hmAchR M3. Co-localization of hmAchR M3/PBC-specific autoantibodies was studied by confocal laser scanning microscopy. Finally, sera from patients with PBC as well as from healthy controls were tested.</p> <p>Results</p> <p>Western blotting analysis as well as results from ELISA testing revealed a significantly enhanced IgG reactivity in PBC patients in contrast to healthy controls. Co-localization of autoantibodies with the hmAchR M3 receptor-specific autoantibodies was observed in 10 out of 12 PBC-patients but none of the 5 healthy controls. Antibodies of the IgM type were not found to be affected.</p> <p>Conclusions</p> <p>For the first time, our data demonstrate the presence of autoantibodies to the hmAchR M3 in PBC patients. These findings might contribute to the understanding of the pathogenesis of this disease. Further studies have to focus on the functionality of hmAchR M3 autoantibodies in PBC patients.</p

Saving and investment: the economic development of Singapore 1965-99

At the centre of understanding Singapore’s phenomenally successful growth story lies the country’s saving performance. From 1965-99 the country managed to save an unprecedented 46% of its GNP. Quite a few studies have investigated this seemingly unbelievable saving performance and its resulting growth success. The bridge between the two - namely investment allocation and the central role of the government - has rarely been studied. This publication aims to fill these gaps in Singapore’s economic history and therefore help the assessment of its potential application to other country’s development plans. An in-depth econometrical time-series analysis gets to the source of the drivers behind the saving performance. A benchmarking exercise using cross-sectional regression techniques evaluates how special this performance was. Finally, through an accounting exercise based on a newly accumulated database it is able to offer for the first time quantitative evidence for a number of general speculations about Singapore’s economic history. Not least because of the included database, this book is a must-read for all researchers interested in Singapore’s recent history

A CRITICAL ASSESSMENT OF PAST INVESTIGATIONS INTO SINGAPORE'S SAVING BEHAVIOR

This article aims to show that the literature so far has not been able to present a statistically robust answer to the question of what drove Singapore's spectacular savings rates. A substantial part of the literature — particularly earlier studies — must be rejected on methodological grounds since the time-series properties of the respective data series were not taken into consideration when choosing the appropriate testing method. Others have omitted potentially crucial determinants of savings or have wrongly disaggregated Gross National Savings. This unsatisfactory state of investigation into Singapore's saving behavior is unfortunate because savings play such a central role in Singapore's economic history since the country's independence. For future research the article also supplies new data series, which disaggregate Singapore's national savings after taking the country's peculiarities into consideration. The critical assessment is also intended as a guideline to future researchers of which mistakes to avoid and where potential pitfalls lie.Singapore, savings, growth, macroeconomics, Asia